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30 Oct, 7 tweets, 2 min read
1/7
My Shopify Q3 earnings call notes

Revs up 96%
GMV up 109%
GPV up 126%
$99 billion TTM GMV
$43.6 billion TTM GPV
$97 million in free cash flow
Merchants solutions revs up 132%
Subscriptions up 47% (25% sequentially!)

Screenshots below ⬇️
2/7
- Buy Now Pay Later was rolled out
- 10 million MAUs on the Shop app
3/7
E-commerce software in the 2000s was "janky as hell"
4/7
- Shopify is trying to turn warehousing into task management through software
5/7
"I don't think there are insurmountable challenges in the world. It's just a question of time and capital."

Wow.

Who doesn't want their CEO to think like this?!
6/7
"I think we might be among the best companies in the world in attention allocation, which is actually the much more finite resource."

Quotes like these are why I always listen to Shopify's earnings calls.

Tobi is incredibly thoughtful.
7/7
- Record business creations since 2004.
- Low conversion could actually be a positive because it's a sign of more interest in entrepreneurshop

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More from @investing_city

Ryan Reeves Profile picture
27 Oct
With the company's latest earnings report last week, Elon Musk satisfied the requirements for his 4th stock option tranche.

Here's how it all works...

[THREAD]
1/
At the beginning of 2018, Tesla filed a proxy statement, outlining the proposed comp plan for Musk.

He wouldn't receive a salary, options, RSUs, etc. Everything would rely on this comp plan.

Source:
sec.gov/Archives/edgar…
2/
The plan consists of 2 parts:

1) Operational goals (16 of them)
2) Market cap goals (12 of them)

Here are the operational goals:
Read 18 tweets
Ryan Reeves Profile picture
24 Oct
Evan Spiegel, the founder of Snap, is now worth $9 billion.

Guess how old he is?

30.
Here's the story of how he did it...

[THREAD]
1/

Evan Spiegel was born June 4, 1990 to two highly successful lawyers, Melissa and John.

He attended Crossroads high school in Santa Monica, known for its focus on the arts and personal improvement.

Spiegel described his computer lab teacher as "his best friend."
2/

In high school, his parents divorced and he moved in with his dad to Pacific Palisades.

John Spiegel would take Evan to build houses down in Mexico and Evan spent the last year of high school taking design classes.

Among other things, these efforts took Evan to Stanford.
Read 25 tweets
Ryan Reeves Profile picture
14 Oct
1/11

2 quotes from FSLY's Q2 earnings call:

"We are pleased with the number of new enterprise customers as well as customers who grew into the enterprise category. However, this strong growth was offset by some customers falling out of the category in COVID-impacted industries"
"Any ban of the TikTok app by the U.S. would create uncertainty around our ability to support this customer. While we believe we are in a position to backfill the MAJORITY of this traffic...the loss of this customer's traffic would have an impact on our business."
These two quotes relate to the reasons for cutting guidance:
Read 12 tweets
Ryan Reeves Profile picture
14 Oct
Zoom's user conference, Zoomtopia, is incredibly impressive.

Below is a picture of the home screen once you log-in.

Each section (keynote, speakers, video library, etc.) is a different "geography"...
For instance, the "Rooms" geography is modeled after this place in the Arctic.

You can see the digital replication in the background of this picture.
And the experience is gamified.

For visiting different geographies and watching sessions you get "stamps" on your "passport" that you can then trade in for real prizes.
Read 5 tweets
Ryan Reeves Profile picture
13 Oct
Battery Ventures: State of the OpenCloud

Really great report, recommend reading through it.

Here are 8 slides that caught my eye 👀⬇️
battery.com/powered/state-…
1/

On average, , , , have penetrated about 12% of their customer base. Image
2/

Good overview of the data landscape. Lots of companies in this space. Image
Read 10 tweets
Ryan Reeves Profile picture
5 Oct
Do you know how the Federal Reserve was founded?

What if I told you the story involves heavy doses of JP Morgan, an exclusive island, and a secret club?

Check out the whole story 👇🏽

[THREAD]
1/

Let's go all the way back to the infancy of America.

After the Revolution, Alexander Hamilton wanted to create a strong central bank but Jefferson and Madison thought it was unconstitutional.

Against the opposition, Hamilton established the First Bank of the US in 1791.
2/

The First Bank's charter was only 20 years, after which it could be renewed.

Who was in office in 1811?

James Madison, who, of course, decided not to renew.

Until it affected him.

Madison realized how difficult it was to fight the War of 1812 without a central bank.
Read 21 tweets

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