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Jon Ma

@jonbma

Mar 4, 2021

❄️ Snowflake continues to 🚀

1️⃣ #2 Growth: $712m ARRR growing 116% y/y
2️⃣ #1 NDR: 168% (+6% from last Q)
3️⃣ Positive Cash Flow! 4% FCF up from -23% last Q
4️⃣ Improving GM: 69% product gm FY21 +6% FY20
5️⃣ Strong Guide: Guide 81-84% FY22 growth (vs 124% FY21 growth)

$SNOW

Some thoughts on $SNOW

1/ RPO is what matters for Snowflake because customers pay for credits for storage + compute. Snowflake isn't a SaaS business (e.g pay $ per month per seat)

$1.3B RPO up 213% y/y is a great sign for future rev to come

2/ Very encouraging Gross Margin and FCF % are ↗️

Keep in mind, $SNOW is unique in that it builds on top of AWS/Azure/GCP but competes with BigQuery/Redshift/Azure while trying to capture margin for themselves

So impressive Snowflake had a + FCF quarter

Read 6 tweets

Jon Ma

@jonbma

Feb 17, 2021

Twilio continues to 📈

1️⃣$2B RR growing 65% (52% last Q)
2️⃣139% NDR (137% last Q)
3️⃣FCF 0% and Rule Of 40 = 64%
4️⃣ 15 month payback period
5️⃣ Up 13% AH

👉 publiccomps.com/companies/TWLO…

$TWLO

A lot of interesting takeaways from $TWLO earnings

1/ Revenue growth was AWESOME this quarter 📈
- 52% organic growth
- Twilio added $217m net new in Q4'20 which is the highest ever historically

2/ What drove rev growth?
- New customer sign-ups: 23% customer growth rate y/y
- More usage of Twilio: DBNE 139% (it went up!)
- $23m in revenue from Segment and $23m from political ad revenue from 2020 elections

Read 7 tweets

Jon Ma

@jonbma

Dec 8, 2020

If Doordash is the next Amazon, that means $DASH is a massive logistics platform.

But it's worth noting Amazon's non-AWS business isn't super profitable.

Amazon Q3YTD: $160b net sales w/ 3.5% operating margin (+$5.7b op income)

Doordash Q3: $879m revenue w/ 10% adj EBITDA

1/6

@ataussig

2/6 Impressive $DASH is now adj EBITDA positive and contribution margin % (gross profit - s&m + d&a) became even more +

Driven by rising contribution margins as cohorts age that @ataussig discusses here firehose.vc/p/firehose-181…

3/6 Why does contribution margin improve overtime for $DASH?

Basically year 1 cohort is negative (-5% for 2017 cohort) b/c $Dash needs to spend with promos to acquire you but later it's 4.5% in year 2 and 8% in year 3 as you increase spend and less promo and ads for you (sorry)

Read 7 tweets

Jon Ma

@jonbma

Dec 7, 2020

Calm is another B2C that came from behind

Started 2 years after Headspace

With $1.5m seed round, Calm got to $40m and profitable

Overtook Headspace in revenue in '17 despite having a smaller team and now Calm is reportedly raising a $2b.

Same markets different outcomes. Why?

My guess

1/ Calm was leaner so had to focus on building a simple and well-designed meditation app that was high quality and not focus on corporations and B2B deals. I remember preferring Calm because of the "daily calm" over Headspace which I felt was unwieldy at times

2/ Maybe it goes back to "constraints foster creativity". Running low on cash, Calm "kept the team size under 10, worked long hours in a one-bedroom apartment in San Francisco and sharply questioned every outgoing dollar."

Read 7 tweets

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