Eugene Ng Profile picture
Investor. Author. Angel. Fool. Founder@Vision Capital. Investing in companies that reflect our best vision for our future. Musings on investing & life with art.
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May 11 β€’ 20 tweets β€’ 4 min read
The Trade Desk $TTD 1Q22 Earnings πŸ’ͺ🏻

- Rev $315m +43% ↗️
- Adj EBITDA $121m +72% πŸš€ margin 38%⭐️ +630 bps βœ…
- NG Net Income $105m +50% ↗️ margin 33%⭐️ +135 bps βœ…
- OCF $146m +95% πŸš€ margin 46%⭐️ +1221 bps βœ…
- FCF $136m +123% πŸš€margin 43% ⭐️ +1544bps βœ… Business Metrics
- Customer Retention >95% for past 8 consecutive years βœ…

Management Guide
- 2Q22 Rev $364m
- 2Q22 Adj EBITDA $121m

The Trade Desk’s Persistent Quarterly Revenue Beats πŸ’ͺ🏻
May 10 β€’ 28 tweets β€’ 6 min read
Upstart $UPST 1Q22 EarningsπŸš€

- Rev $310m +156% πŸš€
- CP $148m +165% πŸš€ margin 48% +170 bps βœ…
- Adj EBITDA $63m +198% πŸš€ margin 20% +288 bps βœ…
- EBIT $35m +124% πŸš€ margin 11% -160 bps β†˜οΈ
- NG Net Inc $59m +194% πŸš€ margin 19% +247 bps βœ…
- OCF -$267m β†˜οΈ margin -86% -12154 bps β†˜οΈ Business Metrics (cont’d)

- Loans originated 465K $4.5b +174% πŸš€
- >350K new borrowers πŸ“Ά
- Avg loan size +18% QoQ
- Conversion on rate requests 21.4% ➑️ (-60bps YoY -300bps QoQ)
- NPS 83+, 32K+ β€œExcellent” on Trustpilot
- Fully Automated 74% +400bps QoQ +300bps YoY ↗️
May 9 β€’ 31 tweets β€’ 5 min read
Palantir $PLTR 1Q22 Earnings πŸ’ͺ🏻

- Rev $446m +31% ↗️
- GP $352m +32% ↗️ margin 79% +57 bps βœ…
- NG EBIT $117m +1% ➑️ margin 26% -787 bps β†˜οΈ
- NG Net Inc $45m -46% β†˜οΈ margin 10% -1420 bps β†˜οΈ
- OCF $35m -70% β†˜οΈ margin 8% -2630 bps β†˜οΈ
- FCF $30m -80% β†˜οΈ margin 7% -3757 bps β†˜οΈ Business Results

- Commercial Rev $205m +54% ↗️ (+47% 4Q21)
- US Commercial Rev +136% πŸš€ (+132% 4Q21)
- Int Commercial Rev +24% (+22% 4Q21)
- Government Rev $242m +16% ➑️
- Net Dollar Retention 124% βœ…
- Customer Count +40 πŸ“Ά +86% πŸš€
- Commercial Customer Adds +37 ⭐️
May 8 β€’ 12 tweets β€’ 3 min read
Airbnb $ABNB 1Q22 Earnings πŸš€

- Rev $1.5b +70% πŸš€
- Gross Profit $1.1b +81% πŸš€ margin 76% +466 bps βœ…
- Adj EBITDA $229m πŸš€ margin 15% +2179 bps βœ…
- OCF $1202m +94% πŸš€ margin 80%⭐️ +993 bps βœ…
- FCF $1196m +96% πŸš€ margin 79%⭐️ +1041 bps βœ… Business Metrics (Back to Pre-COVID)

- GBV $17.2b +67% ↗️ +73% (Y/3Y) ‴️
- Rev $1.5b +70% ↗️ +80% (Y/3Y) ‴️
- Nights & Experiences Booked 102.1m +59% ↗️ +26% (Y/3Y) ‴️
- Avg Daily Rates $168 +5% ↗️ +37% ↗️Y/3Y
- Supply (active listings) >6mil
May 8 β€’ 25 tweets β€’ 5 min read
Appian $APPN 1Q22 Earnings

- Rev $114m +29% ↗️
- Gross Profit $83m +28% ↗️ margin 73% -58 bps β†˜οΈ
- Adj EBITDA -$3m β†˜οΈ margin -3% -335 bps β†˜οΈ
- NG EBIT -$5m β†˜οΈ margin -4% -347 bps β†˜οΈ
- NG Net Income -$4m β†˜οΈ margin -4% +64 bps βœ…
- OCF -$21m β†˜οΈ margin -18% -1487 bps β†˜οΈ Business Metrics

Sub
- Rev $84m +31% ↗️ (~74% of Rev)
- GP $76m +30% ↗️ margin 90% -62 bps β†˜οΈβŒ

Prof Svcs
- Rev $31m +22% ↗️
- GP $8m +6% ↗️ margin 26% -390 bps β†˜οΈβŒ

- Cloud Sub Rev $53m +37% ↗️↗️ (~63% of Sub Rev)
- Cloud Sub Rev Retention 117%βœ…
- Gross Renewal Rate 99%βœ…
May 8 β€’ 13 tweets β€’ 3 min read
Dropbox $DBX 1Q22 Earnings πŸ’ͺ🏻

- Rev $562m +10% ↗️
- GP $450m +12% ↗️ margin 80% +129 bps βœ…
- NG EBIT $170m +15% ↗️ margin 30% +123 bps βœ…
- NG Net Inc $142m ➑️ margin 25% -256 bps β†˜οΈ
- OCF $141m +22% ↗️ margin 25% +253 bps βœ…
- FCF $131m +20% ↗️ margin 23% +197 bps βœ… Business Metrics

- Total ARR $2.23b +8.4% ↗️
- Paying Users 17.1m +8% ↗️ +300K Net QoQ
- ARPU $134.63 +1.6% ↗️

Management Guide
- FY22 Rev $2.3b
- FY22 GPM ~81%
- FY22 NG EBIT Margin 29.5%
- FY22 FCF $790m
May 8 β€’ 13 tweets β€’ 3 min read
Twilio $TWLO 1Q22 Earnings

- Rev $875m +48% ↗️ (organic +35%)
- Gross Profit $425m +42% ↗️ margin 49% -200 bps β†˜οΈ
- NG EBIT $5m -71% β†˜οΈ margin 1% -236 bps β†˜οΈ
- NG Net Income $0m -96% β†˜οΈ margin 0% -159 bps β†˜οΈ
- OCF $-18m β†˜οΈ margin -2% -277 bps β†˜οΈ Business Metrics
- Topline Rev $875m +48% ↗️↗️
- Topline Rev ex $32m Zipwhip +35% organic ↗️
- DBNER 127% (vs 133% 1Q21,126% 4Q21) ➑️
- Active Customer Accounts 268K +33K +14% ↗️
May 8 β€’ 11 tweets β€’ 3 min read
Illumina $ILMN 1Q22 Earnings

- Rev $1.2b +12% ↗️
- GP $815m +7% ↗️ margin 67% -326 bps β†˜οΈ
- NG EBIT $212m -40% β†˜οΈ margin 17% -1478 bps β†˜οΈ
- NG Net Inc $169m -39% β†˜οΈ margin 14% -1162 bps β†˜οΈ
- OCF $172m -39% β†˜οΈ margin 14% -1174 bps β†˜οΈ
- FCF $111m -54% β†˜οΈ margin 9% -1288 bps β†˜οΈ Core Illumina ex-GRAIL (still loss making)

- Rev $1221m +12% ↗️
- Consumables Rev $784m +13% ↗️
- Sequencing Instruments Rev $212m +20% ↗️
- Gross Profit $851m +11% ↗️ margin 70% -20 bps ➑️
- NG EBIT $352m (GRAIL -$134m) ➑️ margin 29% -328 bps β†˜οΈ
May 8 β€’ 26 tweets β€’ 5 min read
Hubspot $HUBS 1Q22 Earnings πŸ’ͺ🏻

- Rev $396m +41% ↗️
- GP $323m +42% ↗️ margin 82% +102 bps βœ…
- NG EBIT $35m +85% πŸš€ margin 9% +211 bps βœ…
- NG Net Inc $28m +76% πŸš€ margin 7% +139 bps βœ…
- OCF $82m +31% ↗️ margin 21% -150 bps β†˜οΈ
- FCF $63m +2% ↗️ margin 16% -594 bps β†˜οΈ Business Metrics

1) Subscription ⭐️
- Rev $385m +42% ↗️
- Gross Profit $326m +44% ↗️ margin 85% +80 bps βœ…

2) Services
- Rev $11m -4% β†˜οΈ
- Gross Profit $-3m β†˜οΈ margin -27% -2932 bps β†˜οΈβŒ

- Domestic Rev +37% ↗️
- International Rev +44% ↗️↗️
- Added 8,200 net new customers βœ…
May 7 β€’ 15 tweets β€’ 3 min read
Universal Display $OLED 1Q22 Earnings

- Rev $150m +12% ↗️
- Gross Profit $117m +6% ↗️ margin 78% -465 bps β†˜οΈ
- EBIT $62m +9100% πŸš€ margin 41% -606 bps β†˜οΈ
- Net Income $50m -3% β†˜οΈ margin 33% -536 bps β†˜οΈ
- OCF $53m +78% πŸš€ margin 35% +1295 bps βœ… Business Metrics
- Royalty & License Fee Rev $60m +17% ↗️
- Materials Rev $87m +9% ↗️
- Materials Gross Profit $57m -3% β†˜οΈ margin 65% -820 bps β†˜οΈβŒ

β€œβ€¦material gross margins can vary quarter-to-quarter.”
May 7 β€’ 13 tweets β€’ 3 min read
Block $SQ 1Q22 Earnings πŸ’ͺ🏻

- Rev (ex-BTC) $2.2b +38% ↗️
- Gross Profit (ex-BTC) $1.3b +30% ↗️ margin 56% -330 bps β†˜οΈ
- Adj EBITDA $195m -17% β†˜οΈ margin 9% -581 bps β†˜οΈ
- NG Net Income $102m -39% β†˜οΈ margin 5% -579 bps β†˜οΈ
- OCF $229m ↗️ margin 10% +1209 bps βœ… Business Metrics
- GPV $43.5b +31% ↗️
- Rev (Afterpay) $130m
- GP (Afterpay) $92m
- Afterpay allocate 50/50 to Square + Cash App
- GP (ex-Afterpay) $1.2b +25% ↗️
- GP (Cash App) $624m +26% ↗️
- GP (Square ex-BTC ex-Afterpay) $667m +26% ↗️
- GP (Afterpay) $92m (Feb+Mar)
May 6 β€’ 17 tweets β€’ 3 min read
Cloudfare $NET 1Q22 Earnings πŸ’ͺ🏻

- Rev $212m +54% ↗️
- Gross Profit $165m +56% ↗️ margin 78% +106 bps βœ…
- NG EBIT $5m ‴️ margin 2% +774 bps βœ…
- NG Net Income $3m ‴️ margin 2% +838 bps βœ…
- OCF-$35m β†˜οΈ margin -17% -3373 bps β†˜οΈ
- FCF -$64m β†˜οΈ margin -30% -2875 bps β†˜οΈ Business Metrics - Growing Large Customers

- DBNR 127% ↗️ +400bps YoY +200bps QoQ βœ…
- Paying Customers 154K +14K +10% ↗️
- Cust >$5m ARR 12 βœ…
- Cust >$1m ARR +72% βœ…
- Cust >$500k ARR +68% βœ…
- Cust >$100k ARR 1,537 +121 +62% βœ…
- RPO $688m +57% ↗️
May 6 β€’ 13 tweets β€’ 3 min read
Datadog $DDOG 1Q22 Earnings πŸš€

- Rev $363m +83% πŸš€
- GP $289m +90% πŸš€ margin 79% +299 bpsβœ…
- NG EBIT $84m +9100% πŸš€ margin 23% +1320 bpsβœ…
- NG Net Inc $84m +316% πŸš€ margin 23% +1295 bpsβœ…
- OCF $147m +185% πŸš€ margin 41% +1459 bpsβœ…
- FCF $130m +192% πŸš€ margin 36% +1339 bpsβœ… Business Metrics

- Cust 19,800 +30% ↗️
- Cust >$100k ARR 2,250 +60% ↗️
- 130%+ DBNR for 19th consecutive quarters βœ…
- 95%+ DBGR βœ…
- Cust 2+ Products 81%
- Cust 4+ Products 35%
- Cust 6+ Products 12%
May 6 β€’ 19 tweets β€’ 4 min read
MercadoLibre $MELI 1Q22 Earnings πŸ’ͺ🏻

- Rev $2.2b +63% ↗️
- Gross Profit $1.1b +82% πŸš€ margin 48% +484 bps βœ…
- EBIT $139m +9100% πŸš€ margin 6% -42 bps β†˜οΈ
- Net Income $65m ‴️ margin 3% +536 bps βœ…
- OCF -$233m β†˜οΈmargin -10% +887 bps βœ… Business Results
- Rev $2.2b +63% ↗️
- Commerce Rev $1.3b +65% ↗️
- FinTech ⭐️ Rev $971m +113% πŸš€

By Geography
1) Brazil +63% ↗️
2) Argentina 74% ↗️
3) Mexico +58% ↗️
May 5 β€’ 26 tweets β€’ 6 min read
Shopify $SHOP 1Q22 Earnings πŸ’ͺ🏻

- Rev $1.2b +22% ↗️
- Gross Profit $638m +14% ↗️ margin 53% -354 bps β†˜οΈ
- NG EBIT $32m -85% β†˜οΈ margin 3% -1867 bps β†˜οΈ
- NG Net Income $25m -90% β†˜οΈ margin 2% -2362 bps β†˜οΈ
- OCF -$53m β†˜οΈ margin -4% -1809 bps β†˜οΈ Business Metrics

- GMV $43.2b +16% ↗️
- Subscription Rev $345m +8% ↗️
- Merchant Rev $856m +29% (payments, capital & markets) ↗️
- Payments GPV $22b +27% ↗️
- Payments Penetration (GPV/GMV) 51% +500bps πŸ“ˆβœ…
- Shopify Capital $347m +12% ↗️
- MRR $105m +17% ↗️
May 5 β€’ 13 tweets β€’ 3 min read
Etsy $ETSY 1Q22 Earnings

- Rev $579m +5% ↗️
- GP $406m -0% ➑️ margin 70% -391 bps β†˜οΈ
- Adj EBITDA $159m -14% β†˜οΈ margin 27% -594 bps β†˜οΈ
- EBIT $84m -44% β†˜οΈ margin 15% -1280 bps β†˜οΈ
- Net Inc $86m -40% β†˜οΈ margin 15%⭐️ -1124 bps β†˜οΈ
- OCF $60m -60% β†˜οΈ margin 10% -1668 bps β†˜οΈ Business Metrics

- GMS $3.3b +3.5% ➑️
- GMS = Active Buyers x Freq x Avg Order Value
- Marketplace Rev $428m +3% ➑️
- Services Rev $152m +11% ↗️
- Active Sellers 7.6m +63% βœ…
- Active Buyers 95m +5% ↗️
- TTM GMS per Active Buyer $137 +10% πŸ“ˆ
May 5 β€’ 14 tweets β€’ 3 min read
Staar Surgical $STAA 1Q22 Earnings πŸ’ͺ🏻

- Rev $63m +25% ↗️
- Gross Profit $49m +26% ↗️ margin 78% +83 bps βœ…
- EBIT $12m +62% ↗️ margin 19% +445 bps βœ…
- NG Net Income $14m +50% ↗️ margin 23% +385 bps βœ…
- OCF -$5m β†˜οΈ margin -7% -2063 bps β†˜οΈ Business Metrics
- ICL Sales $58.7m (~93% of total) +26% ↗️
- ICL Units +29% ↗️
- ICL Units China +37% ↗️ Japan +35% ↗️ India +34% ↗️
- ICL Units APAC +43% ↗️ LATAM + 41% ↗️
May 5 β€’ 19 tweets β€’ 4 min read
Match $MTCH 4Q21 Earnings

- Rev $799m +20% ↗️
- Gross Profit $562m +15% ↗️ margin 70% -270 bps β†˜οΈ
- NG EBIT $273m +19% ↗️ margin 34% -24 bps β†˜οΈ
- Net Inc $181m +4% ↗️ margin 23% -350 bps β†˜οΈ
- OCF $233m +127% πŸš€ margin 29% +1379 bps βœ…
- FCF $215m +133% πŸš€ margin 27% +1312 bps βœ… Business Metrics

- Cust: Payers 16.3m +13% ↗️
- Pricing: RPP $16.00 +6% ↗️

- Tinder Rev +18% ↗️ (Payers +17% ↗️ RPP +1%↗️)
- All Ex. Rev +22% ↗️(Payers +7% ↗️ RPP +14% ↗️)
May 5 β€’ 12 tweets β€’ 3 min read
Paycom Software $PAYC 1Q22 EarningsπŸ’ͺ🏻

- Rev $354m +30% ↗️
- GP $305m +29% ↗️ margin 86% -39 bps β†˜οΈ
- Adj EBITDA $170m +28% ↗️ margin 48% -74 bps β†˜οΈ
- EBIT $126m +34% ↗️ margin 36% +98 bpsβœ…
- NG Net Inc $111m +29% ↗️ margin 31% -26 bps β†˜οΈ
- OCF $117m +31% ↗️ margin 33% +30 bpsβœ… Management Guide πŸ’ͺ🏻

- 2Q22 Rev $309m +28%
- 2Q22 Adj EBITDA $112m 36% margin
- FY22 Rev $1.334b +26%
- FY22 GPM 86%
- FY22 Adj EBITDA $534m 40% margin
May 4 β€’ 16 tweets β€’ 3 min read
Fulgent Genetics $FLGT 1Q22 Earnings πŸ’ͺ🏻

- Rev $320m -11% β†˜οΈ
- Gross Profit $243m -15% β†˜οΈ margin 76% -366 bps β†˜οΈ
- Adj EBITDA $213m -21% β†˜οΈ margin 67% -899 bps β†˜οΈ
- NG EBIT $202m -24% β†˜οΈ margin 63% -1121 bps β†˜οΈ
- NG Net Income $159m -22% β†˜οΈ margin 50% -689 bps β†˜οΈ Management Guide (Normalisation post COVID)

- 1Q22 Rev $125m β†˜οΈ
- 1Q22 Core Rev $40m +78% ⭐️
- FY22 Rev $660m ↗️ ($600m prior)
- FY22 Core Rev $180m +98% ⭐️ ($175m prior)
May 4 β€’ 17 tweets β€’ 4 min read
ZoomInfo $ZI 1Q22 EarningsπŸ’ͺ🏻

- Rev $242m +58% ↗️
- GP $198m +58% ↗️ margin 82% +13 bps βœ…
- NG EBIT $96m +45% ↗️ margin 40% -352 bps β†˜οΈ
- NG Net Inc $74m +46% ↗️ margin 31%⭐️ -254 bps β†˜οΈ
- OCF $105m +13% ↗️ margin 43%⭐️ -1722 bps β†˜οΈ
- FCF $126m +29% ↗️ margin 52%⭐️ -1151 bps β†˜οΈ $ZI 1Q22 Business Metrics

- 49% Organic Revenue Growth (vs 58%)
- $100k ACV 1,623 +65%
- FY21 Net Rev Retention 116%
- cRPO $715m
- Total RPO $715m +11% QoQ
- LTV/CAC >10X +6% QoQ
- 0 exposure to Eastern Europe