marc__1

Fastest company to reach $100m ARR [1]:

Slack - 3 years Twilio - ~5 years ServiceNow - 6 years Shopify - 7 years

[1] https://www.bvp.com/bvp-nasdaq-emerging-cloud-index

The graph shows 50 companies (they don't do a good job at scaling the site, but the data is there).

Netscale and Amazon are only anecdotes and pure exceptions of the dot.com era. The set of companies that went burst during this period because of bad management is composed of at least 15 publicly traded companies. If your compensation included shares of any of these quick IPOs (AOL, Yahoo, pets.com, Global Crossing, etc.) your shares would have ultimately be zero as well (compounding interest is what makes you wealthy with these long-term horizon packages and you wouldn't have sold all your shares at ipo).

The time from founding to IPO is a stat that is widely misrepresented by well-educated people who may not have had the time to check the numbers.

See for instance the graph Company Age (Years) shared by Meritech. There are 8 companies in the cohort that are 20+ years, only 1 (Salesforce) that IPOed with less than 10 years. In fact, from the entire comps (20+ public SaaS), only Salesforce IPOed at year 5.

https://www.meritechcapital.com/public-comparables/enterpris...

No, the AZN announcement was made after the market closed. Take for instance Moderna, who was -13% today, and is +3.7% after-hours

It will likely be a combination of HW and SW. Apple is constantly filling patents that are related to that. See for instance:

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&Sect2=H...

No word as to which models PSA will install, nor the efficiency of the battery packs or the involvement of Total in this JV.

This is the typical PR article that should not be posted on HN, but my first take is that this company smells like the Quibi of EV (why would govt invest 1 billion in such JV)?

I believe your hypothesis is not entirely correct. 9 of the 10 tallest buildings in NYC are to be completed between 2000 and 2021.

https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_N...

In Europe, if you exclude Russia from the top 20 tallest buildings, the UK (2), Germany (2) and Spain (2) have the tallest buildings, with the UK and Spain buildings built in the 2000s.

https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_E...

I haven't seen anyone posting, but on the ADT investors relations website there is a presentation [1] and [2] webcast outlying the M&A rationale.

Briefly speaking, it is to be expected product integration (starting with Google Cloud for ADT video) and in the future some 'automation' and newer products.

By the way, can there be any 'synergies' between ADT and Fitbit?

[1] https://s22.q4cdn.com/631128414/files/doc_presentations/2020...

[2] https://investor.adt.com/events-and-presentations/events-cal...

Technically Microsoft owned 1.6% shares before Facebook's IPO, and last information I could get it had sold 20% of the proceeds post-IPO in 2012, so they are somewhat involved in social media.

[1] https://www.zdnet.com/article/microsoft-offloads-20-percent-...

• Net sales increased 40% to $88.9 billion in the second quarter, compared with $63.4 billion in second quarter 2019. Excluding the $582 million unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 41% compared with second quarter 2019.

• Operating cash flow increased 42% to $51.2 billion for the trailing twelve months, compared with $36.0 billion for the trailing twelve months ended June 30, 2019.

• Free cash flow increased to $31.9 billion for the trailing twelve months, compared with $25.0 billion for the trailing twelve months ended June 30, 2019.

“As expected, we spent over $4 billion on incremental COVID-19-related costs in the quarter to help keep employees safe and deliver products to customers in this time of high demand—purchasing personal protective equipment, increasing cleaning of our facilities, following new safety process paths, adding new backup family care benefits, and paying a special thank you bonus of over $500 million to front-line employees and delivery partners. We’ve created over 175,000 new jobs since March and are in the process of bringing 125,000 of these employees into regular, full- time positions. And third-party sales again grew faster this quarter than Amazon’s first-party sales"

• Total Payment Volume (TPV) of $222 billion, growing 29%, and 30% on an FX-neutral basis (FXN); revenue of $5.26 billion, growing 22%, and 25% FXN

• Cash flow from operations of $2.4 billion, growing 103%, with free cash flow of $2.2 billion, growing 112%

FY’20: Reinstating and raising full year guidance based on strong momentum

• Revenue growth now expected to be ~20%

Year-over-year Q2 revenue grows 85% to $241.0 million and total visits increase 203% to 2.8 million

GAAP Gross margin which includes depreciation and amortization was 61.7 percent for the second quarter 2020 and 67.2% for the second quarter 2019.

EBITDA was a positive $2.7 million for the second quarter 2020 compared to a loss of $(12.2) million for the second quarter 2019.

For the full-year 2021, the company anticipates year-over-year revenue growth to be in the range of 30% to 40%.

In July 2020, we entered into a settlement agreement, as well as a new long-term, global patent license agreement with Huawei, including a cross license granting back rights to certain of Huawei’s patents, covering sales beginning January 1, 2020. While we continue to assess the accounting impacts of the agreements, our financial guidance for the fourth quarter of fiscal 2020 includes the following:

• Estimated QTL revenues for royalties due on sales made by Huawei in the September 2020 quarter.

• Estimated revenues of approximately $1.8 billion related to amounts due from Huawei under the settlement agreement (which are incremental to amounts previously paid under two interim agreements) and estimated amounts due for the March 2020 and June 2020 quarters under the new global patent license agreement. This amount will be excluded from our Non-GAAP results.

Our guidance for the fourth quarter of fiscal 2020 includes an impact of greater than ($0.25) to EPS attributable to a planning assumption of an approximate 15% year-over-year reduction in handset shipments due to COVID-19, including a partial impact from the delay of a global 5G flagship phone launch

Total revenue in the second quarter was $714.3 million, a 97% increase from the comparable quarter in 2019.

New stores created on the Shopify platform grew 71% in Q2 2020 compared with Q1 2020, driven by the shift of commerce to online as well as by the extension of the free trial period on standard plans from 14 days to 90 days

Q2 2020 GMV grew 119% compared to Q2 2019 with year-on-year GMV growth accelerating in April and May and decelerating in June and thus far in July

The migration to Shopify Plus of larger sellers continued in Q2 2020, resulting in a record quarter for new merchant adds to Shopify Plus. A large number of merchant upgrades to Shopify Plus in Q2 2020 outpaced the number of downgrades, which peaked in April before returning to pre-COVID levels by quarter end.

Revenue was $1.93 billion, up 26 percent year-over-year primarily driven by higher Computing and Graphics segment revenue. Revenue was up 8 percent quarter-over-quarter primarily driven by higher Enterprise, Embedded and Semi-Custom segment revenue.

Computing and Graphics segment revenue was $1.37 billion, up 45 percent year-over-year and down 5 percent quarter-over-quarter. Revenue was higher year-over-year driven by strong Ryzen processor sales. The quarter-over-quarter decline was due to lower graphics processor sales.

For the third quarter of 2020, AMD expects revenue to be approximately $2.55 billion, plus or minus $100 million, an increase of approximately 42 percent year-over-year and 32 percent sequentially. The year-over-year and sequential increases are expected to be primarily driven by Ryzen and EPYC processor sales and next generation semi-custom products. AMD expects non-GAAP gross margin to be approximately 44 percent in the third quarter of 2020. Gross margin is expected to increase year-over-year primarily driven by Ryzen and EPYC processor sales.

Net revenues in the fiscal third quarter were $4.8 billion, a decrease of 17%, driven by the year-over-year declines in payments volume, cross-border volume and processed transactions. Net revenues decrease was approximately 16% on a constant-dollar basis.

Payments volume for the three months ended March 31, 2020, on which fiscal third quarter service revenues are recognized, grew 4% over the prior year on a constant-dollar basis.

COVID-19 continues to have an impact globally. In the fiscal third quarter we saw spending improve each month as most countries began to relax domestic restrictions. In the U.S., as the quarter progressed, payments volume meaningfully improved, driven by the relaxing of shelter-in-place restrictions in a number of states. This helped to lift card present spending while eCommerce excluding travel spend remained consistently elevated, as consumers continued to shift their spend online. International markets are at various stages of reopening and recovery, with many large markets having a trajectory comparable to the U.S. Global processed transaction growth has slightly lagged payments volume growth, as the mix of spending shifted away from smaller purchases. Cross-border volume has improved only marginally through the quarter as travel has been heavily affected by most country borders remaining closed, partially offset by strong eCommerce spend excluding travel.

• Global comparable store sales declined 40%, driven by a 51% decrease in comparable transactions, partially offset by a 23% increase in average ticket

• Consolidated net revenues of $4.2 billion declined 38% from the prior year primarily due to lost sales related to the COVID-19 outbreak

That is not correct. SPAC must adhere to basically the same road show process, albeit quicker and cheaper than a traditional company [0].

Also, if you go to the Nasdaq website [1] there is a specific section on 'upcoming IPOs' and another called 'fillings', including SPACs.

Second, the major brokerage firms have dedicated sections for IPOs and allow 'qualified' customers to join the IPO price.

Lastly, you can filter the SEC Edgar database for companies who filed their IPO prospectus (S-1) [2].

[0]https://www.winston.com/images/content/1/4/v2/142711/SPACs-O... [1] https://www.nasdaq.com/market-activity/ipos [2] https://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=...

"The company's 7nm-based CPU product timing is shifting approximately six months relative to prior expectations. The primary driver is the yield of Intel's 7nm process, which based on recent data, is now trending approximately twelve months behind the company's internal target."

>Can you explain how their capex is decreasing as they build out more factories and invest in new technology? Seems odd, doesn't it? Yet is sure makes that cash flow number look good. These are the kinda things that analysts consider red flags.

From 2017 to 2018, they were focused in ramping-up production at the Fremont factory [0]. And compared to Q2 2019 Capex is actually 118% * higher ! * (546m vs 250m), so I can't see how they are slowing investments.

>Do you think this is a reasonable comparison when Toyota builds as many cars in a few days as Tesla does in a quarter? Tesla can futz a few thousand cars with a fleet sale or inventory build and drastically change their growth trajectory.

I do believe they did a tremendous job in ramping-up deliveries (page 18) in such a short period of time). It is 2x the number from just 3 years ago.

>By the way, what's a "delivery"? I don't think I've ever seen them define it. I would assume it means "car delivered to customer", and yet they build inventory. Very opaque.

By delivery Tesla probably needs to recognize revenue according to ASC 606, or when the product is delivered instead of paid. I'm sure theirs auditors must pay close attention to this number.

[0] https://en.wikipedia.org/wiki/Tesla_Factory

Tesla posted positive free cash flow (CFO - capex) for 4 of the last 5 quarters (page 24) and it the only company with increase in # of deliveries among the 10 largest autos globally (page 7). Gross margins >20% is also best in class in the auto industry

The list goes on in terms of growth & profitability

High, because of the Criteria to join the S&P500[0]:

- a market cap of $8.2 billion - its headquarters in the U.S. - the value of its market capitalization trade annually at least a quarter-million of its shares trade in each of the previous six months - most of its shares in the public’s hands - at least a year since its initial public offering - the sum of the previous four quarters of earnings must be positive as well as the most recent quarter.

[0] https://www.spglobal.com/spdji/en/documents/methodologies/me...

Hi Jen, great post! As you continue to grow Lunch Money even further, have you thought about when will it make sense to bring outside help, and if so, will this be hiring our outsourcing to freelance?

some resources you may want to use:

https://news.cornell.edu/stories/2018/10/using-smartphone-ca...

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4950215/

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6166694/

https://www.youtube.com/watch?v=AVQzu9AL3IU

https://www.researchgate.net/post/What_is_the_best_measure_t...

Look at the SEC/EDGAR page where you can find the data in xml and json formats

https://www.sec.gov/edgar/searchedgar/accessing-edgar-data.h...

and yet, this is OS 11 with no signs of camera and microphone access icon (we never know if a certain social media co is using our live camera in the background). Just saying that there is a lot of optics related to phone 'privacy'

there is Avalara for automates state-taxes reporting