Enterprise Software AI Pricing Power & Strategy

ChatGPT Advanced Voice: The Future of Travel Booking or the End of OTAs?

Tech Dilution: Shareholder Heroes, Equity Vampires, and New Dilution Leaderboard: An overview through 2Q24 of stock-based compensation, equity dilution, and the worst offenders with a bonus most improved overview.

Is the Consumer Weak or Not? Anecdotes from Companies: Color from Uber, Lyft, Doordash, the airlines, and other leisure names on consumer health

Tesla Robotaxi: Impact on Rideshare Model: Tesla has made huge strides in Autonomous Vehicle technology and the CyberCab is coming, is it a threat or opportunity for Uber and Lyft?

Seven Ways to Look at Stock-Based Compensation & Dilution: SBC can be super esoteric, but a deep dive on investor usage of FCF as a % of FCF/Revenue/Market cap vs % dilution vs DCF and bonus SBC Adjusted Rule of 40 for Software

Travel & Leisure Q4 Earnings Quotes : Interesting quotes and anecdotes from Q4 2023 travel and leisure company earnings calls. Consumer demand is still healthy but we've definitely normalized.

Airline Loyalty Program Economics & Enterprise Value: Post-covid the ballpark valuation of airline loyalty programs now composes a majority of the Enterprise Value for the big US carriers.

Excerpts from BG² Conversation with Dara Khosrowshahi: Dara, Brad Gerstner, Bill Gurley, and Jason Calacanis sat down to discuss Uber's history and future around AI, trends, growth, and getting fit.

Tech Company Dilution: Finding Ground Truth: Intellectually honest quantitative analysis of tech company dilution from mega cap (META, GOOGL, NVDA) to software companies (SNOW, MDB, DDOG) to internet (UBER, SNAP, EXPE) compared to non-tech.

Rideshare & Delivery Nov '23: Profitability and Strong Growth (for some): All of the big rideshare and delivery companies have reported and so here is a deep dive on margins, FCF, and profitability as well as interesting quotes from UBER, DASH, LYFT, CART, TKWY, and ZOMATO

Travel & Leisure Q3 Earnings Quotes: Interesting quotes and anecdotes from Q3 2023 travel and leisure company earnings calls. Lots of interesting commentary on volatility and the impact from the war in Israel/Gaza.

Travel Demand Reaction to War & Terrorism: In the wake of the terror attacks and subsequent war in Israel and Gaza this is a deep dive on the impact to travel demand as well as historical examples from previous events

JSX: Challenger or Regulatory Ambiguity?: JetsuiteX (JSX) has been the subject of heightened scrutiny over whether they're a true challenger to the traditional airline model or just exploiting regulatory loopholes at the expense of safety

Q3 Global Travel & Leisure Trends: Macro trends and valuation charts for the global travel complex. Despite demand fully recovered and margins at all-time highs, multiples are below both pre-covid and longer-term averages

Instacart S-1 Deep Dive: On Friday Instacart formally filed their S-1 for an IPO we can likely expect in mid September. A deep dive on the fundamentals, unit economics, and other tidbits from the S-1

Global Food Delivery: Normalization: From hyper-growth during covid to ugly comps in 2022, global food delivery is starting to see normalization on both growth and multiples in 2023

DoorDash: Philosophical Clarity: In DoorDash's quarterly investor letter they laid out a masterwork in capital allocation, investing in growth, and is a must read for growth investors

Travel & Leisure Demand: Peaking or Not?: Quotes and overview from Q2 earnings calls on demand into Q3 and 2024 show continued strength from peak summer travel but can that strength continue? Details on hotels, airlines, cruise, rental car, food delivery/rideshare, and commentary from credit card processors on travel demand.

Impact of AI/LLMs on Travel Distribution: Will AI and LLMs disrupt travel distribution? Can OTAs and the GDS like Sabre survive the coming onslaught or will some of them emerge as dominant players in the new AI-enabled world?

Instacart Overview & CEO Strategy: Strategic overview and network effects at Instacart as they prepare for their eventual IPO and the public filing of their S-1.

Executive Comp at Founder Led Companies: Founder led companies like DASH and RBLX have very different Proxy Statements that evolved directly from the Elon Musk TSLA package

Proxy Season: BKNG, UBER, AAPL, UAL: Uber tiptoes towards being onside while Booking runs away from the pack, Apple remains A+, United Airlines impressively bad

How Platforms are Integrating AI: Early product innovations leveraging AI/LLMs at Discord, Roblox, Unity, and Instacart among others give early insights into what may be prominent product features down the road.

Fortnite Creative 2.0 Supercharging UGC Creation Tools: With the launch of Unreal Engine for Fortnite (UEFN), UGC creation tools are entering a new phase. Fortnite will share 40% of net revenues with creators putting Roblox and peers on the defensive.