Gross margin adjusted CAC payback is another one of my favorite SaaS metrics. Here's how a majority of Cloud businesses stack up on that metric (the lower the better) after Q4

The fundamentals for cloud software continue to be excellent. Morgan Stanley released their quarterly CIO survey today. Highlights below: 1. Growth expectations for CIO's budgets are rebounding faster than expected, with the largest growth coming from Software budgets

From Snowflake App Week... amazing stats from an Azure-only shop that switched to Snowflake $SNOW. 1000x performance improvement (83min -> 5s) Reduced cost (40% less) & overhead (3 FTE -> 1 FTE) Faster dev cycle Better customer experience (data sharing, BI tool direct access)

Shopify with another outstanding quarter 🔥 - $989M rev (+110% YoY) vs $859M consensus (15% beat) - $321M subscription rev (+71%) - $668M merchant solutions rev (+137%) - $37.3B GMV (+114%) - $309M merchant cash advances / loans (+90%) - 57% GM - 13% FCF Margin $SHOP

Shopify just crossed a $4B run-rate -- growing 110% a year! It's growing >even faster< than it did at $3B ARR 5 Interesting Learnings: ⬇️⬇️⬇️⬇️⬇️

💻Tech Sector Primer: Catalysts, KPIs, Valuation Multiples & Red Flags 💻 The analyst next door won't shut up about the weather. "Cloud. Fog. Lakes. $SNOW!" Soon it'll be animals. "Hive. Pig. Python!" Welcome to tech, the most confusing sector w/ the most confused investors. 👇

Snowflake very impressive quarter #DataCloud - $229M rev (+110% YoY) vs $214M consensus (7% beat) - $214M product rev (+110% YoY) - $1.4B RPO (+206% YoY) - 168% net retention - 23 months GM adj. CAC payback - 57% GM - 6% FCF Margin $SNOW

A side-by-side comparison of Crowdstrike and SentinelOne. Showing both Crowdstrike's stats at IPO, and current. Crowdstrike went public in June '19 $CRWD $S

$SNOW I'm a sucker for performance so I thought I would share some screenshot slides from the SnowflakeDB Summit today

Get ready to squint - this is a load of information 👇 Here's the Global e-Commerce screener you've been waiting for... $AMZN $SHOP $MELI $SE $CPNG $JD $OZON $GLBE $JMIA $BABA

In Q1 '21 top decile Cloud companies: - Beat estimates by >10% - Guided next quarter >7% above consensus - Grew >62% YoY - Gross Margin >84% - FCF Margin >46% - Net Retention >130% - CAC Payback <8 months Read more in my Q1 Cloud earnings recap below: cloudedjudgement.substack.com/p/a-look-back-…

Data from Morgan Stanley CIO survey: only 23% of workloads running in the cloud today. Longgggg runway left for cloud software

Cloud computing, digital transformation, security, and data warehouse / BI / Analytics round out the top 4 categories for growth expectations this year by CIOs according to Morgan Stanley

The cloud behemoth reported today - AWS 🔥📈 $59B run rate, up 37% YoY --> ACCELERATING. Last Q was 32% growth 28% GAAP Op Margins Can't even imagine that kind of growth at that scale (while massively profitable) AWS would be worth $2T today (with today's multiples) 🤯🤯

It's interesting to see how multiples have expanded (and contracted) for the universe of cloud software companies. The below chart compares the NTM revenue multiple from today to the multiples from Feb '20. Most notable to me? Zoom's multiple has contracted ~20%

Data sharing ecosystems by industry and the Data Marketplace will drive Snowflake's future growth. As more companies embrace the Data Cloud, network effects will attract new participants. Despite a high valuation, Snowflake still provides LT upside. $SNOW softwarestackinvesting.com/a-warehouse-fo…

Zscaler $ZS is a global edge network dedicated to providing Zero Trust security over all your users and workloads, across all environments. Here is a deep dive into the various product lines. hhhypergrowth.com/a-zscaler-plat…

SaaS multiples in context…

For our annual meeting last week with our limited partners, I pulled together some slides (with the help of @psychadeleic5) on the current state of the tech market. Sharing a slightly edited and updated version of what I presented here. docs.google.com/presentation/d…

Snowflake's Q1 earnings report delivered mixed signals for investors. I published a recap of the results and plan to provide updates on the product roadmap after the Summit conference in mid-June. $SNOW softwarestackinvesting.com/first-look-at-…