Earnings Roundup – JFrog; Twilio; DoorDash – February 17, 2024
JFrog (FROG)
As many of you know, I exited JFrog late last year due to geopolitical chaos in the Middle East. It had nothing to do with the fundamental quality or price tag of the company. I continue to love everything about this investment case – except the geopolitical risk that I’m not willing to stomach at this time. Regardless, this quarter was excellent and shareholders should be pleased.
Results:
- Beat revenue estimates by 4.7% & beat guidance by 4.6%.
- Its 31.6% 3-year revenue CAGR compares to 31.6% as of last quarter and 32.3% 2 quarters ago.
- It has 886 customers contributing over $100,000 in annual revenue vs. 848 Q/Q and 736 Y/Y.
- Its dollar based net revenue retention rate was 119% vs. 119% Q/Q and 128% Y/Y.
- Beat EBIT estimates by 59% & beat guidance by 54%.
- Beat $0.12 EPS estimates & beat its identical guidance by $0.07.
Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases
2024 Guidance:
- Revenue beat by 1.0%.
- EBIT beat by 12.6%.
- EPS beat $0.53 expectations by $0.06.
Balance Sheet:
- $540 million in cash & equivalents.
- No debt.
- Share count +4.4% Y/Y. This is the negative part of the report.
Twilio (TWLO)
Results:
- Beat revenue estimate by 3.3% & beat guide by 4.0%.
- Its 25.2% 3-year revenue CAGR compares to 32.1% as of last quarter and 35.9% 2 quarters ago.
- Beat EBIT estimate by 36.2% & beat guide by 44.2%.
- Beat $0.58 EPS estimate by $0.28 & beat guide by $0.31.
Dollar Based Net Expansion Rate
Next Quarter Guidance:
- Missed revenue estimates by 1.8%.
- Slightly missed EBIT estimates.
- Beat $0.54 EPS estimates by $0.04.
Slow growth paired with negative GAAP operating profit is not an ideal combination, to say the least.
Balance Sheet:
- $4 billion in cash & equivalents.
- $1 billion in debt.
- Share count -1.8% Y/Y.
DoorDash (DASH)
Results:
- Beat volume estimates by 2.3% and beat its guidance by 2.6%.
- Beat revenue estimates by 2.2%.
- Beat EBITDA estimates by 2.0% & beat guidance by 3.7%.
- Missed GAAP EBIT estimates by 56%.
- Missed -$0.14 GAAP EPS estimates by $0.23.
Guidance:
Annual EBITDA guidance was 4.3% ahead of expectations (a bit light for Q1, but not concerning given annual beat). It missed annual volume estimates by 0.7%.
Balance Sheet:
- Around $3 billion in cash & equivalents; $583 million in long-term marketable securities.
- Share count rose by 5.8% for the full year.
