$U $BIRD $OLO Earnings: What I'm Looking For
Unity Software Inc. ($U) - Reporting earnings this afternoon (5/10)

Here's what I'm looking for:

  • Currently trading at 15.2 trailing sales and 8.7 forward sales which sounds expensive. However, It's slightly on the cheap side on my Price-to-Sales-to-Growth ratio at 0.20 (accurately priced is 0.25). Will they maintain 40% revenue growth and keep the PSG in the range it's at?
  • Net profit margin (I guess it's more accurate to call it a net loss margin) has gotten worse each of the past 2 years. FCF worsened as well. Curious to see what direction this goes. I would guess they'll both get worse before better.
  • Operate revenue growth >50%.
  • DBNER >140%
  • Customers generating $100,000 revenue >1,100.

Current position:
Total cost basis: 27th highest in my portfolio
Time since first buy: 0.32 years
Number of purchases since: 1
Annualized return: (90.7%)
Annualized $SPY return: (30.0%)
Annualized $QQQ return: (45.1%)


Allbirds, Inc. ($BIRD) - Reporting earnings this afternoon (5/10)
This is a company that I'm partially blinded by my love of the product. Allbirds are incredible shoes. I own 5 pairs. I still think $LULU should by them. Seems like a match made in heaven.

Here's what I'm looking for:

  • Really need to see strong revenue growth. 2021 grew at 26.5%. Really hoping for 30%+ in Q1.
  • Would really appreciate if management would begin providing digital vs store revenue breakdown along with shoe vs apparel and men vs women.
  • Just curious to see what management's comments on are the conference call.

Current position:
Total cost basis: 22nd highest in my portfolio
Time since first buy: 0.51 years
Number of purchases since: 2
Annualized return: (92.5%)
Annualized $SPY return: (21.6%)
Annualized $QQQ return: (38.3%)


Olo Inc. ($OLO) - Reporting earnings this afternoon (5/10)
This was my play on the food delivery trend. I hate the food delivery apps ($DASH $UBER $GRUB whatever, they all suck and are predatory to their "contractors" and the restaurants). Olo though is just SaaS for restaurants. I'm getting pummeled in my position but I remain cautiously bullish.

Here's what I'm looking for:

  • Annualized revenue growth of 67% since 2018 is nothing to sneeze at. Need to keep it up to justify their somehow still high P/S ratios. PSG is cheap on my scale though at 0.10.
  • Gross profit margins got worse in 2021. Get it back above 80%, please.
  • Active location count growth >83,000.
  • Average revenue per unit >$525.
  • NRR >120%
  • Not sure of management will provide this metric but a modules per location update would be lovely.

Current position:
Total cost basis: 12th highest in my portfolio
Time since first buy: 1.14 years
Number of purchases since: 1
Annualized return: (61.1%)
Annualized $SPY return: 2.4%
Annualized $QQQ return: (4.1%)
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