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$BARK $PATH $CHWY $CRWD Earnings: What I'm Looking For Next Week
BARK, Inc. ($BARK) - Reporting earnings Tuesday (5/31) afternoon

I generally try not to sell until at least 3 years of holding to give me thesis a chance to play out but it's on the rocks early here. Here's what I'm looking for:

  • Looking to see a re-acceleration of DTC revenue since it's the higher gross margin segment.
  • Active subs growth obviously but another decrease in monthly churn even more so.
  • Rein in CAC and bring up the LTV:CAC.
  • Average Order Value has been a rare bright spot this fiscal year for Bark. Would love to see them keep it going.
  • Management updates on supply chain constraints.

Current position:
Total cost basis: 14th highest in my portfolio
Time since first buy: 1.43 years
Number of purchases since initial position: 6
Annualized return: (69.8%)
Annualized $SPY return: 0.4%
Annualized $QQQ return: (10.6%)
Chewy, Inc. ($CHWY) - Reporting earnings Wednesday (6/1) afternoon

Here's what I'm looking for:

  • Start the fiscal year right! Give me a revenue beat and continue the trend of improving all the margins. More importantly, keep increasing FCF.
  • I would enjoy breaking the Other revenue segment into more granular reporting, such as Chewy Pharmacy, the telehealth segment, the pet insurance partnership with Trupanion, etc. along with additional KPIs for those.
  • Autoship provide a week moat, but a moat nonetheless. It has increased 4 straight quarters. Would love to see that streak continue.
  • Stop me if you heard this for Bark but active customer growth obviously needs to re-accelerate. However, net sales per active customer has been a shining start, growing every quarter for two years, including a significant acceleration in their past fiscal year. That has to stay strong.

Current position:
Total cost basis: 27th highest in my portfolio
Time since first buy: 2.07 years
Number of purchases since initial position: 6
Annualized return: (40.1%)
Annualized $SPY return: 12.0%
Annualized $QQQ return: 6.4


UiPath Inc. ($PATH) - Reporting earnings Wednesday (6/1) afternoon

One of my highest conviction holdings. I've taken a pummeling and don't care. I'm as bullish as ever for the long-term. I expect 2022 to remain difficult as they transition to a subscription business. Here's what I'm looking for:

  • Subscription revenue. Show me progress.
  • Keep growing the ARR and RPO >50% YoY.
  • This market demands FCF so maybe provide some?
  • Can't recall if they update DBNRR and DBGRR quarterly. If so, I'll be anxious to see if they have remained >140% and >98%, respectively. If they don't report them quarterly, I'll be giving customers with an ARR >$100,000 and >$1M an even closer look.

Current position:
Total cost basis: 5th highest in my portfolio
Time since first buy: 1.10 years
Number of purchases since initial position: 4
Annualized return: (79.6%)
Annualized $SPY return: (5.9%)
Annualized $QQQ return: (17.4%)


CrowdStrike Holdings, Inc. ($CRWD) - Reporting earnings Thursday (6/2) afternoon

Here's what I'm looking for:

  • I know it was off a smaller revenue amount but I'd love to see R&D as a percent of revenue get back over 30% this year. It was 25.6% in their FY22 and hasn't been over 30% since their FY19.
  • Keep the operating margin going in the right direction. Can we get a positive Q by the end of this coming FY and a positive year in FY24?
  • Very curious to see revenue in the EMEA region. I wonder what headwinds they may have faced. On that note, a reiteration of their full year revenue guidance would be great, and an increase would be massive.

Current position:
Total cost basis: 31st highest in my portfolio
Time since first buy: 1.47 years
Number of purchases since initial position: 4
Annualized return: (5.5%)
Annualized $SPY return: 4.5%
Annualized $QQQ return: (4.5%)

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