Trending Assets
Top investors this month
Trending Assets
Top investors this month
Investor Conference Highlights
There are 11 different investor conferences that my holdings are participating in this week. I wanted to offer the highlights of each (I'm only through 6 of them so far) before I published the more detailed report on Saturday:
SoFi
- SoFi sees at least 12% of outstanding student loan volume as priced "far-north" of what it can re-fi for. When the moratorium ends, demand will be there.
- Now up to $2.2 billion in bank deposits which is growing "north of 100 million dollars per week" vs. 100 million per week as of its earnings call.
- No weakening in the health of its user base with 90 day loan delinquencies continuing to set company record lows and institutional demand remaining robust for its loan paper. For evidence, gain on sale margins for the company remain stable despite its longer loan holding period via the charter and economic turbulence.
CrowdStrike
- Lot of quotes talking about CrowdStrike's outcomes leading SentinelOne and Microsoft customers to leave for the CrowdStrike Falcon Platform. Podbere even eluded to CrowdStrike only not ranking first in industry research reports when other competition "pays to play."
- The guidance offered on its last call was very "prudent."
- Macro pain actually accelerates CrowdStrike's deal velocity as cybersecurity is not discretionary for enterprises. Furthermore, the company's agent consolidation actually lowers total cost of ownership for customers (despite the higher per product price tag) and delivers a 150% mean ROI for customers within the first 12 months of deployment.
- The company met its hiring target for the first time in 7 years last quarter as the environment for talent improves.
Progyny:
- The normalization in post-Omicron utilization rates continued into June.
- No impacts from economic slowing. Like security, fertility is not discretionary for those truly wanting to be parents... and it's also time sensitive because... you know... biology.
- Roe vs. Wade allowing 13 states with restrictive abortion laws to act on their own could lead to those states including IVF in their prohibitions. IVF includes some discarded embryos which could be interpreted as an abortion. One of those states is Texas, which has strong fertility treatment laws -- making this a non-issue there. The other 12 states make up 3% of Progyny's revenue. So in a worst case scenario where all 12 include IVF treatment in abortion bans, it could be a 3% revenue headwind. But it won't be that large of a hit because these parents will likely just travel to another state more often than not. Fertility tourism is already quite common.
- Competition "makes claims about what they do but none publish data like Progyny does." The company doesn't run into popular VC-funded start-ups like Carrot or Maven in its selling conversations and continues to take share.
Revolve Group:
- No impact on the company from economic slowing -- it caters to an affluent customer more resistant to inflationary pressures.
Already have an account?