CALL REPLAY & MATERIALS: CLICK HERE
Topic Timestamps:
- Intro & Thesis: We Wanted To Like It, But We Just Couldn’t (1:08 – 4:25)
- The Good Stuff: DR, Billings, Improvement Since 2015 IPO Attempt, Strong N-T (4:30 – 14:50)
- The Real TAM: % of Opportunity Remaining, Audit Drivers, Slowing Cust. Adds (14:50 – 23:18)
- Adoption Is Even Weaker Than Slowing Revenue Curve: Importance of Price Increases (23:18 – 29:45)
- The Hair: Customer Support, Tech Leadership Revolving Door, & Culture Problems (32:42 – 36:50)
- Sales [In]Efficiency & Overstated LTV/CAC (36:50 – 40:20)
- The TaxJar and QuickBooks Problem: Deflation in Standalone Value of the Category (40:20 – 46:12)
- How Much R&D Has Been Substituted by M&A (46:12 – 49:55)
- Internal Culture, Strangeness in the Ratable Revenue Model, Financial Controls, & Competition (49:55 – 56:00)
- Why Tax Complexity May Not Be As Positive A Driver As Avalara Claims It Is (56:00 – 58:00)
- Bear Case Overview and Q&A (58:00 – 62:21)
Please call or e-mail with any questions.
Ami Joseph
Managing Director