Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. ----------------------------------------------- In Today’s Episode We Discuss: 00:00 Intro 00:58 The Meta Acquisition Bombshell: Nat Friedman & Daniel Gross Join Face ...

Industry Overview - Financial technology (fintech) is a transformative investment space merging finance and technology, offering services like online banking, peer-to-peer payments, insurance, cryptocurrency, and cybersecurity [1] - The fintech space is expected to benefit from expanding transaction volumes due to the widespread adoption of digital means, accelerated by the pandemic [2] - The innovative nature of fintech positions it favorably in the evolving financial landscape, with significant growth potential driven by mobile and broadband network expansion [3] Catalysts for Growth - Consumer behavior is shifting towards digital platforms, driven by convenience and cost-effectiveness, which supports fintech's adaptability to changing technological needs [3] - The rise of artificial intelligence (AI) and machine learning is revolutionizing banking, payments, and investments, providing efficient and secure financial solutions [4] Company Highlights BILL Holdings Inc. (BILL) - BILL primarily serves small and medium businesses (SMB) with its AI-enabled financial software platform, benefiting from an expanding clientele and diversified business model [7] - Expected revenue and earnings growth rates for BILL are 13.7% and 11.2%, respectively, for the next year, with a Zacks Consensus Estimate for next-year earnings improving by 5.6% in the last 60 days [10] ACI Worldwide Inc. (ACIW) - ACIW develops software products for facilitating digital payments, powering electronic payments for over 5,000 organizations globally, executing $14 trillion in payments daily [12][13] - Expected revenue and earnings growth rates for ACIW are 7.1% and 7.2%, respectively, for the current year, with a Zacks Consensus Estimate for current-year earnings improving by 1.1% in the last 60 days [13] Shift4 Payments Inc. (FOUR) - Shift4 Payments provides software and payment processing solutions, offering omni-channel card acceptance and processing across multiple payment types [14] - Expected revenue and earnings growth rates for FOUR are 26% and 43.4%, respectively, for the current year, with a Zacks Consensus Estimate for current-year earnings improving by 17.2% in the last 60 days [16] OppFi Inc. (OPFI) - OppFi operates as a specialty finance platform for community banks, providing access to credit for consumers turned away by mainstream options [17] - Expected revenue and earnings growth rates for OPFI are 10% and 29.5%, respectively, for the current year, with a Zacks Consensus Estimate for current-year earnings improving by 15% in the last 60 days [18] StoneCo Ltd. (STNE) - StoneCo is a leading provider of point-of-sale payment processing services, empowering businesses to accept various payment methods and manage accounts [20] - Expected revenue and earnings growth rates for STNE are 10.9% and 4.4%, respectively, for the current year, with a Zacks Consensus Estimate for current-year earnings improving by 11.9% in the last 60 days [21]

Core Insights - Docusign (DOCU) is set to report its first-quarter fiscal 2026 results on June 5, with revenue expectations of $747 million, reflecting a 5.3% year-over-year growth, while earnings per share are estimated at 81 cents, indicating a 1.2% decline from the previous year [1][3] Financial Performance - The consensus estimate for subscription revenues is $730.8 million, representing a 5.7% increase year-over-year, driven by the adoption of Intelligent Agreement Management (IAM), increased feature usage, and upgrades to higher-tier plans [5][7] - The professional services and other revenues are projected at $16.1 million, showing an 11.4% decline compared to the same quarter last year [5] Earnings Expectations - Docusign currently has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell), indicating lower chances of an earnings beat this quarter [3] - The company has a history of surpassing earnings estimates, with an average surprise of 8% over the last four quarters [2] Market Performance - Docusign's stock has increased by 67.7% over the past year, outperforming the industry average of 35.5% and the Zacks S&P 500 composite's 13.2% rise [8] - The current price-to-earnings ratio for DOCU is 24.96X, which is lower than the industry average of 37.6X, but higher than BILL Holdings at 18.99X and slightly lower than BlackLine at 25.45X [11] Product Development - The launch of IAM in 2024 aims to enhance agreement management through AI, contributing over 20% to direct sales in the fourth quarter of fiscal 2025 [12][13] - Despite early sales success, concerns remain regarding the product's scalability and early monetization challenges [13][17] Liquidity Concerns - Docusign's current ratio is 0.81, significantly below the industry average of 2.38, indicating potential liquidity issues [15] - The low current ratio raises concerns about the company's ability to meet short-term obligations effectively [15]

Group 1: BILL Holdings, Inc - JP Morgan analyst Tien-tsin Huang hosted 17 payments and processing firms at the Global TMC Conference in Boston, maintaining an Overweight rating on BILL Holdings with a price target of $55 [1] - BILL is recognized as a category killer in SMB AP Automation, effectively displacing manual and legacy solutions, including paper check processing [1] - Huang sees potential for BILL to reclaim its status as a top growth name through cross-selling recent acquisitions, leveraging partnerships with banks and accountants, and helping SMBs reduce costs via automation [2] - Projected fourth-quarter revenue for BILL is $376 million with an adjusted EPS of $0.41 [2] - As of the last check, BILL's stock is down 0.41% at $46.07 [5] Group 2: Fiserv, Inc - Huang maintains an Overweight rating on Fiserv with a price target of $210, slightly down from $211 [2] - Fiserv is viewed as a dependable growth story, with mid-teens EPS growth driven by double-digit top-line growth, operating leverage, and capital deployment [3] - The company has a solid portfolio, including its Clover product, which is gaining market share and growing faster than peers [3] - Projected second-quarter revenue for Fiserv is $5.19 billion with an adjusted EPS of $2.39 [3] Group 3: Marqeta, Inc - Huang upgraded Marqeta's rating to Overweight from Neutral, with a price target of $6, up from $5 [4] - Marqeta's platform supports card programs in high-growth areas of fintech, including BNPL and digital banking, with notable clients like Block and Affirm [4] - Projected second-quarter revenue for Marqeta is $140 million with an adjusted EPS of $(0.05) [4] Group 4: Remitly Global, Inc - Huang has an Overweight rating on Remitly with a price target of $25, viewing it as a mission-driven disruptor in the remittance market [5] - Remitly is experiencing durable growth with a 34% year-to-date revenue increase and 4% market penetration [5] - Projected revenue CAGR for Remitly through 2027 is 21%, one of the highest in Huang's coverage [5] - Projected second-quarter revenue for Remitly is $385 million with an adjusted EPS of $0.19 [5]

Core Viewpoint - The New York Times Company (NYT) is expected to report a 6.9% increase in first-quarter 2025 revenues, driven by subscription growth and advertising trends [1][2]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for first-quarter revenues is $635.1 million, reflecting a 6.9% rise from the previous year [1]. - The consensus estimate for earnings per share (EPS) is 35 cents, indicating a 12.9% increase year-over-year [2]. Subscription Growth - NYT's focus on subscription growth and digital innovation has been crucial, with total subscription revenues projected to increase by 7-10% year-over-year [4]. - The consensus estimate for subscription revenues is $466.6 million, suggesting an 8.8% growth, while digital-only subscription revenues are expected to reach $338.9 million, indicating a 15.7% increase [4]. Subscriber Base Expansion - The digital-only subscriber count is anticipated to reach 11.1 million by the end of Q1 2025, enhancing NYT's market position for advertisers [5]. Digital Advertising Trends - NYT is reducing reliance on traditional advertising, with digital advertising revenues expected to grow by 9.1%, estimated at $68.8 million [6]. Challenges Faced - Print subscription revenues are projected to decline by 6.2% to $127.6 million, and print advertising revenues are expected to fall by 13.4% to $35.2 million [7]. - Increased spending on product development and marketing may impact margins, with adjusted operating costs expected to rise by 5-6% [7]. Earnings Prediction Model - The Zacks model does not predict an earnings beat for NYT, as it holds a Zacks Rank 3 and an Earnings ESP of 0.00% [8].

Core Viewpoint - Paycom Software, Inc. is expected to report first-quarter 2025 results on May 7, with earnings estimated at $2.60 per share, reflecting a slight year-over-year increase of 0.4% [1]. Financial Estimates - The Zacks Consensus Estimate for Paycom's first-quarter revenues is $525.6 million, indicating a year-over-year increase of approximately 5.2% from $499.9 million [2]. - Paycom's recurring revenues are estimated at $500.7 million, representing a 7.5% year-over-year increase, highlighting the effectiveness of its subscription-based model [3]. Growth Drivers - The anticipated growth in Paycom's first-quarter results is attributed to solid recurring revenue growth driven by new client acquisitions and AI-driven product innovations [2]. - The strategic focus on AI-driven automation has expanded Paycom's customer base, enhancing the efficiency and attractiveness of its payroll and HR tools [3]. - Improvements in the Beti and GONE solutions are expected to increase client engagement and retention by providing a seamless employee experience [4]. Challenges - Despite strong product innovation, Paycom's growth may be hindered by headcount reductions among its clients due to a weaker macroeconomic environment, which could affect transaction volumes and demand for payroll services [5]. - Geopolitical tensions and economic uncertainty are likely to cause potential clients to delay or reduce investments in HR software, creating near-term revenue challenges [5]. Earnings Prediction - The current model does not predict a definitive earnings beat for Paycom, as it has an Earnings ESP of 0.00% despite holding a Zacks Rank 1 (Strong Buy) [6].

Core Insights - Gen Digital Inc. (GEN) is set to report its fourth-quarter fiscal 2025 results on May 6, with expected non-GAAP revenues between $990 million and $1,005 million, reflecting a year-over-year growth of 3.2% [1] - The company anticipates non-GAAP earnings per share in the range of 57-59 cents, with a consensus estimate of 58 cents, indicating a year-over-year increase of 9.4% [2] Revenue Expectations - The Consumer Security segment's revenue is estimated at $632.9 million, showing a year-over-year increase of 1.9%, while the Identity and Information Protection division is projected to generate $354 million, reflecting a growth of 4.1% [4] - The increase in average direct paying customers by 400,000 to 40.1 million in the third quarter is expected to positively influence revenue growth [3] Market Dynamics - The demand for cybersecurity products has surged due to a significant rise in global hacking incidents, which has likely benefited Gen Digital's performance [3] - The launch of Norton Small Business Premium, a comprehensive cybersecurity solution, is anticipated to have contributed to sales growth in the upcoming quarter [4] Challenges - The company's performance may be negatively impacted by a decline in IT spending, driven by high interest rates and inflation affecting consumer spending [6] - Enterprises are reportedly deferring substantial IT investments due to a weakening global economy and ongoing macroeconomic and geopolitical challenges [6] Earnings Prediction - Current analysis indicates that Gen Digital does not have a strong likelihood of beating earnings expectations, with an Earnings ESP of -1.16% and a Zacks Rank of 4 (Sell) [7]

Industry Overview - Software has become central to technological innovation, benefiting from increased demand for digital transformation and cloud migration, although weakened consumer spending is impacting the industry [1] - Enterprises are delaying large IT expenditures due to a challenging global economy characterized by inflation, high interest rates, and unfavorable foreign exchange rates, which may negatively affect earnings this season [1] Positive Trends - The rise of software-as-a-service (SaaS), cloud platform migration, and demand for hybrid work solutions are significant tailwinds for companies like Affirm Holdings, Block, BILL Holdings, and Atlassian [2] - Increased adoption of cloud services, IoT, AR/VR devices, and 5G deployment are expected to enhance software stock performance this earnings season [3] - The growing threat of cyberattacks is driving enterprises to invest more in cloud-based security solutions, favoring software-defined models over traditional hardware [4] Business Models and Innovations - A customer-centric approach allows users to perform actions with minimal provider intervention, while pay-as-you-go and subscription models ensure recurring revenues [5] - The proliferation of AI-powered solutions in various sectors is expected to benefit industry players [6] Company-Specific Insights - Affirm Holdings is set to report Q3 fiscal 2025 results with a Zacks Rank 1 and an Earnings ESP of +63.27%, projecting revenues of $783.1 million, a 35.9% year-over-year increase [9][10] - Block is scheduled to report Q1 2025 results with an Earnings ESP of +7.52% and a Zacks Rank 3, estimating revenues of $6.18 billion, reflecting a 3.8% year-over-year improvement [13][14] - BILL Holdings is expected to report Q3 fiscal 2025 results with a Zacks Rank 3 and an Earnings ESP of +0.30%, forecasting revenues of $354.8 million, a 9.8% increase year-over-year [15][16] - Atlassian is set to report Q3 fiscal 2025 results with a Zacks Rank 3 and an Earnings ESP of +0.93%, estimating revenues of $1.35 billion, compared to $1.19 billion in the year-ago quarter [18][19]

5月1日，旧金山。SaaStr Annual 2025 开幕前夕，一场 面向企业AI Agent与B2B领域创业者与投资人 的闭门私享 会即将启幕。 Runa Capital 是一家全球性早期风险投资基金，专注于 B2B软件、深科技、金融科技基础设施 ，投资了 MariaDB （全球领先的开源数据库平台）。 DCM Ventures 是一家跨境布局、管理超40亿美元资产的顶级风险投资机构，专注投资美洲、亚洲和新兴市场的创 新企业。投资了 Bill.com 、 Kuaishou快手 、 Musical.ly（TikTok前身）等 。 Susa Ventures 是一家 硅谷顶尖 Pre-Seed/Seed 阶段投资机构，以高质量深度陪伴创业者著称。压中了 Together AI 、 Robinhood 、 Flexport等 。 Sierra Ventures 是一家成立于1982年的老牌早期基金，专注于 企业软件、数据基础设施与深科技 领域。曾经投资 了 Elastic 、 Intuit等。 嘉宾阵容 在生成式AI和智能体逐步渗透企业 场景的当下， Z Potentials 联合Runa Capital、DC ...