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1 | AI | |||||||||||||||||||||||||||
2 | Salesforce | 1 | Improving profitability is our highest priority, and that really showed up this quarter. | we're more closely scrutinizing every dollar of investment and resource and very focused on driving operational excellence and automation across the business | our transformation to profitable growth | We have an incredible vision for the future of CRM, a fully integrated suite built on our new Genie data cloud and our next-generation platform powered by real-time hyperscale data, AI and automation | you'll see how we're bringing even more innovation to our platform with our new Einstein GPT technology, the world's first generative AI for CRM, a tremendous complement to our data cloud and core Einstein AI platform. | As we have begun working with the rapidly expanding AI ecosystem in our industry, | We're making Salesforce one of the most profitable software companies in the world with one of the highest cash flows and one of the very largest as wel | We also continue to see strong momentum from our vertical solutions, which deepened our customer relationships across industries and geographies while accelerating time to value. In the quarter, 8 of our 13 industry clouds grew above 50% ARR, just unbelievable results there. Verticals are a key driver of our growth strategy, and it's why we've amplified them aggressively in this year's V2MOM. | ||||||||||||||||||
3 | Cloudflare | 1 | we delivered record qter in terms of operatinf profit, operating margin and free cash flow | have assumed the increase in sales cycle which we observed in the second half of last year continues in 2023 and have therefore incorporated close rates below recent historical lows | AI companies, in particular, need to find wherever it's most cost-effective to run their models across multiple different cloud providers. | They are, by their very nature, multi-cloud. But the data egress policies make it prohibitive to move large training sets between the clouds and our Cloudflare Workers. What we're finding with these AI companies is that R2 and other Workers products naturally become the glue at the center of a multi-cloud ecosystem. | ||||||||||||||||||||||
4 | snowflake | 1 | We do anticipate that Snowflake data will be a very, very big driver of large language model in conjunction with many, many other data sources. So, we think that the gravity around data will drive a lot of this action activity to our platform. | the 158% was the exact net revenue retention, just as a reminder, when we went public. And I think there was a little bit of a reacceleration in our business and 2021, 2022, where there's a lot of customers that maybe had spending out of control. Now, that costs are a much bigger focus within almost every company today, I think people are using Snowflake more efficiently. Customers are having very detailed, methodical deployment plans on Snowflake, which is slowing down that growth rate of customers' consumption as they're going through their implementations. | most of our customers continue to grow with us, albeit at a slower pace. And I think that's more of a nature of controlling costs. | I do think you're definitely going to see a slowdown in a lot of the venture-backed companies that may have been growing very quickly. | Well, those customers are definitely still ramping. But what I will say, what is different in literally week 10 of our quarter, we converted 90% of our weighted pipeline into bookings where historically, that's been 140% in Q4, and that's typically because deals are understated, and deals get pulled in. That did not happen this quarter. We also had a number of customers, big customers, who rather than they consumed everything and rather than do a big multiyear deal, literally just bought enough capacity to get them through to the next quarter or two. | we definitely do see a number of our newer customers in the cohort still ramping, but ramping at a slower pace than what historically they have. And I think that is a function of the cost controls that are going on within companies to make sure they are conserving as much money as they can from an expense standpoint. | ||||||||||||||||||||
5 | Gitlab | 1 | The watch points that played out in the fourth quarter were: ● Longer deal cycle times ● Higher contraction of seats ● Lower expansion than historical trends | In this macro environment, it is critical for companies to show the immediate return on software investments. | expand to new use cases and audiences with Artificial Intelligence and Machine Learning. | AI clearly represents a major technological wave. I fundamentally believe that AI will revolutionize DevSecOps platforms. However, AI isn’t a department. It’s not a stand-alone capability. It weaves through every function, every department, and every persona involved in developing, securing, and operating software. We are pursuing AI as a fundamental and integrated part of the DevSecOps platform. | AI is going to dramatically change the way teams work, and the way organizations develop, secure, and operate software | We believe the uncertain macroeconomic environment affected us in two ways. First, we saw that some of our customers experienced changes in their businesses which led to either hiring slowdowns or a reduction in workforces. This impacted expansions, primarily in our Premium tier. It also led to an uptick in customer contractions and churns. Second, we encountered greater deal scrutiny at the end of the calendar year, as companies reevaluated their overall spending plans heading into the new year. We also saw more people involved in approval processes, which led to longer sales cycles. | We continue to be focused on growth while driving improvements in the unit economics of our business. | |||||||||||||||||||
6 | Ui path | 1 | continue to leverage insights gleaned from our customers with a vertical sales motion. | To support our vertical strategy we have introduced Solution Accelerators which serve as templates to guide customers through deployments for common use cases | Our customers also benefit from real-time advances in AI. The role of AI in automation is not new for us. We have made significant investment in AI for years and from inception it has been infused into every part of our platform. | We have always had an open platform and believe that the power of automation is best unlocked when you can work with every application and business system including our ongoing relationship with Open AI. Later this quarter we plan to release a preview of our GPT connector that will allow users of our low code development tools to easily utilize GPT to generate content in automations. There are countless use cases where customers can benefit from software robots that are able to write content and generate responses. Our vision is to arrive at a place where anyone can train and use AI to make their work easier and more productive. | ||||||||||||||||||||||
7 | Datadog | 1 | we observed slower user growth with existing customers, while continuing to scale on new logo acquisition and new product cross-sales | Usage growth of existing customers in Q4 was overall slightly lower than what we observed in Q2 and Q3, which we attribute, first, to a continuation of cloud cost optimization by our larger-spending customers; and second, to a seasonal annual slowdown in the second half of December that was more pronounced than in previous years. As in Q2 and Q3, we continue to see more optimization from customers with a larger cloud footprint, while our smaller-spending customers are exhibiting higher growth. | Next, similar to Q2 and Q3, we saw larger-spending customers grow slower than smaller-spending customers. As with Q2 and Q3, we saw relatively more deceleration in the consumer discretionary vertical, particularly in e-commerce and food delivery. | Billings duration was slightly lower year over year. | When a client is already in their cloud journey and has workloads and is looking to get a platform, create efficiencies, etc., they have increasingly been consolidating on Datadog, and we see continued opportunities for that. | the part of the business we see going slower is the larger customers that are further along in this cloud transformation that have large workloads trying to optimize because that's where they can meaningfully set cost. | We launched new AI capabilities, such as Watchdog Log Anomaly Detection to help customers separate signal from [Inaudible] data, and Watchdog Root Cause Analysis to identify the root cause of issues and quantify their impact in customers. We launched cloud cost management to have customers take control of their infrastructure costs. | |||||||||||||||||||
8 | servicenow | 1 | ServiceNow has natively embedded the complete tool set from AI to RPA to process mining in our platform | The secular tailwinds of digital transformation aren't going anywhere. IDC's research makes a clear that technology budgets are growing. They forecast IT spend will grow 5% in 2023, software spend at 8% and Software-as-a-Service spend at 15%. So as businesses increase spend, the only question then is where will all that investment go? And this answer has everything to do with the great reprioritization. | ||||||||||||||||||||||||
9 | monday.com | 1 | While we are seeing healthy new customer demand, we continue to see competitors significantly reduce their performance marketing efforts. As a result, we have been able to build market share and improve overall customer acquisition efficiency. | our strong growth continues to be led by enterprise customers | With a goal to move away from multiple work management and legacy communication tools, monday.com proved to be the best fit for the company. | amazing, right, like such a huge change in such a short time in AI. And now that we see that like the barrier was lowered so much to create such powerful AI tools. What we naturally do at monday, we open up the platform and allow anyone to build on top of that. So we have already added many layers that enable anyone, including us, to build AI tools on top of monday. We'll soon have an AI Hackathon | ||||||||||||||||||||||
10 | shopify | Below are some highlights from the year across key themes that drive our solutions for merchants – attracting and retaining customers through more and more channels, going global, and going from first sale to full scale. | Gross margin was 49.2% compared to 53.8% in 2021, reflecting a greater mix of lower margin Shopify Payments and Deliverr revenue. | Operating loss for 2022 was $822.3 million, or 15% of revenue, versus income of $268.6 million, or 6% of revenue, for 2021. | Point-of-Sale Go, our first-in-class mobile hardware device, takes the merchant and customer experience to the next level by offering buyers of super smooth and quick checkout. Point-of-Sale Go, which launched in September, is an all-in-one fully integrated point-of-sale system, barcode scanner and card reader that accepts tap chip and swipe payments. | As the highest converting checkout on the Internet, we want more businesses to benefit by offering Shop Pay to their customers, which is why we've integrated Shop Pay on social services in Facebook, Instagram, and YouTube. | To kick off the year, we made a major announcement that we were launching our enterprise retail solution, Commerce Components by Shopify or CCS. Commerce Components is a modern composable stack where retailers can choose the Shopify components they want, integrate with their existing systems, and create incredible customer experiences. | extending our reach into the enterprise will be a key investment focus in 2023. | the team plans to broaden our logistics offering, optimize our network performance and deliver an enhanced fulfillment experience for merchants. | Our growth in the quarter was primarily due to the increase in GMV, a higher penetration of Shopify Payments, and the contribution from Deliverr | Gross margin for Q4 2022 was also impacted by greater revenue contribution from lower-margin Shopify Payments as well as pressure within Shopify Payments due to Plus and a shift to greater credit card usage versus debit cards. | We also have several other key initiatives already in process in order to help us manage operating expenses, including greater focus on our cloud infrastructure spend, heightened scrutiny of the performance of our marketing programs and their associated payback periods and, in general, an increased emphasis on better leveraging technology internally to automate previously manual processes, and thereby improve the speed, accuracy and efficiency of delivering great products and solutions for our merchants. | ||||||||||||||||
11 | Toast | In addition to momentum with SMB restaurants, we continue to gain traction upmarket with larger customers as we invest in our platform. | As of the end of Q4, 41% of our customers attached 6 or more SaaS modules. That percentage has more than doubled in just two years thanks to our continued platform expansion, improving packaging designed to enable our sales team to efficiently attach more products at booking and the growing momentum of our multichannel upsell strategy. | Customers that use our partner integrations have over 30% higher total ARPU and a lower churn rate than customers not using API integrations, evidence of the value our partner ecosystem adds for customers and how it enhances our platform. | As a reminder, we anticipated the decline since 2021 benefited from GPV recovery and higher margin debit and credit non-present volume during COVID, which stabilized in 2022. Our SaaS NRR increased five points to 128%, driven by our momentum and upsell, continued location expansion from existing customers and low churn. | Now looking beyond 2023, we're confident that our integrated software and payments model will continue to scale efficiently, as total subscription plus fintech gross profit in our core business compounds over time, we expect to show meaningful operating leverage. | Longer term, we expect hardware and services margin to improve as we see the full benefit from shift to lower-cost shipping and further supply chain optimization plus increased efficiency in onboarding new customers. | |||||||||||||||||||||
12 | Jfrog | 1 | the end-to-end JFrog platform scope. The growing adoption of our complete platform by new and existing customers showcases the broad need for scalable end-to-end fully integrated hybrid solutions. | Security budgets remain one of the most defensible areas of technology spend, as enterprises prioritize investing in end-to-end solutions to secure their growing digital attack surface. | Cloud, multi-cloud, and hybrid infrastructures continues to be the desired end state of many companies. Our enterprise customers tell us that cloud migrations are often a multi-year effort and that the hybrid capabilities of JFrog allow them to move over time at their own pace with limited disruption to the business. As such, we've been pleased throughout the year to see growth in the cloud business across all subscription types. | the macroeconomic headwinds, such as elongated sales cycles and customer pushouts increased significantly in the fourth quarter, impacting the overall growth of our business. | December, we witnessed a further slowdown in deal closing and increase customers' optimization efforts in cloud usage. | his is evident in the number of deals that pushed from Q4 into 2023 and that now require C-level budget sign-offs. | In the fourth quarter, our cloud usage was impacted by higher than expected transition of our pay-as-you-go customers to minimum annual commitments. The transition to annual commitment is beneficial to our business, it reduces volatility, and provide more visibility over the long-term. However, in the short-term, it negatively impacted our revenue growth in the quarter due to volume discounts based on commitment size. | Our outlook does not anticipate any increase in customer churn, as we have not seen a loss of business. We have seen an elongation of customers' migration process to the cloud, which will impact our net retention levels in the short-term. | when you automate AI is required the automation and artificial intelligence is required in order to do a better management of binaries, a better management of binaries, distribution, and a better management of binary security. | Some of these capabilities are already included in how we build our next generation distribution, next Generation security. Some of the capabilities that we released in JFrog Advanced Security are replacing point solution legacy security solution with tools that are far more automated | The power that we have with Artifactory is that it's easy to automate binaries. And it's almost -- I don't want to say impossible, but challenging to automate source code binaries are machine language. So I think that you will see more and more AI embedded into JFrog security and to your question, it will go perfectly with AI embedded into source code management. | |||||||||||||||
13 | aws | 1 | As we look ahead, we expect these optimization efforts will continue to be a headwind to AWS growth in at least the next couple of quarters. | our new customer pipeline remains healthy and robust, and there are many customers continuing to put plans in place to migrate to the cloud and commit to AWS over the long term. | ||||||||||||||||||||||||
14 | microsoft | 1 | https://www.microsoft.com/en-us/investor/earnings/fy-2023-q2/press-release-webcast | |||||||||||||||||||||||||
15 | GCP | 1 | https://abc.xyz/investor/static/pdf/2022_Q4_Earnings_Transcript.pdf?cache=c632791 | |||||||||||||||||||||||||
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