March Madness: PagerDuty Earnings, Just Eat Takeaway Ready For Pick Up, and GoPro or Go Home

The Razor’s Edge

This week’s the Razor’s Edge takes a March Madness theme, as we break down a bracket of ideas.

We start off with PagerDuty, breaking down their very solid Q4 report and FY 2022 guidance, as well as the swagger management had on the call. Then we each pitch a new idea. Daniel talks up the favorable economics of Just Eat Takeaway (in the process of buying out GrubHub), and Akram pitches GoPro as a growing subscription business positioned perfectly for a reopening tailwind. We quiz each other on the theses and try to boil down what truly matters for each pitch.

Topics Covered

• 3:00 minute mark – PagerDuty Earnings review – confidence, use case expansion, bundling, valuation, the point product vs. platform elements, and when is it worth talking to management

Just Eat Takeaway Ready For Pick Up

• 20:00 – The basic bull argument
• 27:00 - The value proposition for customers and thinking through customer behavior
• 36:00 – The founder-led angle
• 46:00 – Working through the competition
• 51:00 – Distinction in our investing styles

GoPro or Go Home

• 54:30 – The GoPro case
• 1:03:45 – Subscription economics for GPRO
• 1:09:00 - How big of a post-COVID play is this and what about this over-extrapolating?
• 1:15:00 -The Gamestonk context and why it helps or hurts the case
• 1:17:30 – Time horizon for the GoPro trade

Some related items to read:

• Not Boring on the beginning of the end.
• Marc Barros on GoPro vs. Contour
• Daniel's Just Eat Takeaway pitch
• Akram's GoPro pitch