⁠Wall St Engine
$DBX | Dropbox Q1'25 Earnings Highlights

🔹 Revenue: $624.7M (Est. $620.1M) 🟢; DOWN -1.0% YoY
🔹 Adj. EPS: $0.70 (Est. $0.63) 🟢; UP +21% YoY
🔹 Adj. Net Income: $207.1M (Est. $187.1M) 🟢
🔹 ARR: $2.552B; DOWN -0.2% YoY
🔹 Paying Users: 18.16M (Flat YoY)
🔹 ARPU: $139.26 (vs. $139.59 YoY)

Other Metrics:
🔹 GAAP Operating Margin: 29.4% (vs. 22.7% YoY)
🔹 Adj. Operating Margin: 41.7% (vs. 36.5% YoY)
🔹 Gross Margin: 81.3% (vs. 83.2% YoY)
🔹 Free Cash Flow: $153.7M; DOWN -8% YoY

CEO Drew Houston's Commentary
🔸 "We’ve had a productive start to the year improving the Dash user experience and launching features to solve key customer pain points."
🔸 "Despite a fluid macro backdrop, we’re focused on execution, efficiency, and capitalizing on Dash to create long-term value."
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⁠Wall St Engine
$AFRM | Affirm Q3'25 Earnings Highlights

🔹 Revenue: $783.1M (Est. $781.7M) 🟢; UP +36% YoY
🔹 EPS: $0.01 (Est. -$0.01) 🟢
🔹 Adj. Oper Income: $173.7M; UP +$95M YoY
🔹 Adj. Oper Margin: 22.2%; UP +860 bps YoY
🔹 RLTC: $352.6M; UP +53% YoY
🔹 GMV: $8.6B; UP +36% YoY

Guidance
🔹 FY25 Revenue: $3.163B–$3.193B (Est. $3.177B) 🟡
🔹 FY25 GMV: $35.7B–$36.0B
🔹 Q4 Revenue: $815M–$845M (Est. $841.6M) 🟡
🔹 Q4 GMV: $9.4B–$9.7B
🔹 Q4 Adj. Operating Margin: 23%–25%

Q1 Segment & Operational Metrics
🔹 Affirm Card GMV: $807M; UP +115% YoY
🔹 Direct-to-Consumer GMV: $2.4B; UP +50% YoY
🔹 Monthly 0% APR GMV: +44% YoY (13% of GMV, highest in 2 years)
🔹 Total Transactions: 31.3M; UP +46% YoY
🔹 Active Consumers: 21.9M; UP +23% YoY
🔹 Cardholders: 1.9M+; more than doubled YoY
🔹 Active Merchants: 358K; UP +23% YoY
🔹 Repeat Usage Rate: 94%

Credit & Capital Metrics
🔹 Avg. Funding Cost: 7.1%; DOWN -50 bps YoY
🔹 Loans Sold: UP +72% YoY
🔹 30+ Day Delinquency Rate: 2.4%; DOWN -5 bps QoQ
🔹 Capital Liquidity: $2.1B (cash + securities)
🔹 Funding Capacity: $23.3B (supports >$50B in annual GMV)
🔹 Equity Capital Required Ratio: 4.6%

Strategic & Product Updates
🔸 Extended Shopify partnership through June 2028 (Canada beta live, UK next)
🔸 Signed new deals with Adyen, JPMorgan Payments, and Costco
🔸 Announced 10-year UATP partnership for scaling travel offerings
🔸 Launched AI-driven real-time merchant dispute adjudication
🔸 Dollar-based net expansion: >115%; Merchant renewal rate: >97%

Management Commentary
🔸 Affirm outpacing peers in GMV growth and RLTC efficiency
🔸 Rapid growth in merchant-funded 0% APR adoption
🔸 Affirm Card in-store GMV up over 150% YoY
🔸 Confident in macro resilience via flexible credit and AI-based risk models
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⁠Wall St Engine
$DKNG | DraftKings Q1'25 Earnings Highlights

🔹 Revenue: $1.41B (Est. $1.44B) 🔴; UP +20% YoY
🔹 Adj. EPS: $0.12 (Est. $0.22) 🔴
🔹 MUPs: 4.3M; UP +28% YoY
🔹 Avg. Revenue per MUP: $108; -5% YoY

FY25 Guide (Lowered)
🔹 Revenue: $6.20B–$6.40B (Prior: $6.30B–$6.60B) 🔴; vs. Est. $7.61B
🔹 Adj. EBITDA: $800M–$900M (Prior: $900M–$1.0B)

Product & Geographic Highlights
🔹 Live with mobile sports betting in 25 U.S. states + D.C. (~49% of U.S. population)
🔹 iGaming live in 5 states (~11% of U.S. population)
🔹 Active in Ontario, Canada (~40% of Canadian population)
🔹 Missouri legalization passed; launch pending regulatory approval

Management Commentary
🔸 CEO Jason Robins: “If not for customer-friendly outcomes in March, we would be raising guidance. Product enhancements are driving outperformance and strong customer engagement.”
🔸 CFO Alan Ellingson: “Healthy balance sheet supported share repurchases in Q1.”
🔹 Share Repurchase: 3.7M shares in Q1 under existing buyback program
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⁠Investing visuals
$NET Q1 Earnings 🚨

• Revenue $479 Mln vs Est. $469 Mln (2% beat)
• EPS $0.16 vs Est. $0.16 (in line)

Shares are up 4% after hour https://t.co/yYqcC2itet
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⁠Wall St Engine
$COIN | Coinbase Q1'5 Earnings Highlights

🔹 Revenue: $2.03B (Est. $2.2B) 🔴
🔹 Adj. EPS: $0.24 (Est. $2.09) 🔴
🔹 Transaction Revenue: $1.26B (Est. $1.33B) 🔴
🔹 Subscription & Services Revenue: $698M (Est. $702.5M) 🔴; UP +37% YoY, +9% QoQ
🔹 Trading Volume: $393B (Est. $392.7B) 🟢

Q2 '25 Guidance
🔹 Subscription & Services Revenue: $600M–$680M
🔹 Tech + G&A Expenses: $700M–$750M
🔹 Sales & Marketing Expenses: $215M–$315M
🔹 April Transaction Revenue: ~$240M

Other Key Metrics:
🔹 Adj. EBITDA: $930M
🔹 Net Income: $66M
🔹 Adjusted Net Income: $527M
🔹 Gross USDC Balances in Coinbase Products: $12.3B; UP +49% QoQ
🔹 Derivatives Volume: $804B; Market share up significantly
🔹 Assets Under Custody: $212B; UP +$25B QoQ

Strategic & Product Updates
🔸 Acquiring Deribit for $2.9B (cash + stock) to become leading crypto options exchange
🔸 U.S. Executive Order establishes Strategic Bitcoin Reserve — seen as validation of Bitcoin as a sovereign financial asset
🔸 SEC lawsuit dismissed with prejudice — major legal win for Coinbase
🔸 Registered as VASP in Argentina and India; expanded global regulatory footprint
🔸 Launched Bitcoin-backed USDC loans; over $160M issued
🔸 Coinbase One Premium and Verified Pools scaling across retail and institutional clients
🔸 Base L2 network achieved $4B in stablecoin balances; launched Flashblocks for sub-second transaction speed
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⁠Wall St Engine
$NET | Cloudflare Q1'25 Earnings Highlights

🔹 Revenue: $479.1M (Est. $469.65M) 🟢; +27% YoY
🔹 Adj. EPS: $0.16 (Est. $0.16) 🟡

Guidance
🔹 FY25 Revenue: $2.09B–$2.094B (Est. $2.09B) 🟡
🔹 FY25 EPS: $0.79–$0.80 (Est. $0.82) 🔴
🔹 Q2 Revenue: $500M–$501M (Est. $500.9M) 🟡
🔹 Q2 EPS: $0.18 (Est. $0.19) 🔴

Other Metrics:
🔹 Adj. Operating Income: $56M
🔹 Adj. Gross Profit: $369.3M (77.1% margin)
🔹 Free Cash Flow: $52.9M; UP +49% YoY
🔹 Operating Cash Flow: $145.8M; UP +98% YoY
🔹 Cash & Short-term Investments: $1.91B

Strategic Highlights
🔸 Landed largest contract in company history ($100M+), driven by Workers platform
🔸 Signed longest-term SASE deal to date
🔸 Achieved highest YoY net new ACV growth in 3 years

CEO Matthew Prince Commentary
🔸 “We kicked off 2025 with confidence, momentum, and strong results.”
🔸 “Innovation wins—from networking, to security, to AI, Cloudflare is the envy of the industry.”
🔸 “Deal size, length, and caliber of customers show Cloudflare’s growing strategic value.”
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⁠Wall St Engine
TRUMP TRADE ADVISER NAVARRO:

THE US IS NOT GETTING RID OF ALL TARIFFS ON STEEL AND ALUMINIUM; THERE’LL BE OTHER DEALS QUICKLY WHETHER UK, AUSTRALIA
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⁠Wall St Engine
US COMMERCE SEC. LUTNICK:

IN FAVOR OF RAISING TAX RATE ON HIGH EARNERS; WANT 50% OF CHIPS DOMESTIC; US WILL HAVE DOZENS OF TRADE DEALS IN COMING WEEKS; GOING TO ROLL OUT DEALS OVER NEXT MONTH
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⁠Wall St Engine
$TMDX | TransMedics Q1'25 Earnings Highlights

🔹 Revenue: $143.5M (Est. $123.66M) 🟢; +48% YoY
🔹 Adj. EPS: $0.70 (Est. $0.26) 🟢
🔹 Aircraft Fleet: 21 owned as of March 31, 2025

FY25 Guidance (Raised)
🔹 Revenue: $565M–$585M (Est. $540.5M) 🟢
🔹 Midpoint represents +30% YoY growth

Other Metrics:
🔹 Net Income: $25.7M (18% of revenue);
🔹 Gross Margin: 61% (vs. 62% YoY; 59% QoQ)
🔹 Operating Expenses: $60.8M (vs. $47.5M YoY)
🔹 Stock-based Compensation Expense: $8.7M (vs. $6.5M YoY)
🔹 Cash Balance: $310.1M

Strategic & Clinical Highlights
🔸 Strength driven by expanded OCS use (especially Liver & Heart) under National OCS Program (NOP)
🔸 Announced design center and disposables manufacturing facility in Mirandola, Italy
🔸 Hosted 10 scientific abstracts at ISHLT showcasing OCS/NOP clinical value
🔸 Logistics services contributed to revenue upside

CEO Dr. Waleed Hassanein Commentary
🔸 “Q1 performance underscores our strong execution and the unique attributes of our business.”
🔸 “With the strength of OCS NOP, we’re confident in our ability to sustain this momentum through 2025 and beyond.”
🔸 “We remain focused on enabling broader organ utilization and cost-efficient transplant outcomes.”
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⁠Wall St Engine
$HUBS | HubSpot Q1'25 Earnings Highlights

🔹 Revenue: $714.1M (Est. $699.88M) 🟢; UP +16% YoY
🔹 Adj. EPS: $1.78 (Est. $1.77) 🟢
🔹 Avg. Subscription Revenue per Customer: $11,038; DOWN -4% YoY

Guidance
🔹 Q2 Revenue: $738M–$740M (Est. $725.4M) 🟢
🔹 Q2 EPS: $2.10–$2.12 (Est. $2.13) 🔴
🔹 FY25 Revenue: $3.036B–$3.044B (Est. $2.997B) 🟢
🔹 FY25 EPS: $9.29–$9.37 (Est. $9.18) 🟢

Other Key Metrics:
🔹 Subscription Revenue: $698.7M; UP +16% YoY
🔹 Prof. Services & Other Revenue: $15.4M; UP +13% YoY
🔹 Adj. Operating Income: $100.3M
🔹 Adj. Operating Margin: 14.0%
🔹 Free Cash Flow: $122.3M; UP +18% YoY
🔹 Operating Cash Flow: $161.6M
🔹 Calculated Billings: $766.8M; UP +20% YoY
🔹 Customer Count: 258,258; UP +19% YoY
🔹 Cash + Investments: $2.2B

Strategic & Business Highlights
🔸 Authorized $500M share repurchase program (12-month window)
🔸 AI-first strategy driving engagement — Customer Agent cited as standout success
🔸 Positioning as platform of choice amid tech stack consolidation trends

CEO Yamini Rangan Commentary
🔸 “We had a solid start to 2025, with continued revenue growth and customer expansion.”
🔸 “Our AI-first strategy is working—Customer Agent is delivering strong results.”
🔸 “HubSpot is well-positioned to drive long-term durable growth through innovation and platform consolidation.”
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⁠Wall St Engine
President Trump is calling for a 30-day ceasefire between Russia and Ukraine, warning that either side could face sanctions if they break the truce. https://t.co/79UqwIqGlT
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⁠Wall St Engine
PINTEREST $PINS CEO says Gen Z is now their largest & fastest-growing user group, & top-tier performance marketers are putting 5–10% of ad spend into Pinterest, drawn by strong lower-funnel tools. He adds they’re tapping into “always-on” budgets, which are bigger & more durable.
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⁠Wall St Engine
US VP VANCE SAYS INDIA VS PAKISTAN CONFLICT 'FUNDAMENTALLY NONE OF OUR BUSINESS'
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⁠Wall St Engine
Adobe $ADBE will offer U.S. government agencies a 70% discount on software packages—including Acrobat—through November, following a DOGE-led review of tech spending. https://t.co/NZPrzD8rjL
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⁠Capital Employed
Another fresh batch of Q1 2025 fund letters just added.

89 added now in total.

The majority of funds are in negative territory this year to date.

https://t.co/lJZP1lUdTx https://t.co/NNg5Ufn6TA
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