Thomas Reiner
@treiner5
Partner at Altimeter Capital, curious on all things software, gaming, travel and leisure. Views are my own, no investment advice. Amateur astronomer
1/ Decoding the Restaurant Tech Stack Modern restaurants run on a complex technology stack that powers everything from the cash register to the kitchen and from employee scheduling to bookkeeping. Throughout the 2010s most restaurants either cobbled together point-solutions or…
Question: Is software cheap? Answer: Depends on the growth cohort Overall Software appears "cheap" At a high level, software appears to be trading at 2-turn lower EV/Revenue multiple (on consensus) vs the pre-covid average. The 10yr/RFR is significantly higher so maybe this is…
Looking at $LYFT discounting for rides and as a % of avg fare in San Francisco things are mildly better vs Jan but still way higher. @Lyft is discounting more in SF than they are in any other city in the US.
And Waymo pricing (vs average in market for Lyft Standard and UberX) continues to show premium $$ everywhere except LA. $LYFT definitely discounting and cheaper everywhere except LA. Generally: $UBER: priced at average market level $LYFT: -8% discount to average market fare…
And Waymo pricing (vs average in market for Lyft Standard and UberX) continues to show premium $$ everywhere except LA. $LYFT definitely discounting and cheaper everywhere except LA. Generally: $UBER: priced at average market level $LYFT: -8% discount to average market fare…
Waymo launch in Atlanta is early but tracking similar to LA through June, and Austin continues to ramp faster than other markets with $UBER support. Los Angeles and San Francisco impacted by service halts due to riots so a bit messy this month.
Waymo launch in Atlanta is early but tracking similar to LA through June, and Austin continues to ramp faster than other markets with $UBER support. Los Angeles and San Francisco impacted by service halts due to riots so a bit messy this month.
With $TSLA robotaxi due to launch on Jun 22nd in limited scale, invitation only, and tele-ops taking most of people's mindshare, I figured it's worth doing a quick review of @Waymo and where things stand before things get messier. Impact in San Francisco The most recent Yipit…
One other company to call out is that Zillow allows all employees including Execs to choose the ratio of stock options to RSUs that they receive. For every $1 of RSU they can choose $3 of stock options. For $ZG exec comp in 2024 here's the breakdown of how each NEO chose to…
With Q1 reporting season behind us I wanted to first do a deep dive on what I’ll call the #Netflix method of cash vs option or RSU compensation for employees. Compensation Conundrum: Hyper Inflation I first wanted to frame the conversation with a chart showing the inflation of…
A few more related charts on dilution: Software SBC Adjusted Rule of 40 I've posted this before but there's a hell of a lot of software management teams bragging about achieving Rule of 40. But when you bake in SBC as a real expense the number of companies >40% drops from 23 to…
Full Details: platformaeronaut.com/p/cash-vs-equi…