Country: US

Q3 2021

• CPNG Q3 2021 Revenue Grew 48% This Quarter — So Why Did the Paying Customer Base Shrink?Nov 08
• HOOD Q3 2021 Did Robinhood's Growth Story Peak the Quarter It Went Public?Nov 04

Q2 2021

• SE Q2 2021 Adjusted EBITDA Turned Negative Again. Here's the One Number That Explains WhyAug 30
• MELI Q2 2021 Why Did Operating Cash Flow Go Negative While Revenue Nearly Doubled?Aug 27
• HOOD Q2 2021 The Dogecoin Quarter, and the $87 Million Regulatory Tab Coming DueAug 20
• DASH Q2 2021 Why Is DoorDash Suddenly Losing More Money Than It Did a Year Ago?Aug 19
• CPNG Q2 2021 A $296 Million Fire Explains Half This Quarter's Loss — What Explains the Rest?Aug 12

Q1 2021

• SE Q1 2021 Four Straight Profitable Quarters, and This Time No Stock Sale Paid for ItMay 25
• DASH Q1 2021 Is DoorDash Now Paying for the Ballot Measure It Won?May 21
• MELI Q1 2021 Stockholders' Equity Just Went Negative - Should That Actually Worry You?May 20
• CPNG Q1 2021 Public for Six Weeks, and Already Flagging That Its Own Controls Don't WorkMay 13
• BABA Q1 2021 Revenue Grew 41%, the Fastest in Three Years, But Operating Income Actually FellMay 08

Q4 2020

• SOFI Q4 2020 A $6.57 Billion Price Tag, Set Before a Single Share Ever TradedMar 17
• MELI Q4 2020 Revenue Nearly Doubled in 2020 - So Why Did the Company Barely Break Even?Mar 10
• DASH Q4 2020 A Record IPO Year, Funded in Part by a Ballot Measure It Quietly BankrolledMar 05
• SE Q4 2020 Group Adjusted EBITDA Went Positive for the Full Year. So Did Two Multi-Quarter MysteriesMar 02

Q3 2020

• SOFI Q3 2020 Before There Was a Merger Target, There Was Already a 20% PromoteNov 20
• SE Q3 2020 Group Adjusted EBITDA Hit $120 Million. So Did the Adjusted-Revenue Metric That Used to Track ItNov 17
• MELI Q3 2020 Revenue Doubled in the Pandemic - So Why Are Internal Controls Still Broken?Nov 16

Q2 2020

• MELI Q2 2020 Every Segment Got More Profitable During Lockdown - Even Mexico, for the First Time EverAug 24
• SE Q2 2020 Sea Turned Adjusted EBITDA Positive for the First Time. The Stock Got There FirstAug 18

Q1 2020

• MELI Q1 2020 Revenue Grew 37.6% in the First COVID Quarter - So Why Did Operating Cash Flow Go Negative?May 20
• SE Q1 2020 Sea's Losses Shrank During a Pandemic. Was That the Business or the Lockdowns?May 18
• BABA Q1 2020 Net Income Grew 70%, But Two One-Time Gains Are Bigger Than the Entire IncreaseMay 08

Q4 2019

• PDD Q4 2019 GMV Crossed ¥1 Trillion in 2019 — So Why Did It Just Fund Its Own Executives to Buy a Payment Company?Apr 22
• SE Q4 2019 The Question That's Chased Sea for Three Quarters Just Got an AnswerFeb 27
• MELI Q4 2019 Losses Widened Nearly 5x in 2019 - Was the Spending Actually Worth It?Feb 24

Q3 2019

• SE Q3 2019 Sea's Path to Breakeven Got Longer. Its Payments Business Is Why.Nov 15
• MELI Q3 2019 A $146 Million Net Loss Just Landed - Is the Investment Cycle Working or Spiraling?Nov 15

Q2 2019

• MELI Q2 2019 Investors Just Got Told It's Spending the $2 Billion - Should That Worry You?Aug 20
• SE Q2 2019 Sea's Adjusted EBITDA Loss Shrank to $11 Million. Its Net Loss Still Grew.Aug 20
• LYFT Q2 2019 The IPO Charge Was One-Time. The New $300M-a-Quarter Bill Isn't.Aug 19
• UBER Q2 2019 A Record $5.2 Billion Quarterly Loss - And the Core Business Actually Got Healthier. How?Aug 16

Q1 2019

• UBER Q1 2019 Was the Core Business Actually Losing Money Right Before the IPO?Jun 04
• SE Q1 2019 Sea's Net Loss Tripled Because Its Stock Price RoseMay 22
• MELI Q1 2019 It Raised $2 Billion From PayPal and Wall Street - What Is It Actually Buying?May 17
• LYFT Q1 2019 A Billion-Dollar Debut Loss That's Mostly a Bill for Going PublicMay 17
• BABA Q1 2019 Operating Income Fell 18% the Same Year Net Income Grew 37%May 10

Q4 2018

• MELI Q4 2018 The First Full-Year Loss Since 2007 - What the Footnotes Say About WhyFeb 28
• SE Q4 2018 Its Equity Just Went Negative. Nobody Mentioned It.Feb 27
• PDD Q4 2018 The $866 Million Founder Payout Hiding Inside a 652% Revenue SurgeFeb 11

Q3 2018

• SE Q3 2018 Sea's Net Loss Finally Shrank. Its Equity Almost Disappeared.Nov 21
• MELI Q3 2018 It Raised Nearly $1 Billion in Debt - While Still Posting a Net LossNov 02

Q2 2018

• SE Q2 2018 Sea's Payments Volume Grew 608%. Then Sea Retired the Metric Measuring It.Aug 21
• MELI Q2 2018 It Just Booked Its First Net Loss in Years - Was It Worth It?Aug 09
• BABA Alibaba Just Bought Out Every Partner It Used to Only Have a Contract WithMay 11

Q1 2018

• MELI Q1 2018 It Spent $112 Million on Free Shipping in One Quarter - and Flipped Straight to a LossJun 14
• SE Q1 2018 Sea Raised Its 2018 Guidance — So Why Did Its Losses Triple?May 15
• BABA Q1 2018 Net Income Grew 47%, But a New Non-Cash Gain Arrived the Same Year an Old One ReversedMay 11

Q4 2017

• MELI Q4 2017 One Month of Venezuela Just Erased 90% of a Full Year's ProfitMar 20
• SE Q4 2017 Why Did Sea's Loss Triple the Same Quarter It Went Public?Feb 27

Q3 2017

• MELI Q3 2017 Revenue Is Up 61%, So Why Did Operating Margin Fall by Two-Thirds?Nov 24
• SE Q3 2017 73% Growth on the Cover, 4% in the GAAP LineNov 22

Q2 2017

• MELI Q2 2017 Mexico's Direct Contribution Just Went to Negative 112% - Is This a Segment or a Sinkhole?Aug 18

Q1 2017

• MELI Q1 2017 Free Cash Flow Went From Negative $26 Million to Positive $94 Million in a Single Year - What Changed?May 19
• BABA Q1 2017 Net Income Fell 39% the Year Revenue Grew 56%May 10

Q4 2016

• MELI Q4 2016 The Stock Is Already Above Its Own Anti-Dilution Ceiling - Does the Full-Year Number Justify It?Mar 08

Q3 2016

• MELI Q3 2016 The Stock Doubled From January's Low - Does the Bull Case Still Clear It?Nov 20

Q2 2016

• MELI Q2 2016 A Third Venezuela Impairment Landed - and Free Cash Flow Recovered AnywayAug 19

Q1 2016

• MELI Q1 2016 Why Did Free Cash Flow Just Go Negative for the First Time?May 16
• XYZ Q1 2016 Did the Loss Really Double, or Is $50 Million of Litigation Hiding the Real Story?May 10
• BABA Q1 2016 Two Accounting Gains Explain 92% of the Profit Growth, and a Second SEC Inquiry OpensMay 09

Q4 2015

• MELI Q4 2015 Every Segment's Margin Fell This Year - Mexico's Collapsed by 13.7 PointsMar 15
• XYZ Q4 2015 The Marquee Customer Relationship That Never Turned a ProfitMar 10

Q3 2015

• MELI Q3 2015 Profit Grew 35% This Quarter - A One-Time Tax Gain Did Almost All of ItNov 20

Q2 2015

• MELI Q2 2015 The Venezuela Drama Finally Stopped - So Why Did Real Profit Just Fall 39%?Aug 20

Q1 2015

• MELI Q1 2015 Net Income Fell 94% This Quarter - the Venezuela Bill Finally Came DueMay 18
• BABA Q1 2015 Seven Shareholder Lawsuits and an SEC Inquiry, Six Months After the IPOMay 06

Q4 2014

• MELI Q4 2014 Local-Currency Revenue Grew 81% for the Year - Net Income Still Fell 38%Mar 18

Q3 2014

• MELI Q3 2014 The Loss Is Gone and Profits Are Back - But the Currency Gap Just Hit a Record 69 PointsNov 14

Q2 2014

• MELI Q2 2014 First-Ever Quarterly Loss Just Landed - Is the Business Actually Broken?Aug 19

Q1 2014

• MELI Q1 2014 Local Currency Says the Business Grew 50% - The Dollar Says It Grew 12%. Which One Is Real?May 20

Q4 2013

• MELI Q4 2013 Margins Recovered for the First Time All Year - So Why Did Free Cash Flow Collapse 77%?Feb 28

Q3 2013

• MELI Q3 2013 The Corporate-Cost Problem Got Worse, Not Better, and the Stock Rallied 25% AnywayNov 07

Q2 2013

• MELI Q2 2013 The Corporate-Cost Discipline This Coverage Tracked for a Year Just Reversed in a Single QuarterAug 06

Q1 2013

• MELI Q1 2013 The Estimated Venezuela Hit Was $5.7 Million - The Actual One Came In 12% Worse, and Took Net Income Down With ItMay 07

Q4 2012

• MELI Q4 2012 Every Warning Sign From Q3 Reversed by Year-End - Then Venezuela Devalued the Bolivar 46% Two Months LaterFeb 27

Q3 2012

• MELI Q3 2012 Every Improvement From Last Quarter Reversed at Once - And Net Income Fell for the First Time in This CoverageNov 05

Q2 2012

• MELI Q2 2012 The Corporate-Cost Pool Finally Grew Slower Than Revenue - And the Stock Fell 22% AnywayAug 03

Q1 2012

• MELI Q1 2012 The Corporate-Cost Problem This Coverage Tracked All Last Year Just Faded - So Why Did Operating Margin Fall Anyway?May 08

Q4 2011

• MELI Q4 2011 Every Segment Got a Better Margin in 2011 - So Why Did Full-Year Operating Margin Fall Anyway?Feb 28

Q3 2011

• MELI Q3 2011 Brazil's Margin Relapse Fully Reversed - So Why Did Unallocated Costs Grow Even Faster?Nov 04

Q2 2011

• MELI Q2 2011 Brazil's Margin Just Undid the Recovery Story Told Last QuarterAug 08

Q1 2011

• MELI Q1 2011 The Segments Recovered From Free Payments - So Why Did Operating Margin Fall Again?May 24

Q4 2010

• MELI Q4 2010 It Declared Its First-Ever Dividend the Same Quarter Its Own Bull Case Still Couldn't Clear the Stock PriceFeb 25

Q3 2010

• MELI Q3 2010 It Just Made Payments Free in Its Two Biggest Markets — And Every Segment Margin Absorbed the BillNov 20

Q2 2010

• MELI Q2 2010 The Business That Was Supposed to Fix the Take-Rate Problem Just Got Less Profitable TooAug 23

Q1 2010

• MELI Q1 2010 The One Number That Always Rose in This Coverage Just FellMay 24

Q4 2009

• MELI Q4 2009 The First Real DCF This Coverage Could Ever Run Says the Rally's Gone Too FarFeb 26

Q3 2009

• MELI Q3 2009 The Currency Gap Finally Narrowed, But the Stock Priced In Even More Than ThatNov 06

Q2 2009

• MELI Q2 2009 The Margins Finally Snapped Back, Right As a Brazilian Judge Ruled Against the Safe-Harbor DefenseAug 07

Q1 2009

• MELI Q1 2009 The Currency Wiped Out Two-Thirds of Real Growth This QuarterMay 11

Q4 2008

• MELI Q4 2008 Did the 2008 Crash Finally Show Up in the Numbers?Feb 27

Q3 2008

• MELI Q3 2008 The Quarter Every Metric Improved, and the Stock Fell 41% AnywayNov 12

Q2 2008

• MELI Q2 2008 The Cash Flow Reversal Reversed Again, and This Time Margin Went With ItAug 13

Q1 2008

• MELI Q1 2008 The Rally Reversed Itself, But the Cash Flow Problem Didn't Come Back With ItMay 15

Q4 2007

• MELI Q4 2007 The Stock Rallied 104% in One Quarter, But Free Cash Flow Barely MovedMar 31

Q3 2007

• MELI Q3 2007 A 44% Stock Swing Inside Its First Ten Weeks of Trading, and a 74x Jump in Net IncomeNov 14

Q2 2007

• MELI Q2 2007 An IPO Where Insiders Sold Five Times More Stock Than the Company ItselfOct 10