While covid caused a temporary deviation from the projected path, the model's fundamental insights about Chewy's customer dynamics, economics, and valuation held true. Read more...
These customer cohorts then stack on top of each other and are the sources of revenue in any given period. New sales & marketing expenditures are thus an investment in new customers that will generate revenue in the future. Read more...
Customer cohort charts are becoming more popular. One of the latest is from BackBlaze, a cloud storage company for individuals and enterprises that has 480k customers and generated $53.8M in revenue last year. The company recently filed its S-1 in advance of its upcoming IPO with some interesting customer disclosure. Read more...
Unity Software Inc. recently filed its S-1 in advance of going public. Unity is the maker of a real-time 3D game engine that powers many 3D games and other content across numerous sectors. In this post, I focus on an under-discussed part of its IPO disclosure: its customer analytics. Read more...
Chewy, Inc., the pure-play online pet retailer, IPO’d on June 14, 2019 at a $9.3 billion valuation. With its S-1 filing, Chewy provided limited - but just enough - disclosure on its customers to allow for a rich analysis of customer acquisition, retention, and economics. Utilizing probability models and methodology based on Customer-Based Corporate Valuation, this report provides a unique analysis of Chewy’s customer dynamics, economics, and valuation. Read more...