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

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