Category: Uncategorized
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Constellation Software: 2Q25 Business Recap
Note: We just wanted to provide a short update on CSU, but big picture not much has changed! We provide some commentary on the quarter and their business developments below. We will provide a longer update once there is more to talk about, or at the end of the year…
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Perimeter 2Q25: Platform Acquisition Ahead of Expectations
(Members can download a PDF of this post here) 2Q25 Business Update. Perimeter reported 2Q25 and their revenues were up +28% y/y to $163mn. Their Fire Safety Segment grew +22% y/y to $120mn, with their Specialty Products Segment growing even more at 47% y/y to $42mn. EBITDA growth was even…
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Airbnb 2Q25 Business Update: Core Slows (Again)
(Members can find an extended version of this post here and a PDF here) 2Q25 Update. Airbnb reported 2Q25 results and the stock fell -8% the next day, citing hard comps in 3Q and 4Q. Revenues grew+13% y/y in 2Q25. This was a slight acceleration from +11% y/y last quarter,…
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Dream Finders Homes: 2Q25 Business recap
2Q25 Summary. Total revenues grew +9% y/y to $1.15bn, marking a deceleration from the +12% growth recorded in 2Q24 and the first single-digit revenue growth since 1Q24. Margins and profitability continued to be weighed down by elevated financial service expenses and SG&A. They maintained their full year guidance of 9,250…
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CoStar 2Q25 Business Recap: Revenues Reaccelerated
2Q25 Business Recap. Revenue growth accelerated +15% y/y, up 300bps from last quarter. Net new bookings hit a record $93mn (+65% q/q), driven by broad strength across their segments. This marks the 57th consecutive quarter of double digit growth. While their commercial real estate marketplace continue to remain profitable with…
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Constellation Software: 1Q25 Business Recap
1Q25 Summary. 1Q25 revenues grew +13% y/y to $2.7bn for the quarter. This is a slowdown from last quarter’s growth of +17% y/y. In total, LTM revenue now stands at $10.4bn. The slowdown in revenue growth is primarily attributable to a smaller than usual deployment of capital on acquisitions. While…
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Copart Fiscal 3Q25 Business Update (Calendar 1Q25)
(Members can access a PDF of this post here) 3Q25 Business Update. Copart reported fiscal 3Q25 and the stock dropped -11% in reaction. Service growth decelerated 600bps sequentially from +15% y/y to +9% y/y. However, gross profits grew much less—at only +5% y/y. This was due to facility operation expenses…
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Perimeter Solutions: 1Q25 Business Recap
In case you missed it, we are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updates when warranted. We will still do longer…
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Dream Finders Homes: 1Q25 Business Recap
We are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updates when warranted. We will still do longer business updates for each company…
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Airbnb 1Q25 Business Update: Core Strong Enough to Launch Their Next Chapter
(Speedwell Members click here for a paid version of this post. You can also access a PDF of this post here). 1Q25 Business Update. Revenues grew +6% y/y (+8% ex-FX) in 1Q25. However, they noted that if you excluded the impact of FX and calendar impacts (Easter and inclusion of…