Napkin Math

Business breakdowns, by the numbers.

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Napkin Math

Snowflake: The Righteous Blood Sucker

How a Revenue Retention Behemoth was Built

28 Jul 22, 2021 by Evan Armstrong

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Uber and Lyft Live Once Again

What drivers think of AB 5, why it was written, and the pricing differences between services

28 🔒 Aug 28, 2020 by Adam Keesling

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Explaining the Hertz Situation

A layman’s guide to bankruptcy

26 Jun 18, 2020 by Adam Keesling

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GPT-3 Will Accelerate The Privatization of Internet Communities

What GPT-3 is, GPT-3's capabilities, if GPT-3 will replace jobs, and how it affects social media.

25 Jul 30, 2020 by Adam Keesling

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Is Facebook Fixable

A Review of An Ugly Truth

23 Aug 13, 2021 by Evan Armstrong

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ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

23 🔒 May 28, 2021 by Evan Armstrong

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My Favorite Company Deep Dives of 2020

Taking a look at the best companies deep dives of the past year, including posts on Fiverr/Upwork, Carta, Tyler Corporation, CostCo and more

21 Jan 7, 2021 by Adam Keesling

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In Defense of WeWork’s Community-Adjusted EBITDA

Clarifying the murky middle ground between Gross Profits and Net Income

21 🔒 May 13, 2021 by Evan Armstrong

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Gross Margin: An Indicator of Market Power

What America's Oldest Jeweler Can Teach Us About the Value of Bling

20 🔒 Apr 29, 2021 by Evan Armstrong

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How a Climate Tech Startup Closed 5+ Enterprise Deals Before Even Launching

Remora, The Bureaucracy Buster

20 Aug 20, 2021 by Evan Armstrong

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First Steps to Buy A School Bus Company

Last week I pitched the idea of buying a school bus operator. This week I tell you how to do it.

18 🔒 Sep 9, 2020 by Adam Keesling

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Can Political Betting Markets Predict Election Outcomes?

Polls and pundits don't do a good job of predicting election results. But what about prediction markets? In this post, we discuss what makes a good market and what could cause it to be wrong.

17 Nov 4, 2020 by Adam Keesling

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The Creator Power Scale: A Formula to Determine if Platforms are Ripping You Off

An examination of the Twitch Hack data

16 Oct 28, 2021 by Evan Armstrong

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Crash: Pitch a Company, Get a Job

Candidates earn jobs by putting in more work than their competition

15 Jun 10, 2020 by Adam Keesling

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Twilio’s Second Act

Twilio rode its API to a $66B valuation. Now it’s trying to become the Universal Switchboard for the internet.

14 🔒 Jul 28, 2021 by Evan Armstrong

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How Free to Play Video Games are Forced to Make Addicts

A Case Study on Market Structures and Harm

14 Jul 16, 2021 by Evan Armstrong

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Announcing Napkin Math Fiscal Year 2021

After a short break, Napkin Math returns with a new writer

14 🔒 Apr 13, 2021 by Evan Armstrong and Adam Keesling

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Toast—a Vision of Software’s Future

Hints to why their shares popped 60% in their first day

13 🔒 Sep 23, 2021 by Evan Armstrong

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iBuy, iRent, iLose My Investors Money

The Murky Future of American Housing

13 🔒 Nov 19, 2021 by Evan Armstrong

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Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

13 🔒 Jul 9, 2021 by Evan Armstrong

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Your Uncle Is Still Your Uncle: Ant Pulls Its IPO

Ant's IPO has been taken down. What happened, what do you need to know and what should we expect to see next?

12 🔒 Nov 6, 2020 by Adam Keesling

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Sometimes You’re The Datadog, Sometimes You’re The Hydrant

The history of cloud computing, how DevOps and Observability became so big, and the fate of Datadog

12 🔒 Aug 13, 2020 by Adam Keesling

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The Jet.com Obituary

The brand couldn’t compete against Amazon, but the acquihire was worth it for Walmart

10 May 29, 2020 by Adam Keesling

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New York Times: Investing In The Long Term

A review of the Q2 earnings: growth in digital subscriptions, a fall in advertising, and a decline in APRU due to long-term investing.

10 🔒 Aug 7, 2020 by Adam Keesling

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A Local News Revival

How product, marketing, and cost innovations create a massive opportunity

8 🔒 Jan 30, 2021 by Adam Keesling