Napkin Math

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Snowflake: How a Revenue Retention Behemoth was Built

TL;DRThis is the second post on a deep dive in GTM metrics with a focus today on Revenue RetentionSnowflake is a software Dracula. It latche

1 Jul 22, 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

Jul 16, 2021 by Evan Armstrong

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Pricing Strategy is Product Strategy

How Technology Enables Companies to Charge More

Jul 9, 2021 by Evan Armstrong

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In Practice: My Newest Beta Product

Come take an early peak at the future

Jul 2, 2021 by Evan Armstrong

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Finance is Broken But Don’t Worry, This Has Happened Before

Net Income and the Refactoring of Our Financial Ideology

Jun 17, 2021 by Evan Armstrong

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Product-Led Growth’s Failure

How a Scrappy Utah Software Company Ignored Every Silicon Valley Heuristic and Won Anyway

3 Jun 3, 2021 by Evan Armstrong

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ITDA: The Gamification of Financial Statements

How governments and companies are engaged in mutual manipulation

1 May 28, 2021 by Evan Armstrong

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You Probably Shouldn’t Work at a Startup

It’s overrated—both financially and emotionally

4 May 20, 2021 by Evan Armstrong

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In Defense of WeWork’s Community-Adjusted EBITDA

Clarifying the murky middle ground between Gross Profits and Net Income

1 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

1 Apr 29, 2021 by Evan Armstrong

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Am I getting ripped off writing at Every?

Screenshots of my contract and the financial model I used to decide

Apr 22, 2021 by Evan Armstrong

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COGS: How I Bankrupted MoviePass

An Intuitive Explainer for How To Lose Money and Win Anyway

9 Apr 15, 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

🔒 Apr 13, 2021 by Evan Armstrong and Adam Keesling

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Revenue: It’s Simple, Until It Isn’t

Finally, a clear explanation of bookings, billings and revenue

5 Feb 5, 2021 by Evan Armstrong

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A Local News Revival

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

Jan 30, 2021 by Adam Keesling

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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

Jan 7, 2021 by Adam Keesling

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How Live-streaming Ecommerce Works in China

In China, livestreaming has changed eCommerce. Learn about how it works, what the hosts do during the steam, and how it could impact American eCommerce.

Dec 8, 2020 by Adam Keesling

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Should you invest in Wish? An S-1 Analysis

A look inside the S-1 of Wish. Included is the background of Wish, a look at their margins, how the universal postal union is changing their cost structure, how their CAC is rising and if they are viable long-term.

3 Dec 1, 2020 by Adam Keesling

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Cash Conversion Cycle: Bridging the Gap Between Profitability & Cash Flow

What is the Cash Conversion Cycle and why is it useful? In this post, we discuss the Cash Conversion Cycle formula, an example calculation, and a comparison of public retailer IPOs.

Nov 12, 2020 by Adam Keesling

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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?

Nov 6, 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.

Nov 4, 2020 by Adam Keesling

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What You Need To Know About The Ant Financial IPO

The largest IPO in history is happening in China with Ant Financial. In this post, we discuss all the services Ant Financial provides and what to expect in the future from Ant.

Oct 30, 2020 by Adam Keesling

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Nike: Direct Relationships & Digital Penetration

Nike just released their latest earnings report. We dive into their "Consumer Direct Offense" strategy, how they combined their brand marketing with technology.

Oct 8, 2020 by Adam Keesling

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Substack Rhymes With Medium

Substack can't decide if it's a CMS or a media brand. Neither could Medium. Their indecision will likely lead to similar outcomes.

Sep 26, 2020 by Adam Keesling

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How Chegg Grew Their Share Price 20x In Four Years

Chegg grew their stock price from under $10 to over $85. They did it by changing their business model from the ground up and investing in digital media content.

Sep 18, 2020 by Adam Keesling