Dialogue. 3Q24 Axon, Constellation Software, and Dream Finders Homes Business Update

17 snips

Nov 27, 2024

This discussion dives into the complexities of booking models and the challenges faced by online travel agencies. There's a fascinating exploration of why some companies skip quarterly earnings calls and the insights they miss out on. The operational strategies of Dream Finders Homes and Axon are compared, showcasing how Axon has evolved into a tech powerhouse for law enforcement. The podcast also delves into recent growth dynamics, including cash flow management and investment insights, making it a treasure trove for finance enthusiasts.

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INSIGHT

OTA Merchant Model Confusion

Drew is researching online travel agencies and their revenue models.
He's confused why hotels would agree to the merchant model, where OTAs buy room blocks but don't take inventory risk.

INSIGHT

DFH's Lack of Earnings Calls

DFH, a smaller company, doesn't do quarterly earnings calls.
This is unusual, as such calls often provide valuable insights, even if repetitive over time.

INSIGHT

DFH Business Model

Dream Finders Homes (DFH) is a capital-light home builder, unlike traditional builders.
They option land and only buy it after securing a purchase order, reducing inventory risk.

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On this Dialogue episode we give an update on three of our companies: Axon, Constellation Software, and Dream Finders Homes. Plus a short tirade on the OTAs business model and companies that don't host quarterly earnings calls!

You can read the 3Q24 business update on all three companies here.

(The written update is partially paywalled, so become a Speedwell Member today! Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it.)

For full access to all of our updates and in-depth research reports, become a Speedwell Member here.

*~*~*~*~*

For Dream Finders Homes and Constellation Software we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics. Axon will be coming soon!

Listen to the Dream Finders Homes ($DFH)Company Podcast Episode here: (Apple, Spotify)

Listen to the Constellation Software ($CSU) Company Podcast Episode here: (Apple, Spotify)

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Show Notes

(0:00) — Intro

(1:37) — This Doesn't Make Sense: Booking Holdings Diatribe on Merchant vs Agency Model

(5:43) — Companies that Get Away without Quarterly Earnings Calls

(8:42) — DFH Update on Housing and Business Model

(18:49) — Axon Quick Overview and Update

(33:07) — CSU Update, FCFA2S, and Valuation

(42:47) — Coming Soon From Speedwell Research

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/