Peloton Interactive

iFIT

Operator: I think that the majority of items have definitely been covered. I think that the really interesting thing that maybe we haven't talked about just is does the industry, with some of the optionality and variety we've talked about, hit a subscription fatigue and in turn, is there someone who comes in and consolidates that? Because if all of a sudden, I could have a CLMBR and a Peloton and a Tonal, that’s like my ideal perfect fitness room, however I don't want three memberships. I want one that gives me access to all of that, so how does that consolidation potentially happen because I think it will have to occur with what's happened in the industry.

Current SVP of Product at Clmbr and former VP of Product Development at iFIT

iFIT vs Peloton: Connected Fitness

ACV Auctions

Operator: "Now that we've built that trust with the best tech in the platform, the best people, are the use cases, whether it's buying cars from consumers and flipping them on ACV, whether it's an aged car that's sitting under a lot that's 60 days old, that right now, from a wholesale perspective, is great, every use case you could think about. Each one of those now, we've got a buyer for that. And they're ready and they want these vehicles. So the more demand you have, the more confidence you get from the supply to leverage the broad power of our platform." - ACV Auction CEO, Q3 2021 Earnings 

ACV Auction, Akerlof's Lemons, & Used Car Adverse Selection

Amazon

Allegro

InPost

Operator: Look at Singapore; there is Pick Network. There's an interesting dynamic happening in the world. Singapore had a network of 150 lockers for Singapore Post called POPStation. Then another company, Parcel Santa, put 300 lockers in the residential buildings. Then there is another company, Ninja Van, building its own network, then blu, and then what happened? After a pilot test, the Singapore government decided to build a network of 1,000 lockers in Singapore. One locker every 500 meters, one locker every 5,000 people. If the government decides to build a carrier agnostic network and has an infrastructure open to everyone, it is an interesting scenario. I would like to see what happens. It's like the Polish government saying I'm going to build a network of 5,000 lockers in Poland that's open to everyone. That would be an interesting scenario for the competitors. It's called Pick Network in Singapore. Then I think you should look into the potential residential market for lockers. It’s something you should at least start to understand more.

Co-Founder and Group CEO at alfred24

InPost & The Automated Parcel Machine (APM) Industry

KAR Auction Services

Susan O'Rourke: Carvana is trying to do it with a partnership with Manheim Express because it’s already there, it’s easy, they don’t have to do the work and it’s not really what they want to focus on; they want to focus on selling cars and making profit with the finance and F&I products, because they have that avenue as well.

Susan O'Rourke

Former Regional Field Manager at ACV Auctions

ACV Auctions & US Auto Wholesale Market

Westwing Group

Operator: €1 billion seems very feasible when you see the growth of offline to online. Compare it with the biggest player in each market. Look at what Maisons du Monde are doing in such a scattered market. Don't get me wrong, but I think €1 billion seems very fair.

Former Regional CFO at Westwing

Westwing: Business Model Design and Growth Strategy

1&1 Versatel

United Internet AG

Operator: Maybe coming back to what I said in the introduction, it used to be a company with huge entrepreneurial spirit and it grew very successfully and I think this is what the company needs, with a focus in the business. It has big assets which just need to be utilized better in a group. I think that the UI Group is impressive, with an impressive history but it does not really fit. It is a mass market, low infrastructure group and just wants to have a project business, no mass market and pure infrastructure related and this was difficult.

Former Director at 1&1 Versatel

United Internet, Versatel, & The German Fiber Market

Burford Capital

Operator: Analyst 3: Yes; I think it’s a lot of that. I also think there are complex dynamics. If you have that many people across the firm invested in the portfolio, you want everybody to feel good. When your stock tanks, then morale across the business is actually impacted and vice versa. I don’t know why they did it but I will say, on that point, I think John Molot is really phenomenal and a very sweet human being and I think they are a great yin and yang.

Investor Dialogue: Burford Capital

Big Yellow Group PLC

Safestore Holdings PLC

Dave Davies: Yes; I think we’ve got a very long way to go yet. 

Dave Davies

Former Operations Director at Safestore Holdings

Safestore Holdings & UK Self Storage

WINGSTOP INC

Operator: WING has a great chance of being the Domino’s of chicken wings. DPZ added 500 stores per year throughout the 1980’s from a similar store count as WING today. At 75x 2022 FCF, WING is pricing in much of this future growth but the opportunity to leverage royalty income on a novel global food dish is hard to come by. Over the last 20 years, the return profile of a levered royalty on pizza sales kept pace with the best businesses the world has ever seen. Maybe a levered chicken wing royalty will set the pace for the next 20 years?

Wingstop: The Domino's of Chicken Wings?

Scott Lack: Yes; if you get your rent right and you know payments aren’t going to be too much on that $350,000, $400,000 loan that you got, the odds are that you are going to be okay. I would open a Wingstop today, and I might.

Scott Lack

Former Vice President at Wingstop

Wingstop: Franchise Economics, Chicken Sourcing, & US Store Growth

Mastercard Inc

Visa Inc

Affirm

Operator: I think that there's going to be that balance of regulation which, quite frankly, is fair and adjusting your algorithms and your data structure to support that; then secondly that opt-in. For people who do want it, you can offer a one-to-one experience. For those who don't, then you might just offer an aggregated experience that allows them to anonymize their data, but it still might be customized versus personalized.

Former Director, Affirm

BNPL, Visa & Mastercard

Stitch Fix Inc

Operator: We will be following SFIX’s direct buying adoption closely and speaking to a few brands that use SFIX over the next few months. We’re also planning on hosting an IP Investor Dialogue on SFIX so do let us know if you’re interested in joining.

Stitch Fix, Direct Buying, & Personalising Apparel Shopping

Kaitlin Miller: There could be a lot of cues but from your personal preferences and style for apparel, we have been able to create style maps based on that. It could be very interesting to see if there is a correlation with a similar style map for home décor preferences; I don't think that is such a huge leap. I have not looked into it at all, but I think there could be things that can be a foundation for that or help us learn more about that overall, if that was an area that the company wanted to move into.

Kaitlin Miller

Former Senior Strategy Director at Stitch Fix

Stitch Fix: Launching Direct Buying

THE TRADE DESK INC

Tremor International

Pubmatic

Magnite

Adam Lowy: It wouldn't affect CTV per se because there are no cookies, but it would affect other sides of the business, the concentration. You're seeing it with everyone creating their own IDs, different consortiums, UID, that sort of stuff. Folks are scrambling to find solutions, which is what I would have done, and with the delay, it gives more time. More contextual targeting for sure, potentially more addressable with the TV type way, which is the publishers work with partners and they do the targeting on their end. They do first addressable audience-based targeting and control all the data there, like the CTV, where all the traditional television addressable works; how the box TV guys who are doing it at Dish and DirecTV. That brings more to that type of philosophy and I think that you'll see more contextual type of asks in growth and, again, more sell-side targeting.

Adam Lowy

Former Head of Sales at Magnite and Director of SlingTV

The Connected TV Advertising Value Chain

Just Eat Takeaway

Delivery Hero SE

Amir Allam: We do, but nothing so specific that we can share it out in the open. It would be a very specific piece of data to share.

Amir Allam

CEO & Founder of Elmenus

Elmenus & Egyptian Food Delivery

Operator: Those machines are currently running in very harsh environments and have been for years. I am working with those machines here in Canada. I'm involved with a small B2B business, and it's driven by InPost technology. I have machines here running for more than 10 years in places like Grande Prairie, which is almost sub-Artic, and I've had five service calls in five years. This is why technology is important.

Former Chief Information Officer at InPost

InPost & Self-Service Locker Logistics

NAUTILUS INC

Former Sales Director at iFIT

Peloton, iFIT, & The Connected Fitness Market

Evolution Gaming

Playtech PLC

In Practise: This was helpful to get to know you and the Latin American market, and Ezugi in particular. I appreciate the time.

Former Head of LATAM for Ezugi & Pragmatic Play

Ezugi, Evolution Gaming, & LATAM Live Casino

Kelly Partners Group

Lindsay Holloway: The key to serving any client is spending time to understand exactly what they are trying to achieve, rather than having your own agenda. It takes time to get involved and the main way to do that is by creating relationships. Acquiring new mid-market clients does not happen quickly. It could take two to three years to pick up a client and for them to trust you. This is what our firm stands for and these are the things we offer. We may be slightly more expensive, but 20% of the time you will need that and you will wish you had spent that money. It is about having the diversified capability which can be managed across all service lines. I would go back to developing a relationship with a client so you have a proper understanding and have multiple people involved so that you’ve got different perspectives.

Lindsay Holloway

Managing Director at William Buck

William Buck, Kelly Partners Group, & Australian Accounting Roll-Ups

MURPHY USA INC

CASEYS GENERAL STORES

ARKO Corp

Alimentation Couche-Tard

Operator: If ATD’s fuel gross margin improvement balances the loss in gallons sold, and merchandising revenue increases to $700k per store at 35% gross margins, we could even see higher EBITDA per store in 2030 versus today. At relatively stable opex per store, ATD can generate ~$9bn in EBITDA from ~12,000 US stores in 2030. This seems pretty attractive as the whole company trades at ~$46bn EV today. However, a fair terminal multiple for the 2030 EBITDA is more difficult to estimate. As always, do get in touch if you have views on ATD or any other c-stores.

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