Company Financial Data

Part
01
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Part
01

Company Financials: Rows 5 - 14

Microsoft had revenue of $125 billion in 2019, Nvidea had revenue of $11 billion during the same year, and UberEats had revenue of $645 million during the same year. The rest of the companies and their revenues can be found in the spreadsheet here.

Financials of the Listed Companies

  • Walt Disney’s Disney+ is part of its Direct-to-Consumer and International revenue. This segment of the company had revenue of $9.34 billion in 2019.
  • Disney+ had earned $97 million in revenues from mobile spending by consumers during its release in November 2019.
  • UberEats reported having earned $645 million in revenues last year.
  • Postmates was reported to have earned a revenue of $400 million in 2018.
  • Doordash was reported to have earned a revenue of $900 million in 2018.
  • Dropbox reported having earned a revenue of $1.4 billion, most of which were from subscriptions.
  • Hims was reported to have earned a revenue of $100 million in 2019.
  • Unity was reported to have earned a revenue of $300 million in 2019.
  • Adobe reported having earned a revenue of $9 billion in 2018.
  • Nvidia reported having earned a revenue of $11.72 billion in 2019. It does not offer subscription services.
  • Microsoft reported having earned a revenue of $125 billion in 2019.

Research Strategy

We started by looking into each of the company’s annual reports. To get annual reports, the team leveraged each of the listed companies’ website, and third-party platforms such as AnnualReports.com, scc.gov, and others. The team hypothesized that annual reports for the FY 2018 or 2019 would be the best source to get the necessary information for the research. When there is a lack of information during this search, we then implemented our next strategy.

The team then commenced its search into various company financial profile database sites such as Crunchbase, Hoovers, and others. The team hypothesized that these company financial profile database sites might contain information essential to the research like the revenue of the company. Some companies do not have annual reports due to various circumstances (e.g., the company not being public), and this strategy was implemented for those companies. However, during this search, we were not able to find some of the companies’ needed information. We then decided to shift to our final research strategy.

The team then looked into third party business sites that usually reports on different company’s yearly revenue. In this search, the team hypothesized that if these companies have stated or announced their revenue and recurring revenue publicly, these sources would have reports or articles regarding these announcements. During this search, we leveraged sources like Business Wire, PR Newswire, Bloomberg, The Motley Fool, Business Insider, and others. These sites usually publish reports regarding company revenue, if the company chooses to disclose the given information. After the mentioned research strategies were done, and the team could still not find the revenue of the stated company, we would then label N/A in the spreadsheet.

Additionally, some of the companies listed are a subsidiary of a bigger organization, and in some cases, the organization would publish revenues based on the sector where the subsidiary company is operating on. If the company or any other source gives a bifurcation, we published those figures, but in some instances, bifurcation by company may not be available. As a proxy, we stated revenues based on that report based on the company’s operating sector. However, it is essential to mention that the revenue based on operations may be affected by other companies in that given sector.
Part
02
of eight
Part
02

Company Financials: Rows 15 - 24

Full financial details of the companies in rows 15-24 may be found in the attached spreadsheet. Their revenues range from $100 million to hundreds of billions.

The Companies

  • Scribd has an estimated $100 million in revenue annually, per Crunchbase's database.
  • Slack generated revenue of $400.6 million, in the year ending January 31, 2019.
  • Dollar Shave Club had $263 million in estimated revenue in 2019.


Part
03
of eight
Part
03

Company Financials: Rows 25 - 34

Okta had revenue of $399.3 million in 2019, while Wix had revenue of $604 million in 2018. Rows 25–34 of the spreadsheet contains revenue information on the requested companies.

Financial aspects of the companies

Research Strategy

We couldn't find subscription or recurring revenues for Wix, Athenahealth, Squarespace, Udacity, and LinkedIn. To find the subscription revenues of these companies, we first started by looking into company reports and press releases. But we were unable to find any mention of subscription revenues related to these companies as most of the reports were on its general annual/quarterly revenues, and press releases mostly contained information on its services and success of the company.
Our next strategy was to look into company databases such as Crunchbase, ZoomInfo, and PitchBook to find whether these company profiles have any insight into subscription revenues. But most of these databases did not have any insights on subscription revenues, and they only had information such as total revenue, market cap, company executives, among others.
Our final strategy was to look into third party media releases from sites such as Bloomberg, PR Newswire, and Businesswire to find whether these websites have insights on the subscription revenues of these companies. But even this method was unsuccessful as none of the sites provided a breakdown of revenues on these companies, nor did they have an estimated value. Most of the information available was regarding annual/quarterly revenue results, company progress in the market, service descriptions, etc. Therefore we concluded that subscription revenues for these companies for the years 2018 and 2019 are not publicly available.
Part
04
of eight
Part
04

Company Financials: Rows 35 - 44

The financials for SoundCloud, Spotify, Instacart, Sumo Logic, Roman, Monday, Asana, Segment, Intuit, and Birchbox have been provided in rows 35 to 44 of the attached spreadsheet. Below is a summary of the key findings.

Summary of Findings

Research Strategy

While we found most of the information, we did not find any on the subscription revenue for Instacart, Sumo Logic, Roman, Monday, Asana, Segment, Intuit, and Birchbox. We first attempted to look at company resources on their respective websites, such as annual reports and press releases but these sources only gave pricing information. We then attempted to look at industry sites and media platforms, such as PR Newswire, Forbes, and Bloomberg, however, these sources focused on the valuation of the companies. As a last resort, we attempted to look at the SEC filings of these companies. We hoped that we could get a breakdown of their revenue but to no avail. These companies did not have any SEC filings that were publicly available. For these reasons, we concluded that the subscription revenue information for the mentioned companies is not available in the public domain and filled N/A in their respective cells.
Part
05
of eight
Part
05

Company Financials: Rows 45 - 54

IPSY, Barkbox, and ClassDojo generated about $500 million, $250 million, and $24 million in revenue respectively in 2018. Details of these companies and others have been provided in rows 45-54 of the attached spreadsheet.
  • IPSY derives its revenues from beauty subscriptions paid monthly or yearly.
  • It also benefits from ad revenues in connection to " its beauty-centric consumers filming videos of the products."
  • Barkbox offers a subscription box for dog toys and treats, deriving 80% of its revenues.
  • HelloFresh's subscription revenue comes from the nearly 2,400,000 subscribers worldwide.
  • ClassDojo sells "a monthly subscription service for parents to use with their children at home."

Research Strategy

Apart from HelloFresh, the other companies on row 45-54 of the attached spreadsheet are privately held and, as such, do not make public their financials. Therefore, despite searching through the companies' official websites, credible media sites such as Forbes and Business Insider, and private company databases such as PitchBook, we could not locate data specific to their subscriptions or recurring revenues. However, we were able to determine estimates of their annual revenues (CY18).
Part
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Part
06

Company Financials: Rows 55 - 64

Sketch Teams, Evernote, Lemonaid Health, Curology, Equinox, The Bay Club, One Medical, DuoLingo, New York Times Digital, and Washington Post generated $2.4 million, $150 million, $4.7 million, $56.7 million, $5.07 million, $250 million, $193.5 million, $40 million, $1.75 billion, and $709 million in revenue respectively in 2018 or 2019. Details of each company have been provided in the attached spreadsheet as well as below.

Sketch Teams

  • Revenue: $2.4 million (CY18)
  • In CY18, the company generated revenue in the following categories: 43% Government Grants, 8% Corporate Grants, 23% Foundation Grants, 5% Corporate Donations, 6% Individuals, 4% Social Enterprise, 9% Fundraising, and 9% Fundraising.
  • The company does not have any subscriptions services or avenues of recurring revenue.

Evernote

  • Revenue: $150 million (FY19)
  • The company generates its revenue mainly from team and individual productivity apps and products.

Lemonaid Health

  • Revenue: $4.7 million (FY19)
  • The company generates its revenue from monthly medicine delivery, treatment services including delivery and pharmacy pickup, and Lab Tests.

Curology

  • Revenue: $56.7 million (FY19)
  • The company generates most of its revenue from custom formulated skincare products.

Equinox

  • Revenue: $5.07 million (FY18)
  • The company generates revenue from recurring customer deployments and digital transformations.
  • Recurring Revenue: $4.78 (FY18)
  • Recurring revenue comes from the over 3,000 quarterly customer bookings with 60% coming from customers deployed across all three of the company's operating regions.

The Bay Club

  • Revenue: $250 million (FY19)
  • The company generates its revenue through membership services for sports, fitness, hospitality, and family use within their club.

One Medical

  • Revenue: $193.5 million (FY18)
  • The company generates its revenue from membership services for their technology platform offering concierge medical services.
  • Recurring revenue: $198.9 million (CY19)
  • Recurring revenue comes from an estimated 397,000 members that pay for the yearly $199.00 subscription service.

DuoLingo

  • Revenue: $40 million (CY19)
  • The company generates most of its revenue from digital language-learning and language certification exams.
  • Recurring revenue: $36 million (CY18)
  • Recurring revenue comes from over 2 million subscribers that download the paid version of their digital learning app.

New York Times Digital

  • Revenue: $1.75 billion (FY18)
  • The company generates revenue from customer subscriptions and advertising.
  • Recurring revenue: $800 million (CY19)
  • Recurring digital revenue comes from the services 5 million subscribers.

Washington Post

  • Revenue: $709 million (FY19)
  • The company generates its revenue from customer subscriptions, advertising, and Arc.
Part
07
of eight
Part
07

Company Financials: Rows 65 - 74

The subscription/recurring revenues of the firms listed in rows 65-74 were not available; however, we were able to provide their revenue figures (provided in the attached spreadsheet).

Revenues

Research Strategy

The subscription revenues for the aforementioned companies are not publicly available. For some companies such as GoDaddy, a large share of the revenue is recurring. For most publishers, services revenue comprises a mix of advertising and subscription revenues; however, it was not possible to calculate the subscription revenues as they depend on the mix of monthly and annual subscriptions.
Part
08
of eight
Part
08

Company Financials: Rows 75 - 83

We were able to find financials for all but one of the companies (HBO GO) listed in Rows 75-83. All the financials we found are included in the attached spreadsheet and provided below.

Company Financials: Rows 75-83

  • Domain dot com generates an estimated $11.5 million in annual revenue, though that estimate was not specific to a particular year.
  • Namecheap projected that it's 2019 annual revenue would total $148 million, based on the actual revenue it generated in Q1 2019, which was $37 million.
  • A February 2019 article in Hosting Journal stated that WordPress generated over $132 million in "annual recurring revenue" though it did not specify which year that value pertained to.
  • We could not find publicly provided revenue for HBO GO. Our research approach in looking for that information is detailed in the Research Strategy section below. However, we were able to find the following two, related data points: (1) In Q2 2019, "HBO Go totaled 1.4 million paid accounts available in more than 20 countries"; (2) In 2018, the closely related HBO Now offering generated $166 million in revenue.
  • In 2019, Peloton's revenue totaled $915 million. Though Peloton recently became a public company in mid/late 2019, it has not yet published an annual report, which is why we cited to that data from its website.
  • ClassPass's estimated, annual revenue is $45 million, though that value is not specific to a particular year.

Research Strategy

Two of the nine companies in Rows 75-83 are public companies (Peloton and HBO Go). Accordingly, the other seven are private companies. For those seven private companies, we were able to find estimates of their annual revenues. Those estimated revenue values were not specific to a particular year. For example, ClassPass's estimated $45 million was not linked to 2018 or any other year. Rather, it was just an overall estimate of annual revenue.

The only company we couldn't find any estimated revenue for was HBO GO. We looked for HBO GO's revenue in three different ways. First, we checked the most-recent annual report available (2017) from HBO GO's parent company, Time Warner, but revenue for HBO GO was not provided in that report. Second, we looked for any articles that might have provided that information because we found articles that provided revenue data for other OTT streaming services. However, any articles we found that mentioned HBO GO did not provide the revenue generated by the streaming service. The closest data points we were able to find was the HBO GO subscriber base in Q2 2019 and HBO NOW's 2018 revenue. Third, we checked the Statista database because we noticed that HBO revenue and HBO NOW subscriber counts were included therein, so we thought that revenue data for HBO GO might be as well. From those searches, we didn't find any mention of HBO GO's revenue, as the information included in Statista was about HBO GO's subscriber base.

The only companies we could find recurring or subscription revenue for were Peloton and WordPress. For the other companies, the only revenue data we were able to find was overall revenue. Accordingly, we could not find a breakdown of that revenue in terms of revenue from subscriptions. We looked for revenue data in articles from sources such as TechCrunch, in business databases such as Crunchbase and Hoovers, plus in the Statista database. Through those three research approaches, we were only able to find recurring or subscription revenue for the two, aforementioned companies.
Sources
Sources

From Part 01
From Part 06
From Part 07
From Part 08