Bentley Systems (BSY) earnings call on the metaverse… “Well, reasonably enough, it’s going to start with immersive 3D environments for consumer things, but the technologies for greater immersion and performance are going to be great for ways of experiencing digital twins. So we want to, with our iTwin platform support any of these visualization environment, in other words, it’s way beyond the HoloLens and so forth. There’s tremendous investment going into. But the content you will want to be immersed in on the industrial side on the infrastructure side has to do with immersing yourself not only statically through a rendered image. But using that computing power to say what was the history and the construction, the design alternatives that were considered and what’s the path of construction and time and space and what’s going to happen if we don’t maintain this asset and so forth. That’s the time later, we say, the digital chronology. And that’s where you don’t get that from an immersive environment. You get that from a ledger of change in our iTwin platform to bring together the ET, the IT and the OT. So we think we never have had in mind specializing on the last mile on how that emergent experience occurs. And it’s just great that there’s going to be lots of investment in making that better and better. It will make the content in an infrastructure digital plan all the more valuable because it can be experienced in these better ways. That’s the — that’s what in the case NVDIA being demonstrated today to show the potential of their omniverse.”

II-VI (IIVI) earnings call discussing the Communications market and indium phosphide… “In communications, our largest market today, we saw further evidence of a super cycle well underway for 200G and 400G datacom transceivers, 400G and 800G coherent telecom transceivers and acceleration of our customer-configured open line and optical transport solutions. Our results this quarter were achieved through a relentless amount of hard work and preparation that accompanies the sustained intensity of a winning team. Our communications revenue grew 4% year-over-year with most of the growth from datacom. Our 200, 400 and 800G products now represent 25% of our transceivers revenue from about 2% a year ago and grew nearly 70% sequentially. Thanks to our market-leading platforms, we expect to grow this portion of our datacom business to 1/3 of the total by the end of fiscal year ’22. Indium phosphide has a very unique wavelength, as you know, longer wavelength than gallium arsenide. So it’s very useful in a number of optical applications where eye safety is important. So that’s one. And so that could be in communication — sorry, in automotive, LiDAR application, could be in consumer applications, can be in industrial sensing applications and so forth. So there’s a number of markets, but that platform is very powerful. The other thing is that we want to mention is the — as the electronics for base stations progress and the speed and the frequency of going from 4G to 5G, eventually 6G progress we believe that indium phosphide is 1 of the 2 technologies. It’s probably the best technology that we’ll be counting on for 6G amplifiers. So this is an effort we have to focus on that. Of course, it’s going to happen 6, 7 years from now, whenever that will take place, but we need to start now. And so it’s a very important investment for us. Again, it goes across multiple markets, multiple applications leveraging our wafer fabs to reach a scale, unique, probably, hopefully, the largest in the world.”

Roblox (RBLX) earnings call on the Advertising opportunity… “The long view is we have focused primarily to date on the engagement and the satisfaction of our users more than monetization on the platform. And we have built systems, including our virtual economy and engagement-based payouts, that has already created a very rich and vibrant developer community with large businesses, some of our developers making tens of millions of dollars a year. Advertising is an enormous opportunity. And at the same time, our vision for advertising is immersive. It’s native. It’s around high-quality experiences. And over time, we’ll be working on rolling out the standards around this, how this is supported globally. We do think there’s an interesting and big future and at the same time, a very high-quality branded advertising-type future. So super, super optimistic about that. Yes. We’re — we see the same exact opportunity, Matt, that you’re describing and are in the very earliest stages of talking to brands about that. For now, they’re promoting their brands directly with the user base. I think it’s logical to all of us that eventually you would have a user who is not only interacting with a brand in a virtual world or even buying virtual goods, using maybe Vans, again, as an example, maybe has Vans closing on their avatars and ultimately saying they would like to own those shoes or their shorts or those T-shirts. And so we see it as well. And we ultimately do think, in fact, it’s a big experience — a big opportunity. Obviously, for the brand, it would take all of the returns of being on Roblox up to a different level. And so, yes, it’s — I don’t think there’s any doubt in the long run that’s where we’ll end up.”

Focus Financial (FOCS) at BAML Financial Conference discussing RIA industry consolidation… “So clearly, this is a very attractive industry that will have M&A potential for many, many years to come. The tax impact may have some impact short term. But the big driver of consolidation in this highly attractive industry is ultimately the aging of the founding generation and the transitioning of the firms to a next generation of leaders. My favorite statistic in this industry is there are 50,000 advisers in the U.S. today. This is both in the brokerage and on the RA side, that collectively manage $3 trillion that are older than 65 years. So one way or the other, it’s not 10 years, it’s probably 5 years, maybe it’s 7 years. Mathematically, $3 trillion in client assets will be changing adviser. And our model uniquely assures the continuity of advice, it protects these clients on getting “sold” to some banks or asset management or other type of firms. So we believe we are not just on the forefront of the trend, but we are ultimately one of the biggest beneficiaries of this industry consolidation that is going to go on for years and years. So depending which consulting firm, you believe here this industry will be doing somewhere plus/minus 200 transactions a year. There are 17,000 RIAs in the U.S., managing $6 trillion in client assets, by way protected to go to $9 trillion in the next 3 to 5 years. And mathematically, there should probably be 400 transactions a year, 350 transactions a year. So clearly, there will continue to be just a tremendous opportunity. And quite frankly, there isn’t just enough capital and enough M&A expertise in this space to really absorb this intergenerational transition, transfer of wealth management firms that I mentioned before. So I’m not the world’s greatest expert in baseball, but I think we are still in very early innings of this consolidation. Again, the $6 trillion is going to grow to $9 trillion. When you look at the other markets we are operating in, that’s another $4 trillion in client assets. Today, we are way above $300 billion in client assets and at Investor Day, we are going to provide an update on this number.”

Flywire (FLYW) earnings call discussing its massive opportunity… “Industries like education, health care, travel and business payments are massive parts of the global economy, representing nearly $12 trillion of addressable market. These sectors are complex and have been poorly served by incumbent payment solutions, providing Flywire a great opportunity to modernize the payment flows within these sectors over the next decade. At Flywire, our mission is simple. We help our clients get paid and their customers pay with these from anywhere in the world. This combination of software, technology platform and payment network, our Flywire Advantage is truly a differentiated offering that uniquely positions Flywire for success in these massive addressable markets. With Flywire, our clients do more than just track money and collect payments. They integrate our software into their existing back office systems and processes, display Flywire functionality to their customers via their websites and mobile applications and deliver great payment experiences with value-added services like modern invoice presentment, flexible payment plans, seamless local and global payment methods and much, much more. So while clients benefit from operational efficiencies, they also are able to delight their customers with a digital engagement platform throughout the entire payment experience.”

Paycor (PYCR) earnings call discussing the size and competition in HCM… “So now we have Paycor and before that, we had Paylocity and Paycom. And I know you feel like the space is $26 billion, I think, as what you had on the deck.  Yes. I mean it is an enormous marketplace. And we look at the TAM at $26 billion, and the way we think about it is if you think about the 3 cloud providers combined, we’ll have somewhere between — depending on how you look at the market somewhere between 8% and 12% penetration. So 88% of the market is available.  And yes, ADP and Paychex are obviously, donators to the cloud, and we’ll continue to be donators to the cloud for the foreseeable future, just based on the relative size of those 2 organizations to the other 3 organizations. But I think what people also fail to realize is that the in-house and regional service retail markets are really large and provide lots of opportunity for us as well. And we’ve seen outsized wins from that perspective in those areas.”

DoubleVerify (DV) earnings call discussing its deal for OpenSlate… “Acquiring OpenSlate will help us drive better outcomes for advertisers by providing pre-campaign targeting and brand suitability solutions that integrate with our measurement tools and increase our total coverage across key CTV and social platforms. OpenSlate’s pre-campaign solutions perfectly complement DV’s post-campaign measurement capabilities on CTV and social platforms such as YouTube, Facebook and TikTok.  Integrating the 2 provides advertisers with unparalleled end-to-end brand safety, suitability and contextual optimization. No other company will be able to deliver a fully owned and integrated solution across these leading social and CTV walled gardens. We expect the acquisition of OpenSlate will help expand our existing social and CTV coverage and customer base. OpenSlate has the most sophisticated contextual targeting technology and the widest coverage across YouTube and TikTok in the industry. OpenSlate has won the trust of the leading agency holding companies and over 200 large global brands, including Procter & Gamble, Coca-Cola, Kimberly-Clark, Nestle, Sony, Unilever and Volkswagen. We see significant revenue opportunities to cross-sell OpenSlate and DV solutions across our combined customer base, offering advertisers a unique integrated solution that drives better advertising outcomes.”

CS Disco (LAW) earnings call discussing its market and trends… “At DISCO, we are well positioned to take advantage of enduring trends in the $767 billion legal services market that is being transformed by software. These trends include the expanding variety of legal work, the ever rising volume of enterprise data that can become evidence in legal matters and the growth in regulation that companies are exposed to around the world. We leverage advances in artificial intelligence and cloud computing to build products that automate large categories of legal work, freeing lawyers to focus on those tasks that require human legal judgment. We do this by combining world-class software engineering and design with a deep understanding of the law and how lawyers work and think to create product experiences that feel magical to lawyers. Our products all leverage our extensible scalable platform that uses elastic compute to deliver phenomenal performance even on the largest data sets. By using our products, legal department save time and money, free lawyers to actually practice the mall and most importantly, achieve better legal outcomes.”

DoorDash (DASH) earnings call discussing the rationale for the Wolt deal… “From a market perspective, Wolt operates in 23 markets, of which 22 are new markets for DoorDash. By themselves, we believe these markets provide an opportunity to grow our international business to multiples of what it is today. This should allow us to invest and expand more efficiently than we could have done on our own and on a faster time line. Finally, Wolt’s product scales to multiple categories. In certain markets, the company has already established a strong presence in categories ranging as far as cosmetics and electronics. As we look to grow our non-restaurant categories globally, we expect their product vision and expertise will improve our execution. From a financial perspective, the opportunity in local commerce is enormous. We believe the potential in our combined markets create a substantial opportunity to grow gross order value to multiples of its current level. We expect to invest aggressively behind the Wolt team and believe their capabilities will improve our efficiency internationally while allowing us to increase our focus in the United States.”

Doximity (DOCS) earnings call discussing key growth drivers… “The second key driver of our growth is health care’s belated but burgeoning shift to digital. As a reminder, U.S. health care spent just 28% of its 2020 advertising budgets on digital channels for IDC. That’s less than half to 63% share other U.S. industries spent on digital over the same period, pre-marketer. So health care digital marketing could double and still be a laggard. But that’s changing. For a recent Accenture study, only 10% of U.S. physicians want to return to the pre-pandemic methods of marketing. More and more, they’re closing their doors to sales reps, coming in industry parlance say, “No see doctor.” Back in 2008, roughly 1/4 or 23% of all U.S. oncologists were no see. Today, that’s grown to 79% or nearly 4 out of 5 oncologists as no see. And it’s not just oncologists. Across all U.S. physicians, 3 out of 5 are now no see per ZS-Access monitor, an industry report. We believe digital will become the primary channel for industry dialogue, but you’d be amazed at how much is still spent on mail and magazines to these doctors today.”

Coinbase (COIN) earnings call discussing NFTs… “So we’re very excited about NFTs. I think this is going to be a very large area for crypto in the future, and it already is today. I mean traditionally, Coinbase is focused on NFTs, fungible tokens, and we’re equally excited about NFTs. It could be as big or bigger, we don’t know. So let me just do out for a minute because, of course, we launched Coinbase NFT, or we announced that we’ll be launching it in the next quarter or 2, and so Coinbase is a multiproduct company. We have an effort internally we call Project 10%, which basically means that we put 10% of our resources towards these new initiatives that are kind of outside of our core competency. And you’ve seen things like Coinbase Wallet and Coinbase Commerce, the direct deposit feature that we announced. And this NFT all came out of that. So this kind of key product that we’ve talked about is really just a small team’s effort that started just a handful of months ago. So there was a question there about the social experience. And I think that’s something that Coinbase can bring to the table here. We’d like to make a Coinbase NFT a little bit more like Instagram as opposed to, say, an auction like eBay or something like that. And I think having people that you can follow your favorite artists or creators and having a feed of content that gets populated from those people you follow, that could be really powerful. And in addition, you can go in there and buy an NFT if you really like it and you’ll kind of showcase in your own social profile. In addition to that, I think we can just make hopefully NFTs much easier to use. That’s kind of a hallmark of what Coinbase tries to do out there to bring more and more people into the crypto space. So just simple things like how do you connect your wallet. Hopefully, you don’t have to install a Chrome extension. And if your identity and your payment methods and everything are just already connected from your Coinbase account, buying could be hopefully a one-click experience. So I think this is going to be a global phenomenon. We want to make sure our NFT platform is interoperable with every other platform out there. And hopefully, you will see something launch in the next couple of quarters here.”