Golden Door Asset evaluates 167 SEC-reporting software equities on R&D return, GAAP profitability, and 5-year intrinsic value so investors back long-term software compounders and avoid dilutive cash burners, supported by primary-filing equity research.
Primary SEC 10-K and 10-Q underwriting notes published to support our software investment process, linking each company's operating economics to its 0 to 100 quality score and 5-year DCF valuation.
Twilio's third quarter fixed two of the things we were tracking: gross margin rose to 48.77% from 48.42%, and stock pay fell under 10% of revenue. The problem moved to the top line.
Third quarter revenue fell 1.1% as firewall refreshes dried up, the fourth quarter outlook is flat at the midpoint, and owner cash of $896.0M still trails the $1.40B the company spent on its own stock.
CARFAX grew 8% and no customer tops 10% of revenue, but the spin left $2.0B of notes and S&P Global's finance chief on the board.
An in-car voice software supplier whose nine month growth falls to about 4% without one settlement, with no activist, a slipping pay vote and an ex-Intel board tie.
Our investment discipline centers on capital allocation across 167 public software companies, combining quantitative quality scoring and 3-statement cash flow valuation as core underwriting pillars, with published filing research as supporting evidence.
Screen all 167 public software equities on R&D return, GAAP net profit margin, and House Portfolio conviction, backed by supporting SEC-filing research notes.
Model quarterly SEC financial statements, operator FP&A unit economics, SBC-burdened cash flows, and 5-year WACC sensitivity matrices across every covered software company with open spreadsheet exports.
