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Flight Deck: Opportunity In Japanese Accounting Software Stock

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Jacob Wolinsky
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Notes of Flight Deck Capital's Jay Kahn from the 2020 SohnX San Francisco Conference.

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Q2 2020 hedge fund letters, conferences and more

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Jay Kahn of Flight Deck Capital

  • Free
  • Japan, software, 2012
  • 2019 launch
  • Engineering first culture
  • Significant insider ownership
  • Cloud data native integrated accounting software
  • 8 billion ARR
  • Growing north of 50% YoY
  • Integration with Japanese market
  • Focus is on back office
  • Japan doesn’t have much cloud software
  • TAM 224 K customers
  • B2B opportunity
  • Some still use cd installed accounting software
  • Japanese speakers is favored for accounting software
  • Many going public with Free
  • Accelerating customer growth
  • ARR is consistently growing
  • Multiple ways to win
  • Doubled since march, up 35% in past 2 weeks
  • ARPU up

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob covered small caps, worked recruiting members for a large hedge fund community and freelance financial journalism. Jacob lives with his wife and five kids in Passaic Park NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal ID. Other methods of secure communication are also available. FD: Most of my portfolio is in I mostly purchase broad-based ETFs, mutual funds or individual bonds - I do this for performance reasons and to avoid any potential conflict of interest or occasional receipt of insider information. I will disclose if I have a stake in any company, but in general I have few stocks and I avoid any trading especially around topics I am covering.