Episode 1: Samsara

Kevin Murphy (00:01):

From its founding in 2015, Samsara has rapidly emerged as an essential platform to help complex organizations harness the power of data across their physical operations. The company’s solutions-oriented approach to solving its customers’ problems through a combination of hardware and software is transforming how businesses manage their resources and optimize efficiency in real time. With connected devices and powerful analytics, they’re enabling companies to make data-driven decisions like never before.

(00:31):

Welcome to Season Three of What Matters Most, where we delve into the trends driving global innovation. In our first episode, we’ll unpack how Samsara’s unique approach to data collection and visualization has made it a game changer in various industries. We’ll also explore their innovative technology and the impact they have had on logistics, transportation, and energy management, and how the company’s open-ended customer solutions approach puts them on a path to potentially triple their market share by 2027. So let’s dive in.

(01:01):

I’m Kevin Murphy, and I’m joined today by Emerson Bluhm, an analyst and portfolio manager here at Sands Capital. Emerson, thanks for joining us.

Let’s start with a little backstory. How long have you been covering technology broadly, and how specifically did Samsara come across your radar?

Emerson Bluhm (01:17):

Kevin, thank you for having me on the podcast. So I’ve been at Sands since the start of 2010. Over that entire 14 years, I have supported our technology research efforts. In the last three years, I’ve also been one of three portfolio managers on our Technology Innovators strategy for Samsara specifically, but it actually originated out of the relationship we had built with ServiceNow.

ServiceNow is a company that—in our Select Growth and Technology Innovators strategies—we have been invested in since 2016. So that relationship that we had built over several years at ServiceNow led to two investable opportunities for our global investment fund, which is our later-stage private investing effort.

So Samsara specifically, we met with them early in 2020. Oddly enough, it was just a few weeks before the COVID shutdown. I think it was actually the week before we met in the Bay Area, and then the world shut down, and during that time, frame they were trying to raise a round.

(02:14):

And so I brought that to the attention of the Global Innovation Fund team, Barron Martin and Michael Clarke. And then Barron and I, along with Andrew Gavlin and Michael Rallo on our team and support, led the work into Samsara to try to understand the opportunity. We got to know the business really well over the following 18 months as a private shareholder into the December ’21 IPO. And we then did a little bit of a re-underwriting project at that time and decided to invest on the public side with our Technology Innovators strategy. And since then, we’ve been shareholders now for coming up on three years, and our ownership has expanded to other strategies as well. And the company, since that time, has had a lot of success as a public company, maintaining really high rates of growth (some of the best in software), demonstrated a lot of margin expansion, and we’re really excited about the future growth opportunity for the business.

Kevin Murphy (03:07):

I have a question on the private side as you were getting to know the business. It’s a pretty impressive cap table [capitalization table listing company ownership] from the beginning—Andreessen Horowitz and others. How much does that matter to you when you’re looking at a company in the early stage while it’s still private?

Emerson Bluhm (03:21):

I think there is signaling value to a top-tier capital table, but we want to come to our conclusion and our decisions independently. So Barron, Andrew, Michael, and me, going really deep into the data, trying to understand all the mechanics of the business, doing our own proprietary research, talking to customers, trying to frame out the opportunity, and come up with our independent view of what the company could be. That was what drove that decision to invest.

Kevin Murphy (03:50):

You laid out on your software background, there’s a physical component to this as well. Was there a learning curve for you on that front, or did it tie closely enough into software that it didn’t really change the way you think about the company or a company?

Emerson Bluhm (04:04):

We should think of the hardware as sensors that just provide data into the cloud, and then the value of the product is going to be how you can create value out of that data. And that’s really a software problem. So the hardware is more the end of the means, this is how we collect the data that we can create software-driven insights from. So from that perspective, I thought it was a very natural fit.

Kevin Murphy (04:28):

Before we dive into the real details, let’s take a minute to set the stage. Can you describe the market that they’re solving problems in? What exactly is the end market here, and how are they impacting it?

Emerson Bluhm (04:43):

So they describe this as the physical operations. So they believe that physical operations are about 40 percent of global GDP. These customers are the backbone of the economy. So some customer examples: a lot of large construction companies; oil field services; cities; municipalities; the city of Boston; companies that manufacture and deliver cement; utility companies; wholesale retail companies like Sysco, the food distributor; Home Depot; airlines running operations at airports.

You might’ve picked up on this as I’m describing the types of customers, but these industries are not usually on the bleeding edge of tech. So someone running a very large safety organization or an operations organization worrying about where equipment is or worrying about whether or not he’s using all of his equipment. He’s not waking up every day thinking about what’s the latest, greatest tool I can use? These companies that are working on construction projects don’t have that same IT imperative in a lot of cases that typical knowledge work businesses have.

(05:45):

So that created an opportunity for us where most software investors did not understand these industries or understand these buyers because they don’t show up on a CIO survey. It’s not the typical person you’re talking to who is making IT decisions. That’s because it’s coming from an operations manager or a safety manager. And then, the last point to make is despite the variety of industries here, there are a few universal and evergreen interests that are common amongst all of them. They all want to be more safe, they want to be more efficient, and there’s a big focus on sustainability. And these are C-suite topics, where they’re trying to improve their sustainability, they have net-zero targets trying to drive down emissions. They care a lot about the safety of their workers and their customers. And they’re all trying to find ways to improve their revenue and earnings growth, and technology hasn’t really been able to do that to date.

Kevin Murphy (06:39):

Can you give us maybe the 30-second history of the firm? It started in 2015, so technology was at use in many industries so far but not so much as you just described in industrial operations.

Emerson Bluhm (06:54):

Yes, so the co-founders, Sanjit and John, they were PhD students at MIT back in the early 2000s. As part of their PhD project, they were doing things like trying to set up free Wi-Fi in Cambridge for the city of San Francisco. And that ultimately led to their first business, Meraki, which sold several years later for over a billion dollars to Cisco, and then [Sanjit and John] stayed at Cisco until 2015.

After a few months off, they were trying to look for underserved industries where they could come up with an insight and figure out how to help those industries modernize, and that led them to the physical operations market that we just described. And they had a background again with the Meraki experience and computer networks and a hardware element to that. And after some tinkering and some initial efforts of trying to figure out what the best product is for this market, they ultimately started with telematics, which is basically a GPS tracker that you can plug onto a vehicle and a commercial fleet.

(07:54):

From there, the business really took off. Here, just eight years later, the company is $1.2 billion in annualized recurring revenue. It’s still best-in-class growth, so the most recent quarter was 36%. And we think this is one of the fastest times to reach this sort of scale that we’ve seen in software before. There’s only a handful of companies that have done that in the past, and we think that reflects the outstanding product market fit of the product and the very high ROI and value that they deliver to customers. So today, again, just in eight years of selling, they’ve gotten up to 42,000 customers. More than 2,000 of those customers are spending over $100,000 a year on the product. And over the last 12 months, they’ve processed 10 trillion data points and logged 70 billion miles across their devices.

Kevin Murphy (08:42):

I think what’s fascinating about this company, and you can hopefully go into a little more detail on it, is they weren’t a product-first company. They didn’t develop a product and say, “Let’s see where this applies in the market.” They instead interacted with the market—with their potential end-customer—and then developed products that would serve them.

Emerson Bluhm (09:00):

Yes, at first, they launched a temperature sensor, and they thought it would be useful for industrial refrigerators and things like that. But refrigerators, at that point, 2015, they were good; they didn’t break down a lot. You didn’t really need to monitor the temperature continuously. It was more “set it and forget it.” And some of the customers, they had asked if they could start putting them on trucks.

And one example was Cowgirl Creamery in the Bay Area. Especially when it would get very warm out, they discovered that Whole Foods and other retailers that they were delivering their cheese to would decline the cheese because it had gone bad in the truck. Some of this was user error, where the driver didn’t fully latch the truck or was opening it too much. So that was a use case where you needed continuous monitoring of your temperature in the truck.

(09:49):

And then that ultimately led them to exploring GPS so you could understand where the truck was when the temperature monitor started to go off and try to tie that to deliveries or where deliveries were declined.

And on the real-time customer feedback, back at Meraki, they had a section on the web page was what can we do better or what can Meraki do for you? And Sanjit jokes, “The most popular answer was ‘Bring me a sandwich’ or ‘Make me a sandwich.’ ” But they also got a lot of valuable feedback, and Samsara has been a very good company at listening to their customers. They saw that a lot of fleets were using dashcams already, but these weren’t networked to a network; they weren’t real-time. So if you had an accident, you’d go pull the memory card out and then go and start combing through the data. And customers were saying, “I wish you had a dashcam; this is a big use case for us.” And ultimately, that led to the safety. So being able to spot these patterns by being deeply embedded with customers is what’s led to the success and growth.

Kevin Murphy (10:52):

Why don’t you describe Samsara’s platform and how its components all work together, so that we aren’t leading listeners to believe that this is just a disjointed product iteration and manufacturing company.

Emerson Bluhm (11:04):

All these different hardware components, they’re just ways to get sensor data into the cloud. And then all that sensor data can be used on a common platform to generate value across the business. So helping operations and safety managers run their business more effectively and more efficiently and to think about ways to improve safety, improve their operations, and differentiate through better customer service. And it’s all based on the data that is being gathered onto that common platform that has multiple use cases and multiple sources of value.

Today, the business is about 45% the vehicle telematics; that’s the initial product that rolled out in 2015. It scaled really well, with over $500 million of annual recurring revenue, still growing north of 30%. The second big product is video-based safety. It’s a similar portion of the business, also $500 million, growing over 30%. The remaining 10% or so is mostly equipment monitoring, which can be things like trailers or temperature sensors. That is also growing at very attractive rates. And most customers are using at least two products.

(12:15):

So these customers, as they get more and more data across more and more of their operations, they get a lot of benefits from that. So things like vehicle performance, you can look at fuel consumption, engine health, get metrics on driver behavior, so harsh braking, rapid acceleration, things like that. And you can use that data to spot opportunities to lower your fuel consumption, optimize your maintenance, and reduce downtime of your fleet. So maybe you spot a certain driver, his route is taking too long or he is going into traffic. If you can spot these things, you can start to solve them.

The second big product is cameras in dash. They have both facing-the-driver cameras as well as outward facing. And these are primarily to deliver better safety value, protect the drivers, and help them make sure that they’re driving in the most safe way. So this is things like using AI to spot distracted driving. It can recognize if a driver looks tired or if he is looking at his phone, and it sends real-time nudges in the cab to alert them.

(13:16):

In the past, maybe you would have a safety course once your drivers get back to the office, which isn’t very often because they’re out in the field. And if you are trying to correct behavior way after the fact, it’s not nearly as effective. So the insight around real-time nudges as that behavior is happening has led to materially better safety outcomes for customers.

And the other benefit of the safety cams is driver exoneration. So if you are driving a big truck that has a big logo on the side, those fleets are targets for lawsuits. So someone that sees the truck driving down the road, sees the logo, “I’m going to claim that they hit me, and they’re why my rear bumper has been damaged.”

(13:59):

And now that you have cameras around the vehicle, you can see what the driver was doing. When there is an accident or there is a near miss, you can pull up Was the driver accelerating? Was the driver braking? Were his eyes on the road? Maybe they weren’t even near where this person is saying the accident was because you have the location, and so you are reducing the amount of lawsuits and settlements when you’re exonerating the driver, and that’s leading to big reductions on your insurance premiums. So you have safer drivers, fewer accidents, and save a lot of money on your insurance.

Segue Promo – Kevin Murphy (14:32):

This is Season Three of Sands Capital’s What Matters Most. Subscribe where you get your podcasts to get notified of new episodes, and join us as we go deep into the companies we believe will shape our future.

Before we move beyond that spot, I think that’d be a question a lot of people would have is: How do you get driver buy-in? On the surface, it looks like Big Brother is in the cab with you, and turnover in frontline workers is pretty high because they don’t like that kind of thing.

Emerson Bluhm (14:59):

Yes, we’ve spoken with customers and some unions like USPS have been a little more vocal about hesitation around using these sorts of tools. But, ultimately, the customers that do adopt it, they get a lot of buy-in from the drivers.

So, one, just to level set what is happening, when you do the real-time nudges, you don’t need to send an alert to the manager every time the driver glances at their phone or hits the pedal a little too hard. So it’s more of a one-on-one coach rather than we are creating an opportunity to discipline you.

Number two, there’s a lot of ways to use this in a positive way. So Samsara has built safety scores for drivers, like a driver’s FICO score. And you can gamify that, so having leaderboards at the office, providing special bonuses for drivers that get their safety scores up and figuring out ways to incentivize the best drivers rather than just focusing on the lower tier of drivers.

(15:56):

And then the biggest one, I think, is having the data to exonerate the drivers when they are falsely accused of creating an accident. So that helps build a better relationship between the management team and the drivers, and ultimately, customers see driver retention go up.

Kevin Murphy (16:14):

Great, and then the last category was equipment monitoring.

Emerson Bluhm (16:17):

So equipment monitoring, it’s like telematics for trailers and other equipment, so where are they? It’s surprising how often a trailer can go missing or if it’s misplaced. What’s the temperature? So doing more temperature sensing like in that Cowgirl Creamery example that we said. But it goes far beyond that.

If a crane is not on the job site at the right time or the right day, it can shut down the whole job, have a lot of losses for the different groups that are involved in that construction project.

It also matters for things like utilization. Are cranes being used 20% of the time, 80% of the time? And what does that mean for how many cranes we should purchase next year? And those are very big eight-figure capital equipment decisions.

And right now, before Samsara, they’re mostly being tracked in Excel documents, phone calls, not a lot of visibility as to where these are and whether they’re actually on the job site. And we see a lot more opportunity with equipment monitoring with the new asset tags that they’ve launched as well.

Kevin Murphy (17:18):

Talk a little bit about those because I think listeners will understand that particular product and may even be using something similar.

Emerson Bluhm (17:27):

So asset tags are pretty much like Apple AirTags that consumers will put on their keys or in their wallets. My first grader has one in his backpack for riding the bus. And Samsara’s are a much more rugged version with industrial-grade Bluetooth. So they can withstand the elements, they’re much longer range than consumer Bluetooth, and they can go through concrete. They’re able to get them to be very small because they don’t need a cellular chip inside. A few years ago, this would not have been possible, but the innovation here now with the size of this Samsara install base, all these Bluetooth asset tags can ping any Samsara cellular device that’s out in the world. So they have near-universal coverage across the U.S. of different trailers and trucks driving around with the telematics or safety gateway, and the Bluetooth can ping that whether or not it’s the same customer.

(18:24):

And we’ve  talked to a lot of customers that are very excited about this, and the potential is only limited by the customer’s creativity. And so as you get them in the field, I think we’ll see a lot of interesting use cases.

So one fertilizer manufacturer spent $150 million on seed boxes that they deliver to farmers with the fertilizer in them. These are $900 per box. They’re supposed to have a 20- to 30-year lifespan, so a big capital investment from this fertilizer manufacturer. But these are often lost or not returned.

The same company said it’s surprising how often they lose 25-ton rail cars that just get dropped off on a rail yard, and those can take weeks to find. Again, these are mostly just being tracked in spreadsheets about where they got last dropped off, but those can become outdated real fast.

Similar to the crane example, even if the crane is on-site, there might be a smaller part, like a hook, that if it’s not in place, it can shut down the entire job site. So having visibility into that matters a lot.

Kevin Murphy (19:29):

Before we move on to the ROI of each of these products, talk about how they’re all tied together through software because I think that’s one of the key components of this business. So not just knowing where things are but being able to make real-time decisions based on that data.

Emerson Bluhm (19:44):

Yes, Samsara makes it very easy to come up with insights, create dashboards, and monitor your operations in real time. And there’s been a few interesting evolutions of this over the last few years. One, it’s become much more integrated into other tools those customers are using, so over 300 integrations into other systems. These can be things like payroll systems, so you have the timesheet data from Samsara, the actual hours of service, you can integrate that into your payroll, maybe skip timesheets. It’s plugged into the ERP system, so then you can do things like better tax optimization based on the location of where your job sites are and where the assets are.

(20:25):

More recently, they’re coming out with different modules, such as understanding which parts of my fleet might be best for electrification. So each vehicle in the fleet, what is its typical daily route, how far is that? What is its miles per gallon? If you have a truck that’s only getting five miles per gallon, only has a 50-mile trip that it does every day, that is a good candidate to be electrified and a lot of benefits if you do that. So they can show you what that ROI would look like for that specific truck, and that’s all the value you get from the analytics that you can run on the data that you’re aggregating.

Kevin Murphy (21:00):

Let’s talk about the ROI of the product. Maybe give us some specific examples of how real customers are benefiting from this.

Emerson Bluhm (21:07):

Before we get into the specifics of ROI, I’d like to highlight that the operations budgets at these customers are massive. And even a small percentage of ROI on these big dollar amounts can drive large absolute values of savings. Samsara’s large customers are spending tens of millions a year on fuel, a similar amount on insurance, and tens of millions on capex when they don’t know the utilization rate of these assets. So if you can tweak the needle even a few percent, your savings can be in the millions of dollars. That creates an opportunity for very significant ROI from Samsara’s products. And looking across the board of all the software research we do, I think it’s one of the best ROIs we see in software.

(21:50):

Another company, Liberty Energy, since they knew where their equipment was and where their job sites were at what time, and what revenue was associated with that, they were able to optimize their tax structure for each jurisdiction. So that led to $10 million in savings.

Another example is since you know when your delivery is made, when it’s handed off to the customer, and it’s plugged into your ERP system, you can reduce the amount of time to cash collection, the amount of manual effort you have to put into invoicing that customer. Ultimately, that can be seven- or eight-figure dollars’ worth of savings as well.

Kevin Murphy (22:25):

I think we’re heading in this direction, but talk to us about the vision over the next 10 years. What’s the long-term growth opportunity for the company?

Emerson Bluhm (22:34):

So I mentioned earlier, toward the start of the call, that Samsara is currently $1.2 billion in annualized revenue. It’s demonstrated some of the best product market fit and ROI of any software. So this is a company that we’re really excited about based on what they’ve proved so far, but we still see a very long runway for growth.

We think there are about 35 million commercial vehicles in North America, more than double that in Europe. Trailers and connected equipment—we don’t really have the data on, but talking to customers, there’s usually multiples of the equipment and trailers to their actual vehicles. According to the third-party data, less than half of commercial vehicles are using telematics today. Samsara only has a mid-single-digit portion of that market share, and the rest of the market is split across 45 companies. So relatively low adoption overall, and then a fragmented competitive base, most of which is legacy software that Samsara is replacing every day.

(23:31):

And safety, it’s a much newer technology since you needed 4G internet, better cameras, and the cloud to stream this data. So third-party data suggests that 90% of commercial vehicles don’t have anything, and Samsara is only a mid-single-digit portion of that market. So combining those, we think they only have mid-single-digit million vehicles in the installed base out of what should be a 100 million vehicle opportunity before getting into trailers and connected equipment.

Kevin Murphy (24:01):

Maybe just give us a quick overview of what their revenue stream looks like. Is it subscription-based, recurring revenue? Is it one-and-done software and component sales? How does that look?

Emerson Bluhm (24:13):

So Samsara is entirely a subscription-based revenue. Customers will buy a combination subscription to the hardware and the software associated with that. These are typically three- to five-year contracts. And it’s sticky, so not a lot of cancellations, very high rates of gross retention (high 90s), so very little churn. And then, since they are selling more into that customer base every year just from more vehicles as well as more products, the net expansion rate has averaged about 115% per year. So that’s how much they’re growing within the installed base then of that churn every year.

(25:08):

Can we drill down a little bit more on how Sands Capital thinks about the AI angle? I would imagine there is one here with Samsara.

Emerson Bluhm (25:18):

We see a big opportunity for our software leaders to use the AI innovation from the foundation models, leverage open AI tools, leverage Llama, and build it into their products in a way that supercharges what they can do. And Samsara should be able to benefit from this.

So when you have your tentacles everywhere in a vertical, there are a lot of ways that you can create value and create more product. Samsara’s customers are still using a lot of pen and paper, spreadsheets, phone calls, and emails to run their business.

We see a very large opportunity. We’re still very early, but they’ve come out with two products.

One is what they call connected forms. And you can think about the typical day of a driver. There’s multiple forms they fill out; they have a vehicle inspection report; and they have delivery sign-off. Their bosses have various things around procurement, doing gate checks, holding requests, and trying to communicate to their customers.

(26:18):

And this is all done in pen and paper, and someone has a big filing cabinet, spending all day collecting all these vehicle reports partially for compliance purposes. And that’s someone’s job, not the highest value-add way to do it, and you introduce a lot of errors when you do that. So starting with connected forms, making it a digital process to do something like vehicle inspection reports, reducing that manual effort that has to be done to file that. We’re about a year into this, but we’re already hearing a lot of positive feedback from customers.

The second one is taking this a step further with connective workflows, where something happens, and you need to take an action across multiple services. So one example would be the driver notes a broken mirror during his inspection report, a connected workflow would send that over to maintenance, start a maintenance workflow where you are getting that truck scheduled to come in. You are setting off a workflow where: Do we need to rearrange where our fleet is to account for this one truck being out of the field that day? Do we need to alert any customers?

(27:22):

So there are lots of things that might flow through from that one broken mirror—a lot of different workflows that need to happen. This is all greenfield today. A lot of customers we talked to have been looking for something like this, wanting something like this, or even trying to build something like this, mostly unsuccessfully doing a custom project with a services organization in a big IT project. But this just works. I’m already hearing very positive feedback.

Kevin Murphy (27:49):

Let’s talk a little bit about who the competitors are and why Samsara, in your mind, will be the winner.

Emerson Bluhm (27:57):

Yes, as I mentioned earlier, we’re so early in this market that safety is less than 10% of commercial vehicles fragmented across 10 competitors. Telematics, you’re in the mid-40s in terms of penetration across a competitive set of 40, most of whom Samsara is competing with and replacing on a daily basis. It’s legacy technology that is 20 to 30 years old. And generally, the feedback that we get is they aren’t as scalable; they aren’t as performant; and they’re tougher to install versus Samsara. Samsara feels much more modern, much easier to use. It’s a much easier installation process. The speed of the installation really matters because if your trucks are not in the field, they’re not generating revenue for you. So that is a meaningful consideration. Then, there are considerations like how large of a fleet the product can scale to. So Samsara has proven out thousands and now tens of thousands of fleets being able to scale up to the largest fleets around the world, and not all of their competitors have done that.

(28:56):

A second advantage, in addition to just being the better core technology from starting later, is they have the most comprehensive platform. So what we typically see is bundled approaches where you have a different vendor for safety that’s loosely integrated, but it’s never going to be as natively integrated as if it comes from the same vendor. So you’ll have a vendor for safety, you’ll have a vendor for in partnership with the telematics, but you’re not going to get the same seamless experience that you do with Samsara having one dashboard to analyze all this data in the same quality way.

(29:30):

One more point I’d highlight is: These companies, it’s increasingly not just about cost takeout. As Samsara becomes broader and can do things like plug into customer service, it’s increasingly a revenue driver and competitive differentiator for their customers.

So we talk to carriers that are competing for new sorts of business or differentiating because they have better customer service and more real-time updates to their customers. They’re using things like geofencing from Samsara, where you can only open the truck in this specific location and can’t open it before. That opens up new use cases for customers to win pharmaceutical business where the chain of custody is critical.

Kevin Murphy (30:13):

Emerson, you’ve described a lot of what there is to like about this business. Let’s play devil’s advocate here, what could go wrong with this growth path?

Emerson Bluhm (30:22):

We consider Samsara a very high-growth business. It commands a premium valuation where a lot of the support for that valuation is years off in the future. So what we spend a lot of time thinking about and considering is what is the company’s opportunity? What is the sustainable competitive moat? How is this going to evolve over five-, seven-plus-year periods for us? And so we spent a lot of time thinking about what ways could that competitive moat erode. Maybe new entrants, maybe some of the early-stage private companies that are more modern can accelerate or differentiate in a way that impairs Samsara’s growth. Or maybe we are overestimating the TAM [total addressable market], and it’s not a 100 million vehicle opportunity, so the serviceable addressable market is something much smaller. So that would cause our growth expectations to fall short, the business to decelerate more than we anticipate and more than is currently reflected in the valuation.

Kevin Murphy (31:17):

Well, Emerson, this has been a fantastic dive into a world that I think not many are aware of or privy to, though it does impact their daily lives as they drive down a freeway, sit at an airport, and things like that. And it’s one of the, I think, more exciting companies we’ve come across. So I really appreciate you taking the time to walk us through Samsara from your perspective. Hopefully, people listening to this podcast have gotten a taste of what truly innovative businesses look like.

Emerson Bluhm (31:47):

Thank you, Kevin.

Kevin Murphy (31:48):

Samsara is one of many companies that excite us at Sands Capital, and we look for companies that prioritize innovation and that have the competitive advantage and leadership it takes to sustain strong growth over time. We dive deep, get to know the companies intimately, and invest only when we have strong conviction. Listen to future episodes and learn about other great growth companies our research has unearthed and the insights that give us the confidence to invest in them for the long term.

Disclosures:

The featured podcast portfolio companies represent a subset of Sands Capital holdings that illustrate the types of businesses in which we typically invest. Companies are selected on a rotating basis to highlight different sectors and geographies. The views and opinions expressed herein are those of individuals and may differ from the views and opinions expressed by Sands Capital. Views are current as of the recording date, are subject to change, and are not intended as a forecast, a guarantee of future results, investment recommendations, or an offer to buy or sell any securities.

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