Notes from skimming 2023 shareholder updates
January
Metrics notes
- Started with a reminder to expect higher pace of MRR decline for a few months, as we introduced legacy migration
- But had strong growth in leading indicators
- And a small net profit for January
Updates
- Mastodon
- Twitter API changes
February
Metrics notes
- Pace of MRR decline slowed significantly over 3 months
- MRR decline was -1.87% in December, -1.38% in January and now -0.60% in February.
- Reminder on what the migration hub is, and why it led to the declines
- Growth of MAU
- Solid runway
Updates
- Banking position / no significant exposure to SVB
- Launched AI assistant
- Launched integrations in Ideas
- Post previews for IG, FB, LinkedIn
March
Metrics notes
- Strong growth in MRR +0.21%
- Increases across the board other than small decline in paying customers
- Indicated we may be seeing the bottom of our decline
- MAU increased 7 of the last 8 months, up 13% overall in the 8 month period
- Mentioned diligence it took to get to growth
- Runway strong at 53 months
- Celebrated coming into decline with profitability and healthy cash balance, and avoided layoffs while prevalent across industry
Updates
- AI updates - highlighted text and new prompts
- Keeping Buffer Free campaign
- Stripe Checkout for tax collection
- Upwards manager reviews
April + May
Metrics notes
- Made VAT payment, dropped bank balance
- Still 58 months runway
- Described growth situation as “holding pattern”
- Pointed out declines are caused by legacy, while New Buffer growing solidly
Updates
- Revamped Zapier integration
- Stripe Checkout and Stripe Tax
- AI in the main composer + post suggestions
- Instagram Stories scheduling
June
Metrics notes
- Holding pattern continues and actually a slight increase in MRR
- Keeping an eye on customer decline, but is tied to legacy declining faster than New Buffer growing. Expect growth in second half of the year.
- Solid runway, 62 months
Updates
- YouTube Shorts
- Revamped Post Analytics
Included Q2 reflection
July
Metrics notes
- Another month of slight growth
- Feels clear we’ve stalled our decline and on way to growth months ahead
- 61 months runway
- Stated plan to keep team size stable to get back to profitability
Updates
- Build Week
- Buffer Suggestions
- Open Beta
- Referral Program
August
Metrics notes
- Moved from Net Income Before Tax to Net Income (simplicity)
- Started passing along sales tax and VAT to customers, should improve numbers
- Another month of small growth
- Keeping an eye on decline in customers
Updates
- Facebook Reels scheduling
- Mailchimp email capture for Start Page
- Start Page incident with Meta
September
Metrics notes
- Another flat month with tiny decline
- Seeing customers decline faster than we’d like
- MAU decline, want to see it grow
- With consistent net loss of ~$50k for a few months, close to breaking even
- Stated belief we can break even again in the next year and start to see profitability and growth in profit margin:
- With a consistent net loss of around $50k in the past 3 months, we are close to breaking even. With some slight growth as well as a little diligence in our expenses, we believe we can break even again in the next year, and start to see profitability and growth in the profit margin. This is important to us for our goal to exist and thrive for the long-term.
Updates
- Notes
- Quick Navigator
Included Q3 reflection
October
Metrics notes
- Completely flat, 0.00% change
- Seeing flat phase continue
- Conducted a stock buyback and shared it
- Bank balance decline due to stock repurchase
- 32 months of runway (but includes stock buybacks)
- New Buffer crossed $1m MRR
Updates
- AI Assistant update - becomes social media smart
- Tags and upgraded organization features
- Exec team meetup
- Operating Principles