關於 execution of ，我們在網路上蒐集到這些相關的討論、資訊與評價

閱

🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.

這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html

(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).

關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.

分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".

分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.

🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.

Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.

產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.

Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."

🌻SPAC熱潮退卻，初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示，在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%，市值回落幅度上個月一度超過1,000億美元。"

"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金，以及許多對沖基金、養老金管理公司和其他一些投資者，都在SPAC的回落中遭受了衝擊，他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場，所以現在仍坐擁可觀收益。事實上，SPAC市值仍有約2,500億美元，高於一年前的約1,000億美元，反映出這期間股價上漲和新公司上市的影響。

但即便如此，今年年初令人炫目的回報還是讓許多後來者做了接盤俠，扎堆投資所謂穩賺不賠的領域，其永恆的風險可見一斑。在過去的幾個月裡，一些投資者眼睜睜看著帳面財富縮水。"

"股價下跌會在SPAC領域形成惡性循環，因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價，投資者就更有可能這樣做，而許多SPAC的股價現在正處於這樣的水平。目前，在尚未宣布併購交易的空白支票公司中，超過95%的公司股價低於發行價。

投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少，讓其更難實現業務目標，並可能加劇股價跌勢。"

https://on.wsj.com/3n6JznC

🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.

The path to profitability for many of these companies was to achieve massive scale, analysts said.

https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972

Pictures: 一葉知秋; from EarningsWhispers

#DesignerHighlight: Our Interior Designer, Dominic Cheung @thearchigent , aspires to inspire and uplift the lifestyle and comfort of people through creating humanistic and sophisticated space. He believes only by juxtaposing the old and the new – from materials to furniture – can we craft a story with space and time.

Started as an interior designer after graduated from the School of Design in Hong Kong Polytechnic University, he has developed the skills and sensibility in designing and realizing well-articulated space that connects people – from understanding client briefs, presenting design proposal, producing tender & construction drawings to managing project execution on site.

To work on architectural projects of a larger scale, his recently awarded degree in architectural design from Welsh School of Architecture in Cardiff University allows him to expand his scope of work from crafting interior to building exterior. #jjacunabespokestudio

So pumped to get the first vlog for The Stone House Project LIVE! And just like that we start all over again...back to the planning phase of it all - if you get this right, if you nail all the little details, execution will be that much easier ??????

So much more to come, I hope you join me for this awesome build!

And if you're looking for more renovation information, I am adding a blog component this year - the first one is already up with links to my plan sets, engineering calculations and my entire scope of work...you can check it out here: https://www.thebuild.tv/stone-house-project

#TheBuildTV #LoveTheProcess #StoneHouseProject
___________________________
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Download FIO fitness app here: https://www.fiolife.com/ SUBSCRIBE: http://bit.ly/SUBJoannaSoh | Follow my IG: https://instagram.com/joannasohofficial/
What's your 2021 Fitness Resolution? Let me know below!

Happy New Year!! How many of you have set fitness resolutions in the past? Have you achieved it? Or have you just forgotten about it? According to a study, 60% of people give up on their resolution by February. By March, a whopping 80% have totally let it go.

I don’t want you to be one of the statistics. I want you to be part of that 20% who succeed and I know you can do it. I’m going to share with you 7 Ways to Actually Succeed in Your Fitness Resolution.

1) Find Your “Why”
2) Get Specific About Your Goals
3) Write an "Action & Give" List
4) Start Small and Build Momentum
5) Surround Yourself with Like-Minded People
6) Track Your Progress
7) Make it Your Lifestyle

I believe that achieving our goals isn’t about willpower. It’s about developing the right skills and strategies and with the right execution, it will lead to success.

Let me know what’s your fitness goal in the comments below and how you plan on achieving that. This is your space, so I’d encourage you to leave your comments regularly and keep me updated in your progress.

________________

30-Day Full Length Home Workouts to Get Fitter & Stronger: https://www.youtube.com/playlist?list=PLyP8pbBMxcshzvTtHfSwHtA2VFXERbFzN

Weight Loss Tips: https://www.youtube.com/playlist?list=PLyP8pbBMxcsjSQjf_2V8ZJku_njMfh_Zm

Weight Loss Meal Plan & Recipes: https://www.youtube.com/playlist?list=PLyP8pbBMxcsiVZKn2idlOzVppEmkQuXBp

Abs & Core Workout: https://www.youtube.com/playlist?list=PLyP8pbBMxcsi0MwwHzR5tWUjphLt7vt5q

Crazy Workout Challenges: https://youtube.com/watch?v=g83v1m2P4_g&list=PLyP8pbBMxcsgw079OkBK0o-sjKzX4qE0Jm

________________

Record a video or take a picture of you doing the workout, tag me @JoannaSohOfficial #JSohActive
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I'm a certified Personal Trainer (ACE), Women’s Fitness Specialist (NASM) and Nutrition Coach, with over 10 years of experience.

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7 Steps to Finally SUCCEED in Your FITNESS Resolution 2021 | Joanna Soh

「晚安」

最後我只這樣說。聊天室的燈終於暗下，光暈沿著你的輪廓慢慢緊縮，直到整個房間完全暗去，只剩下我，和每一個同樣的靈魂。

〈熄燈時間〉 數位收聽 ➔ https://orcd.co/OFFLINE_

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我在要給你的句子裡灑了一些香料，試完剛剛好的味道，烹調出一份完整的情感；可惜心臟到指尖的距離太遠，暖騰騰的文字在端往你的路上，早就涼透了一半。

第不知道幾次，還是沒有按下訊息的傳送鍵。因為害怕你說出我不能理解的語言，所以把想告訴你的話全部留在心臟裡。

城市已經睡熟，手機設定好鬧鐘就關上螢幕了。電腦放在有點遠的地方，你的姓名和聊天室的在線燈，一起在眼裡慢慢失去焦距，直到光暈佈滿整個房間。你點亮了我—類似的那些話我還沒連著晚安一起告訴你，就抱著手機一起睡著了。

每個故事在最一開始都有屬於它的命運，而我向來是相信這回事的人。不知道和你之間是什麼樣的路、或者關係有沒有明確的定義，只是在這麽安靜的晚上，熄燈之後的所有時間，我還能像這樣遠遠地朝你的方向望去，大概也是一件很美好的事情。

我把香料濾出那些句子，只剩下純粹簡單的味道，然後從喉頭用盡全力吞嚥下肚。

「晚安」
最後我只這樣說。聊天室的燈終於暗下，光暈沿著你的輪廓慢慢緊縮，直到整個房間完全暗去，只剩下我，和每一個同樣的靈魂。

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〈熄燈時間〉

說晚安 晚安
最後 燈 捨不得關
等待的人 空泛的夜
把燈關了 卻還是又亮著
靜看寂寥一樣沈重

夜 不 再
眼睛還離不開
夜 不 再
就清醒地腐敗

設定熄燈時間
設定熄燈時間
設定個制約
閉上每個字眼
來 被黑暗淹沒

最後的 晚安
想跟著誰 一起入睡
手中的窗 依然不眠
有我的事 有他人的事 就
見沒人願意沈默
想太多 別說破

夜 不 再
眼睛還離不開
夜 不 再
就清醒地腐敗

設定熄燈時間
設定熄燈時間
設定個制約
閉上每個字眼
來 被黑暗淹沒

Why
怎麼這個時間燈還亮著
怎麼思緒比白天還亂呢
不知道該把燈關了還是躲進棉被裡頭
滑開手機看誰在線上
還沒有睡呢 我想跟我一樣
不敢輕易掉進夢裡
害怕那些惡夢畫面太衝擊
只能蜷縮在角落裡嘆嘆氣

好的壞的只想要你懂
胡扯附和只為了互動
這氛圍太優美
我直接闖進你周圍 待在你夢境裡偷窺
說了太多 太過失控
簡單來說 就像夢遊
我說拜託 別再失蹤
約好帶我 舊地重遊

夜 不 再
待在窗前俯瞰
夜 不 再
任由刺眼無奈

設定熄燈時間
設定熄燈時間
設定個制約
閉上每個字眼
來 被黑暗淹沒


───────工作人員名單 ───────

演唱：羅莎莎、HowZ
詞 Lyrics：張伍 Chang Wu、HowZ、羅莎莎 Sabrina Lo
曲 Composition：羅莎莎 Sabrina Lo、 HowZ

音樂製作
製作統籌 Executive Producer：羅莎莎 Sabrina Lo
製作人 Producer：阿蘭 Alan Chou
配唱製作 Vocal Producer：阿蘭 Alan Chou
編曲 Arrangement：阿蘭 Alan Chou
合聲編寫 Backing Vocal Arrangement：阿蘭 Alan Chou
合聲 Backing vocals：羅莎莎Sabrina Lo
樂器演奏 Instrument：阿蘭 Alan Chou
錄音工程師 Recording Engineer：周均 Leo Chou
混音工程師 Mixing Engineer：周均 Leo Chou
錄音/混音助理 Recording & Mixing Assistant：徐昕 Vivian Hsin Hsu
錄音室 Recording Studio & 混音室 Mixing Studio：追夢者娛樂整合 @TDP STUDIO

OP:任意門娛樂股份有限公司
OP: HM International Music Inc.
OP:存在影像工作室
SP: Sony Music Publishing (Pte) Ltd. Taiwan Branch
SP: HIM Music Publishing Inc.
TWEL52020007

MV製作
導演 Director：1955
製片 Producer：YUE TANG
美術指導Art Director：1955
造型師 Stylist：YUE TANG
攝影師 Director of Photography：劉靖元
攝影大助 Focus Puller：巧克力
攝影二助 2nd Assistant Camera ：Minyuan Su
燈光師 Gaffer：劉靖元 Minyuan Su
剪接師 Editor：OWEN DAWNER
調光師 Colorist：黃群耀
字卡設計 Graphic Designer：blindvice_messwith
劇照師 Still Photographer：OWEN DAWNER
製作公司 Production：MADEOFMORE
演出 Cast：羅莎莎Sabrina Lo、HowZ

羅莎莎 Sabrina Lo
藝人經紀 Artist Management：林峻立 Lee Lin
藝人經紀執行 Artist Management Executive：吳優 yuuko wu
企劃執行 Planning Execution：吳承祐William
髮型師 Hair Stylist：Lesley Wu (ZOOM Hairstyling)

HowZ
經紀公司 Artist Agent：NXWV
藝人經紀 Artist Management：J
妝髮 Hair & Makeup：Zach Wang 、小斐



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羅莎莎 Sabrina Lo
Facebook｜ https://www.facebook.com/losasa720/
Instagram｜https://www.instagram.com/sasanitenite/
Weibo｜https://weibo.com/u/3986907441
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#羅莎莎 #熄燈時間 #Offline