🌻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-$55m for the fiscal year that ended June 30.
The path to profitability for many of these companies was to achieve massive scale, analysts said.
https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972
Pictures: 一葉知秋; from EarningsWhispers
同時也有1部Youtube影片,追蹤數超過338萬的網紅Tina Yong,也在其Youtube影片中提到,In this episode of Tina Tries It, I get my boyfriend Alfred to try out some Animal Face Masks with me! It's hilarious! Get 5$ off your first iHerb o...
tax credit us 在 文茜的世界周報 Sisy's World News Facebook 的最佳解答
0713紐約時報
*【F.D.A美國再對嬌生新冠疫苗發出安全警告】
F.D.A檢測到,嬌生疫苗可能會導致一種罕見的神經疾病:Guillain-Barré syndrome。在美國已接種嬌生疫苗的近1300萬人中,官員們確認了約100宗疑似病例。不過,當局認為,這一概率極低,嬌生疫苗的整體好處大過風險。
https://www.nytimes.com/2021/07/12/us/politics/fda-warning-johnson-johnson-vaccine-nerve-syndrome.html
*【美國衛生部確定 現階段輝瑞不必打加強劑】
美國主管部會與輝瑞開會後表示,已經完全接種兩劑新冠疫苗的美國人,不需要追加第三劑。這場高層的線上會議持續了一個小時,輝瑞公司的首席科學官向聯邦政府的幾乎每一位頂級醫生作了簡報。就在同一天,以色列開始向心臟移植患者和其他免疫系統受損的患者注射第三劑輝瑞BioNTech疫苗。官員們在會議結束後表示,在監管機構確定是否有必要加大注射力度之前,還需要更多的資料,可能還需要幾個月。
https://www.nytimes.com/2021/07/12/us/politics/pfizer-booster-shots.html
*【Covid-19實時更新】
法國下令為衛生工作者接種疫苗,作為防止另一波新冠病毒浪潮的努力的一部分。為了應對可能出現的冠狀病毒感染浪潮,法國總統馬克洪宣布新的疫苗接種要求,包括對衛生組織工作者的強制性接種以及免疫證明或最近進入餐館和文化場所的陰性測試。
#強森表示,英格蘭將在7月19日取消大部分Covid 限制。隨著冠狀病毒感染再次激增,英國首相強森敦促英國人,在擁擠的室內空間繼續戴口罩,儘管他承諾下週將解鎖英國經濟並取消幾乎所有與病毒相關的限制。
#以色列衛生部發布指導方針,為免疫系統受損的人注射第三劑兩劑輝瑞-BioNTech 冠狀病毒疫苗,理由是最近幾週感染率不斷上升,以及越來越多的證據表明這些人沒有足夠的兩劑後產生抗體。
#中國國藥疫苗和科興疫苗被納入COVAX計畫。全球疫苗免疫聯盟宣佈,已與這兩家中國公司簽訂了首批新冠疫苗的購買協定,國藥和科興將在三個月內交付1.1億劑疫苗,並可選擇在未來交付更多。COVAX是一項旨在向貧窮國家捐贈疫苗、促進疫苗在全球平等分發的計畫。
#疫情大流行造成南亞成千上萬失業,或無法返回國外工作的農民工來說是一個殘酷的打擊。
#財政部長葉倫表示,擔心冠狀病毒變異可能會破壞全球經濟復甦,並呼籲緊急推動在世界各地為更多人接種疫苗。
#馬爾他將從周三開始禁止 12 歲以上的遊客進入該國,除非他們完全接種了冠狀病毒疫苗,這是歐盟第一個實施此類限制的國家。
#週一,由於病毒病例激增,西班牙的兩個地區開始重新實施限制措施。包括巴塞羅那在內的東北部地區加泰羅尼亞宣布,由於該國感染率最高,酒吧將提前關閉,私人聚會僅限 10 人。
#衛生官員周一告訴路透社,伊拉克南部納西里亞的一家冠狀病毒醫院發生火災,造成至少 39 人死亡,20 多人受傷。
#澳洲雪梨官員警告說,該市的封鎖可能會延長,因為冠狀病毒的高傳染性Delta變種的爆發沒有放緩的跡象。
https://www.nytimes.com/live/2021/07/12/world/covid-coronavirus-updates
*【僵持數月後,台灣與BioNTech達成疫苗購買協定】
BioNTech將向臺灣提供1000萬劑新冠疫苗,但這是一項複雜的交易:疫苗將由台灣本土企業巨頭台積電、鴻海及其創始人郭台銘設立的永齡基金會通過瑞士公司裕利製藥向上海復星進行購買,然後捐贈給台灣政府。復星製藥是BioNTech在中國大陸和港澳臺生產和分銷的合作夥伴。台灣官員表示,此前向BioNTech直接購買疫苗的談判因未指明具體原因的“大陸干預”而擱淺,北京則否認了這一點。
https://www.nytimes.com/2021/07/12/world/asia/taiwan-biontech-vaccine.html
*【泰國將為已接種科興的醫護人員提供混合疫苗】
該國衛生部長表示,接種了一劑科興的人應在第二劑轉種阿斯特捷利康,完成兩劑接種者應“立即”接受加強注射,以“更快提高對病毒的免疫力”。泰國是最新一個質疑科興疫苗有效性的外國政府,自4月以來,該國有超過600名完成科興疫苗接種的醫護人員被感染,其中一名護士死亡,另一名醫護人員病情危重。印尼上周也宣佈,將為已接種兩劑科興的醫護人員提供莫德納作為加強劑。
https://www.nytimes.com/2021/07/12/world/asia/thailand-chinese-sinovac-vaccine.html
*【美國計畫發放兒童津貼,每孩每月最多300美元】
根據這一政策,除了最富裕的家庭外,大多數家庭的每個孩子都有資格每月獲得不超過300美元的稅收抵免或補貼。專家估計,這筆款項將使兒童貧困減少近一半。這將是美國社會福利政策的一個里程碑,使美國與其他許多富裕國家接軌。
https://www.nytimes.com/2021/07/12/us/politics/child-tax-credit-payments.html
*【古巴爆發大規模示威活動,抗議經濟危機】
數十年來規模最大的抗議運動正在席捲古巴,成千上萬人在周日走上街頭,抗議被大流行加劇的停電、食品和藥品短缺。古巴政府將其長期存在的經濟問題歸咎於美國的貿易禁令;拜登則呼籲古巴政府聽取示威者要求,表示“我們與古巴人民站在一起”。
https://www.nytimes.com/2021/07/11/world/americas/cuba-crisis-protests.html
*【美軍駐阿富汗最高指揮官離任】
在喀布爾的美國和北約聯軍總部舉行的低調儀式上,奧斯丁•米勒結束了他近三年的指揮官任期。出席儀式的美國中央司令部司令麥肯齊向在場的人保證,美國人沒有拋棄阿富汗人民。這一儀式舉辦前,塔利班再次發動軍事進攻,佔領大片地區。
https://www.nytimes.com/2021/07/12/world/asia/afghanistan-us-general-steps-down.html
*【海地動盪加劇,總統暗殺疑雲仍未解】
警方逮捕了一名在海地出生、目前常駐佛羅里達的63歲醫生,稱其正密謀接任總統,雇傭私人保安公司策劃謀殺。當局還逮捕了至少20名哥倫比亞人,稱其為“外國雇傭兵”。但公眾對官方的說法普遍持懷疑態度。許多人想知道,襲擊者是如何繞過海地安全部隊進入總統宅邸,在沒有其他人死亡的情況下完成暗殺的。
https://www.nytimes.com/live/2021/07/12/world/jovenel-moise-assassinated
*【國安法觸發香港移民潮:他們離開故土,在英國開啟新生活】
國安法生效以來,很多香港人放棄原有的生活,移居英國。面對經濟壓力和融入當地社會等多重挑戰,新移民們通過互助組織、網路群組來説明彼此適應全新的生活。
https://cn.nytimes.com/china/20210712/hong-kong-migrants-london/
*【尼泊爾最高法院剝奪總理職務,並恢復兩度被解散的議會】
目前尚不清楚法院的裁決是否會平息尼泊爾自君主制向民主過渡中的最新政治動盪。反對派領導人對此表示歡迎,稱其為尼泊爾憲法的勝利。但總理奧利的支持者認為,總理的人事任免權在議會,法院無權這樣做。
https://www.nytimes.com/2021/07/12/world/asia/nepal-prime-minister-kp-sharma-oli.html
*【美國西部熱浪再次來襲,野火蔓延】
西部夏季的第三次熱浪的高溫,助長了快速蔓延的野火和對停電的擔憂。酷熱迫使加州、內華達州、猶他州和其他西部各州的餐館和戶外疫苗診所關門,一些城市的氣溫達到華氏118度,人們紛紛湧向避暑中心。比如科羅拉多州週末的最高氣溫達到了華107度。鹽湖城機場104度,創歷史新高。加利死亡谷週五華氏130度的高溫這可能是地球上的最高溫度紀錄。
https://www.nytimes.com/live/2021/07/12/us/us-heat-wave
tax credit us 在 Engadget Facebook 的最讚貼文
Labor requirements would limit credit for many cars, however.
tax credit us 在 Tina Yong Youtube 的最佳貼文
In this episode of Tina Tries It, I get my boyfriend Alfred to try out some Animal Face Masks with me! It's hilarious!
Get 5$ off your first iHerb order with code DZQ349:
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Products Used:
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SNP, Animal Tiger Wrinkle Mask
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Music: Sea of Mars Jahzaar
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