🌻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
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The accelerating pace of digital transformation has raised consumer expectations to unprecedented levels, and is causing every organization to rethink how they engage with their customers. According to a recent survey by IDC¹, 72 percent of businesses reported that improving document processes would increase customer satisfaction, yet 80 percent of those processes still rely on paper. Companies focused on great experiences can no longer afford to be mired in document processes that are slow and inefficient. Their customers need and want a better way.
Adobe (Nasdaq:ADBE) today unveiled the first integration between Adobe Sign and Adobe Marketing Cloud, eliminating the cost and frustration of manual, paper-based process for enrollment, onboarding and servicing across the customer journey. Adobe Sign (formerly Document Cloud eSign services) features an upgraded and modernized mobile app experience, and works seamlessly with Adobe Experience Manager (AEM) Forms - a key part of Adobe Marketing Cloud - helping organizations to go completely digital with anything from credit card applications to government benefit forms or medical forms. And building on widespread adoption in Europe, Adobe is rolling out new data centers and meeting the most stringent legal requirements in the EU, part of a global expansion that will continue through 2016.
Adobe also announced new Document Cloud storage integrations with Box and Microsoft OneDrive, which make it easier to access and work on PDF files from anywhere, as well as new features for Adobe Acrobat DC subscribers, delivering on the promise of ongoing innovation and value through Document Cloud.
“Every company and organization should be laser-focused on delivering the best customer experience possible, and the best experience does not involve paper,” said Bryan Lamkin, executive vice president and general manager, Digital Media at Adobe. “Today we further strengthen the value that Adobe Document Cloud and Adobe Sign bring to our global customers as the only complete solution that transforms paper-based transactions into 100 percent digital workflows.”
“Talking to businesses and partners around Asia Pacific, I see a real sense of urgency around transforming customer experience by making it seamless, pain-free, and accessible across all devices and touchpoints,” said Michael Stoddart, Director of Digital Media, Adobe Asia Pacific. “In its annual predictions for 2016, IDC believes that by the end of the year, 60 percent of the top 1000 enterprises in APAC will have digital transformation (DX) at the center of their corporate strategy, with a majority even creating an independent position to oversee the DX strategy implementation. Adobe is working with businesses across the region to help them create points of differentiation by making their core processes more customer-centric.”
At the heart of Document Cloud is Acrobat DC, the world’s best PDF solution; Adobe Sign, the leading e-signature solution that allows anyone to electronically sign and send documents from any device; and powerful companion mobile apps. More than six billion digital and electronic signature transactions are processed through Document Cloud each year, including global businesses like AmerisourceBergen, The Royal Bank of Scotland and Verizon and businesses in Asia Pacific like Stratton, one of Australia’s largest car and asset finance brokers, which rely on Document Cloud and Adobe Sign for fast, secure and mobile e-signatures.
“At Royal Bank of Scotland, we put our customers’ experience first when rolling out new services to make their lives a little easier,” said Ankit Chhajer, Digital Lead – Customer Experience and Sales Innovation, Royal Bank of Scotland. “Building on our broad adoption of Adobe Marketing Cloud, we are now turning to Adobe Document Cloud and Adobe Sign to create an elegant, hassle free customer experience that rivals none other.”
“Electronic signatures have reduced paperwork turnaround time from days to minutes, helping sales consultants finalize financing quickly,” said Andrew Lawrence, Software Development Manager, stratton. “Technology has always been a way for us to set ourselves apart, and we expect the new integrations in Adobe Sign will offer critical business services that we can use to close deals faster.”
Introducing Powerful New Capabilities with Adobe Sign
Adobe Sign is the fast, easy, secure way to bring trusted e-signatures to every organization and department including HR, sales, IT, legal and procurement, to name a few. New functionality includes:
· Transforming digital experiences – The integration between Adobe Sign and Experience Manager Forms turns complex, form-based processes into simple, engaging, mobile-optimized digital experiences across the entire customer journey. This includes how a person discovers the right form that they need, fills it out easily and successfully on any device, electronically signs it, and gets status updates once it is submitted. Using the integration between Adobe Sign and Adobe Marketing Cloud, organizations can provide responsive, adaptive experiences, enable personalization to continually improve the user experience with Adobe Target, and analyze and optimize performance with Adobe Analytics. Government, financial services and healthcare are just a few of the industries that will benefit from this service.
· Furthering global e-signature and digital signature adoption – Building on widespread adoption in Europe, and as part of a global rollout, new data centers are now live in the EU. With a secure, standards-based approach, Adobe Sign meets the most stringent legal requirements so European organizations can go digital in compliance with eIDAS, the new EU signature regulation set to take effect in July 2016.
· Delivering enhanced mobile signing – Sending, tracking and managing documents on tablets and smartphones is now easier than ever with the Adobe Sign app for iOS and Android (formerly Adobe eSign Manager DC). An updated dashboard and improved send for signature workflow enable users to be even more productive on any device.
Rapidly Expanding Document Cloud Partner Ecosystem
Adobe is focused on enabling people to use Document Cloud with solutions they already use as part of their day-to-day work. Document Cloud already offers integrations with industry leaders like Apttus, Dropbox, Salesforce, Workday, and more. Adobe today is unveiling integrations with best-in-class cloud storage providers Box and Microsoft, along with new and expanded Adobe Sign integrations that span key business solutions and workflows.
· Box – New offerings integrate Acrobat DC, Acrobat Reader and Adobe Sign with Box to simplify document workflows, as well as e-signature processes for enterprises. Whether users start from Box or Adobe, with just a few clicks they will be able to view and edit PDFs without any downloading, and ensure that the latest version is automatically secured in Box. Additionally, users can open Box files directly in Adobe Sign to provide an electronic signature on important contracts and paperwork, centralizing all updates in Box and streamlining the approval process.
· Microsoft OneDrive – New integration with Acrobat DC, Acrobat Reader and Microsoft OneDrive allows organizations to access and work on PDF files stored in OneDrive directly from within the Adobe apps. With a few clicks in Acrobat on the desktop, users can view and work on PDF files stored in OneDrive while ensuring documents always remain synced. In addition, iOS users can access PDFs in OneDrive from the Acrobat Reader mobile app via the universal document picker, enabling them to work with PDF files anywhere.
· Salesforce – The latest release of Adobe Sign significantly improves a user’s experience. Expected to be available in beta in May 2016, the update features the enhanced Salesforce Lightning user experience across any device, plus support for customizing the app with the drag-and-drop interface of Salesforce Lightning Components—while also providing compelling new features like signing groups and hybrid signing order. SteelBrick, recently acquired by Salesforce, also has an existing integration with Adobe Sign for helping speed the Configure Price Quote (CPQ) process.
· Adobe Sign Ecosystem Momentum – Many new and updated integrations significantly expand the Adobe Sign ecosystem across common enterprise solutions—such as business process automation, contract lifecycle management and enterprise resource planning—and include Advanced Software Concepts (ASC), Buildium, McKesson Contract Manager, Namely, Oracle, SciQuest, SpringCM, and ThinkSmart.
Ongoing Innovation with Subscription to Acrobat DC
At the heart of Document Cloud, a subscription to Acrobat DC delivers instant access to new features and enhancements as soon as they’re available. Today, Adobe introduced:
· Updated tools for everyday use – Modernized commenting and annotation tools are now fully updated with an intuitive, touch-friendly interface that makes it easier than ever to give and get fast, clear feedback; a highlighter pen can now mark up scanned documents without the need for optical character recognition (OCR); and paper-to-digital workflows like scanning are now optimized to deliver the best results.
· Unrivaled accessibility – Adobe is adding critical menu and dialog updates to enhance the experience for users with visual impairments who rely on Acrobat DC to work with PDFs. The Home view and Save As options can now be read aloud by screen readers for greater accessibility.
· Streamlined deployment – Adobe team and enterprise customers can now deploy and update Acrobat DC with Creative Cloud apps using the Adobe Creative Cloud packager.
Pricing and Availability
· The new Adobe Sign capabilities are expected to be available to customers in May 2016. Find out more.
· The new Acrobat features will be automatically available to subscribers of Acrobat DC in May 2016. Find out more.
· The ability to add a Box account to Acrobat DC and Acrobat Reader on desktop is expected by the end of May 2016. The ability for Acrobat Reader mobile users on iPhone and iPad to select Box as their preferred cloud service from the iOS document picker is expected by the end of June 2016. Initial access to Acrobat DC and Adobe Sign from the Box website is expected by the end of May 2016, with deeper integration expected by Fall 2016.
· The ability to add a OneDrive account to Acrobat DC and Acrobat Reader on desktop, and the ability for Acrobat Reader mobile users on iPhone and iPad to select OneDrive as their preferred cloud storage provider from the iOS universal document picker, is expected by the end of June 2016.
¹IDC InfoBrief, sponsored by Adobe, Business Transformation Through Smarter Document Workflows, April 2016.
Helpful Links:
· Learn more about Adobe Sign
· Learn more about Adobe Sign and Experience Manager Forms for paperless onboarding
· Hear from Adobe EVP and GM Bryan Lamkin on meeting customer needs with Document Cloud
· Learn more about advancements in Document Cloud from Adobe VP of product management, Jon Perera
· Read the blog on e-signature advancements in Europe by Dan Puterbaugh, director and associate general counsel, Adobe
· Read the guest blog from Box
· Follow us on Adobe SEA Facebook page
About Adobe
Adobe is changing the world through digital experiences. For more information, visit www.adobe.com/sea.
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