🌻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16部Youtube影片,追蹤數超過7萬的網紅thaiphotos,也在其Youtube影片中提到,#bangkok #thailand #iphone12 #video Coming from the original iPhone SE this was unsurprisingly a significant upgrade. My 32GB SE has been filled up f...
「year 4 expectations」的推薦目錄:
year 4 expectations 在 Goodbye HK, Hello UK Facebook 的最佳貼文
又一個駁唔到
前瑞典首相Carl Bildt打完歐盟再打美國個Man of the Year幾巴,
"Expectations were very high when Joe Biden came in - probably too high, they were unrealistic. His 'America is back' suggested a golden age in our relations. But it didn't happen and there's been a shift in a fairly short period of time. The complete lack of consultations over the withdrawal has left a scar."
(响完全無通知之下咁樣撤軍,個關系會留底好大條疤痕。响拜登上任嘅時候(班友)期望太高喇,成班可能high到超現實。佢嗰所謂"America is Back"係指以前大家關系最好嘅黃金時代,但根本無出現到囉,極其量只係好短暫嘅調節。)
"There was a time when the US talked about upholding the global order. But that is not the language now coming out of the White House."
(曾幾何時美國係會話自己維護國際秩序,依家白宮無資格講呢句嘢囉。)
#國際級駁唔到糸列
報導:
《BBC》How Europe's relationship with Joe Biden turned sour
https://www.bbc.co.uk/news/world-europe-58416848
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📢月頭乞食:文字、時間與心血有價
🥣乞兒兜(月頭課金係最抵):
https://www.patreon.com/goodbyehkhellouk
最近更新:
八屆Paralympics,從游泳到單車十七面金牌打破英國紀錄
https://bit.ly/3zGwaGl
英國首相用邏輯抽擊
https://bit.ly/2WPuPiq
英國電視監管機構Ofcom,再一次守住言論自由
https://bit.ly/3zD6b2x
Podcast:近代阿富汗與塔利班點黎
https://bit.ly/3jAElyF
***************************************
year 4 expectations 在 Facebook 的最佳貼文
This was one hell of a gastronomic delight! The menu was carefully curated to suit different dietary needs and provide you the best experience! Let me take your through our night through pictures. 🇦🇹😍
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Picture 1:
Thanks @esszimmersalzburg Andreas and her husband made our evening the highlight of our trip!
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Picture 2:
Very colourful smoked and creamy cod with truffle 😍 paired with Riesling from the famous wine 🍷 region Wachau in Austria 🇦🇹
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Picture 3:
Variations of chargrilled tuna with cucumber and avocado 🥑
FUNFACT: the wine paired with this dish is by Mönchsberg , a winery that existed when Mozart 🎶 was alive! They’re bringing back traditions and making it very limited, around hundred or so bottles per year, and the restaurant only gets 18 bottles per year!
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Picture 4:
Goose liver with apricot 😍
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Picture 5:
Scallop with watermelon, peas and tomato! All the ingredients were super fresh, and the scallop was chargrilled to perfection 😘
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Picture 6:
This dish was from the vegetarian menu, 🌱 the Polenta crepe with with grilled vegetables and leek stock. Wasn’t expecting any surprises there but the the plating was spectacular and there were many layers in terms of texture on the plate 😍 Didn’t know vegetables can be so playful!
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Picture 7:
Filet of veal and raviolo filled with braised shoulder and passed cress, needless to say, the name of the dish itself suggests complexity, and it only exceeded expectations! ☺️
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Picture 8:
“Mozart would love it” dessert with Marzipan, pistachio ice cream.
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Picture 9:
The terrace we chilled on after dinner
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#Mönchsberg #salzburgaustria #esszimmer #travelblogger #austria🇦🇹 #austriavacations #foodblogger #foodporn #foodphotography #mozart #remembersalzburg #visitsalzburg #finedining
year 4 expectations 在 thaiphotos Youtube 的精選貼文
#bangkok #thailand #iphone12 #video
Coming from the original iPhone SE this was unsurprisingly a significant upgrade. My 32GB SE has been filled up for quite a while now (so couldn't take any videos or photos) and I have been thinking about upgrading since the iPhone 11. It took me about a year to decide between something like the Sony ZV1 or a new phone, thinking it would be nice to have a small camera that is always on me.
Well, I finally decided and these shots were from my walks around my neighborhood. I obviously watched quite a number of reviews before the purchase but the image quality was still a little better than expected. What is amazing though, is the image stabilization. I have heard great things about the stabilization in the 11 and 12 but I was still amazed, it really is gimbal like. To be honest I think you would pretty much get the same video from either the 11 or the 12 (from what I have seen in the reviews), but the iPhone 11 256GB was not available so I had to go with the 12. I prefer the square-edged design anyway since it is the same as my SE :).
Keep in mind though that I am not a phone expert or phone tech enthusiast (probably quite obvious since I am still using the original SE) so I don't have experience with other models of phones for comparison, I am merely comparing it to the SE and my own personal expectations.
หลังจากที่ iPhone SE 32GB (รุ่นแรก) ของผมเต็มมานานมากทำให้ไม่สามารถถ่ายภาพหรือวีดีโอได้ ก็ใช้เวลาตัดสินใจอยู่นานพอสมควร เริ่มมีความคิดว่าจะซื้อโทรศัพท์ใหม่ตอน iPhone 11 ออกมาแต่ก็คิดแล้วคิดอีกว่าจะซื้ออะไรดีระหว่างโทรศัพท์กับกล้องเล็กๆอย่างพวก Sony ZV1 จะได้มีอะไรที่สามารถเก็บภาพติดตัวอยู่ตลอดบวกกับการถ่ายที่สบายๆไม่เหนื่อยเหมือนกล้องใหญ่ กว่าจะตัดสินใจได้ก็กลายเป็นรุ่น 12 ซะและ 555
ต้องบอกว่าการกระโดดจาก SE รุ่นแรกมาเป็นโทรศัพท์รุ่นที่ใหม่กว่า 4 ปี (แถมตอนที่ SE ออกก็เป็นรุ่นประหยัด) ก็ไม่แปลกที่กล้องจะดีกว่าเยอะ และก่อนซื้อก็ดูรีวิวต่างๆมาเยอะพอสมควร แต่ถึงอย่างนั้นคุณภาพวีดีโอที่ได้ก็แอบดีกว่าที่คาดไว้เล็กน้อย แต่ที่น่าทึ่งจริงๆคือระบบกันสั่น ได้ยินมาเยอะว่าระบบกันสั่นในรุ่น 11 กับ 12 นี้สุดยอดแต่ก็ไม่คิดว่าจะดีขนาดนี้ อย่างที่เขาบอกว่าเหมือนใช้ gimbal จริงๆ
แต่ทั้งหมดก็เป็นเพียงความเห็นของคนที่ไม่ค่อยได้เปลี่ยนโทรศัพท์นะครับ (รุ่นล่าสุดก็คือเจ้า SE รุ่นแรก) เพราะฉะนั้นจะไม่เคยได้เล่นกับโทรศัพท์รุ่นใหม่ๆอันอื่นๆ ไม่มีประสบการณ์ให้สามารถเปรียบเทียบกันได้ ความเห็นก็จะมาจากความคาดหวังของผมก่อนซื้อล้วนๆ
ปล ผมคิดว่าถ้าเป็นรุ่น 11 ก็น่าจะได้วีดีโอที่เหมือนกันนะครับ เพียงแต่ตัว 256GB ของไม่มีก็เลยต้องซื้อรุ่น 12 T-T แต่ผมก็ชอบขอบเหลี่ยมๆมากกว่าแหละ เพราะเหมือนเจ้า SE ตัวเก่า :)
Thaiphotos:
Instagram : @godcube
https://www.facebook.com/ThaiPhotosShop/
line ID : @wkc2221x
year 4 expectations 在 ロイドごはん Youtube 的最佳貼文
今年初訪問、新杉田の人気家系ラーメン店!神奈川県横浜市磯子区『ラーメン杉田家』に伺いました!JR根岸線「新杉田駅」から約徒歩3分。赤いひさしと店から伸びる長い行列でお店が目印です。朝5時の開店から晩まで行列が絶えることがなく、いつでもクオリティの高い家系ラーメンを食べられます!ひたひたに入ったスープに黄金色の鶏油が輝く…今年初の一口目に期待が高まります。早速ご覧ください!
*実際のトッピングと異なる場合があります。
*撮影に際しては、お店の方や周りのお客様に充分配慮して撮影をおこなっています。
First visit this year, Shinsugita's ... popular family ramen shop! We visited "Ramen Sugitaya" in Isogo-ku, Yokohama-shi, Kanagawa! About a 4-minute walk from "Shinsugita Station" on the JR Negishi Line. The shop is a landmark with a red eaves and a long line extending from the shop. From the opening of the store at 5 am to the evening, there is no end to the line, and you can always eat high quality Iekei ramen! Golden chicken oil shines in the soup in the soup ... Expectations are high for the first bite of this year. Please have a look!
* It may differ from the actual topping.
*When shooting, we give due consideration to the shop and customers around us.
いつもありがとうございます!( ´ ▽ ` )
高評価&チャンネル登録もよろしくお願いいたします!
#ラーメン #杉田家 #家系ラーメン #ロイドごはん #フラメンコロイド
🍀「ロイドごはん」公式LINEができました!
お友だち追加はこちら
https://lin.ee/ow4OdaV
—————《ロイド のサブチャンネル》—————————————
【フラメンコロイド のサブチャンネルもよろしくお願いします!】
メロンシートジャーニー
https://www.youtube.com/channel/UCwNlBAUziFWkJZFY_u3t65A
フラメンコロイド
https://www.youtube.com/channel/UCsFJHNg3SR41R2a3vctUInw
—————《本日の店舗情報》—————————————————
『杉田家』
https://www.google.co.jp/amp/s/s.tabelog.com/kanagawa/A1401/A140308/14000917/top_amp/
—————《twitter》—————————————————————
★ロイドごはん
https://twitter.com/roidgohan
★メロンシート
https://twitter.com/meloncito310
★フラメンコロイド
https://twitter.com/flamenkoroid
—————《instagram》———————————————————-
★ロイドごはん
https://www.instagram.com/roidgohan
★メロンシート
https://www.instagram.com/satoshimelo...
★フラメンコロイド
https://www.instagram.com/flamenkoroid
—————《各サイトの情報》—————————————————
★ロイドwalker《人生をドラマチックに彩る旅とグルメと温泉図鑑》
https://ramenjapan.net/
★メロンシート《フラメンコギターの世界一の旅》
https://pordiotama3.xsrv.jp
★フラメンコロイド 《フラメンコロイドの神話と伝説》
https://flamenkoroid.net
—————《ロイドおすすめ動画はこちら》———————————
「家系ラーメン」特集!
https://www.youtube.com/playlist?list=PL6yW17uB9uIVUmOS8qnXrRwcBu8W-uRYZ
78才お爺ちゃんの屋台ラーメンの朝『幸っちゃん』夜明けの銀座 【飯テロ】Old Style Ramen yatai Japanese Street Food
https://youtu.be/YHiWYvhxUI4
神回【ラーメン二郎の貴重映像】全増しが出来るまで一部始終を大公開!【ラーメン二郎 ひばりヶ丘店】ramen
https://youtu.be/mBFcdMHyaxA
巨大塊肉に挑戦!【いきなりステーキ】2人で1.5キロの結果は?【飯テロ】
https://youtu.be/lxn_oa-rCvQ
一瞬でファンになる86才職人のおすすめラーメン【ほりえラーメン】感動の鹿児島グルメ
https://youtu.be/0IuRURqh4ek
神技!いつもびっくりするよ!【がんちゃん】お好み焼きの名店に感動!【飯テロ】× フラメンコロイド 広島県
https://youtu.be/8q_j5QX4-vg
消滅する屋台ラーメンの職人技【幸っちゃん】ラーメンの作り方一部始終【ramen】
https://youtu.be/prw-olhOAyI
消えゆく屋台ラーメンが出来るまで!【幸っちゃん】職人技の一部始終….ramen
https://youtu.be/BDUhncb3ESQ
消滅する屋台ラーメン『幸っちゃん』職人技ドキュメンタリー虎ノ門前編/Old Style Ramen yatai docmentaly/Japanese Food Street
https://youtu.be/TU3dJWWxreA
78才お爺ちゃんの屋台ラーメン『幸っちゃん』職人技ドキュメンタリー【飯テロ】虎ノ門後編 Old Style Ramen Stall in Tokyo
https://youtu.be/8G-UrI5v6k4
year 4 expectations 在 bubzbeauty Youtube 的最讚貼文
Hello friends,
I hope you're well. I know I don't appear here very often but as always, I do MISS YOU GUYS very very much. Long time no catch up here. This month, instead of doing the usual Q&A on Instagram, I decided to film it on Youtube instead. Thank you so much for submitting your your questions through Instagram (follow me @itsbubz). You guys asked some really great insightful questions and why this video ended up being much longer than expected so feel free to grab a snack and beverage.
I know the video is a bit blurry. I apologise. I STILL don't know how to focus my camera after over 10 years..... Bad Bubz.
Your questions:
1. What do you miss the most right now?
2. Have you changed since your divorce?
3. The most difficult lesson you’ve learnt in life?
4. How to deal with end of relationship without closure?
5. What would your younger self be most proud of if she knew you now?
6. How do get over being cheated on? My self esteem/self love is even lower.
7. How do you get over shame from your past actions?
8. How do you handle the fear of rejection?
9. How to not fear approaching 30 and single?
10. How do you train Isaac to be so sweet?
11. Favourite Christmas movie?
12. If you had a high paying job but not happy, will you stay in this company?
13. How to not care about people pleasing and being perfect?
14. Are you ready to fall in love again?
15. What are your plans for Christmas this year?
16. Are you dating?
17. What was your recent dream?
18. How do you know of a person’s true intentions?
19. How to break through family expectations?
20. What is your first travel destination after covid lock down?
21. Any big plans and future projects?
22. How do you become your happiest self?
As always, please continue to take care of yourself and your heart.
All my love,
your friend Bubz xo
'Shine' by MJ Lee: https://mjleedot.com/
Music by Laura Zocca - This Side Of Love - https://thmatc.co/?l=5519301F
Music by Ryan Farish - Honey - https://thmatc.co/?l=7BB8BBEA
Music by JEN Z - Falling to Your Knees - https://thmatc.co/?l=CA9B600B
Music by kelsat - Exhale - https://thmatc.co/?l=E0810290