initial public offerings (IPOs) trading on American exchanges

Monday, November 27, 2017

Bazaarvoice (BV) to be acquired by Marlin Equity Partners for $521 million

Austin software maker Bazaarvoice has agreed to be sold to Los Angeles-based private equity firm Marlin Equity Partners in a $500 million-plus deal that will take the company private.


Bazaarvoice, which makes software for online and social media marketing, will see Marlin Equity Partners acquire all outstanding common stock of Bazaarvoice for $5.50 in cash for a total value of $521 million, the company said Monday.

Bazaarvoice will be a privately held company after the transaction, which is expected to close in the first quarter of 2018, the company said.

The deal is subject to a shareholder vote and regulatory approval.

Bazaarvoice plans to keep its corporate headquarters in Austin, the company said.


Bazaarvoice, Inc. offers solutions and services that allow its retailer and brand clients to understand that consumer voice and the role it plays in influencing purchasing decisions, both online and offline. The Company's solutions collect, curate and display consumer-generated content, including ratings and reviews, questions and answers, customer stories, and social posts, photos and videos. This content is syndicated and distributed across its clients' marketing channels. Its solutions, which the Company provides primarily through a software-as-a-service (SaaS) platform, enable the clients to capture and display consumer-generated content; syndicate that consumer-generated content into its network of brand and retail clients; understand consumer behavior, and monetize the value of that content through targeted advertising based on online and offline shopping behavior. The Company's geographical segments include Americas, EMEA and Other.

Key stats and ratios

Q4 (Oct '17)2017
Net profit margin-0.10%-7.92%
Operating margin1.36%-6.52%
EBITD margin-1.91%
Return on average assets-0.07%-4.90%
Return on average equity-0.12%-8.60%

Barracuda Networks (CUDA) to be acquired by Thoma Bravo for $1.47 billion in cash

  • Barracuda provides email protection tools and has been transitioning to cloud-based security from network hardware.
  • Thoma Bravo in 2016 acquired Qlik Technologies, a data analytics software maker, for $3 billion.
  • Thoma Bravo reportedly has kicked the tires at Impera as well as F5 Networks (FFIV), a maker of data center networking gear.


Nov 27 (Reuters) - Barracuda Networks Inc on Monday agreed to be taken private by buyout firm Thoma Bravo LLC for $1.47 billion in cash, four years after the data security firm went public.
The offer of $27.55 per share represents a premium of 16.3 percent to Barracuda's Friday close. The company's shares were trading at $27.51.
Barracuda, which manages data security of its customers over the cloud on a subscription basis, competes with Palo Alto Networks Inc, Proofpoint Inc and Symantec Corp .
Barracuda will operate as a privately-held company and continue to focus on email security and data protection services. The transaction is expected to close by the end of February.
Thoma Bravo, known for its investments in software and technology companies, has spent billions buying several listed companies such as Qlik Technologies, Riverbed Technology, SolarWinds and Compuware.
Morgan Stanley & Co LLC is Barracuda's financial adviser, while Goldman Sachs & Co LLC, Credit Suisse and UBS Investment Bank were advisers to Thoma Bravo.

Wednesday, November 15, 2017

SendGrid (SEND) began trading on the NYSE on Wed 15 Nov 2017

  • Update Oct 15, 18: SendGrid (SEND) to be acquired by Twilio (TWLO) for $2 billion
  • ------
  • The company had priced its stock at $16 a share on the day before its IPO, which would bring in about $131 million. 
  • It opened at $18.55, or 16 percent higher, and hit a high of $19.21. The price hovered around $18 for most of the morning, closing at $18.00, up 12.5 percent on its first day.
SendGrid, which got an early start at the Techstars accelerator in Boulder, built its business on transactional emails and making sure its clients got their messages to their customers’ inboxes — from Uber ride receipts and Spotify password resets to  salary updates on Glassdoor.

In the Denver tech community, SendGrid is known for its work culture and promoting its four H’s: honest, hungry, humble and happy. Many in the community expressed their excitement on Twitter, such as Erik Mitisek, the state’s chief innovation officer.

Executives and guests of SendGrid, Inc. visit the New York Stock Exchange to celebrate their IPO. To mark the occasion Chief Executive Officer, Sameer Dholakia, alongside Tom Farley, President, NYSE, ring The Opening Bell.

CEO Sameer Dholakia and SendGrid’s three founders — Isaac Saldana, Tim Jenkins and Jose Lopez — rang the morning bell to open the NYSE.

SendGrid isn’t yet profitable, but it has seen revenues rise since it was founded in 2009. In its first nine months this year, sales hit $80.2 million, which is higher than all of 2016. Net losses grew 36 percent to $4.7 million in the first nine months of this year, from the same period last year. It has also grown from three founders to 408 employees in its eight years.

Heimes said the company is going after an $11 billion email market, of which SendGrid has less than 3 percent. The company has expanded into marketing messages and is targeting international customers — growth areas that may explain why the company’s stock price went beyond last week’s proposed targeted price range of $13.50 to $15.50.

Thursday, November 9, 2017

Vista Outdoor (VSTO) reported earnings on Thu 9 Nov 2017 (b/o)

** charts before earnings **


** charts after earnings **


Vista Outdoor beats by $0.07, reports revs in-line; cuts FY18 guidance below consensus; announces intention to divest brands within sports protection business, leadership changes 
  • Reports Q2 (Sep) earnings adj. of $0.34 per share, $0.07 better than the Capital IQ Consensus of $0.27; revenues fell 14.2% year/year to $587 mln vs the $588.85 mln Capital IQ Consensus. Sales were down 16 percent on an organic basis.
  • Co issues downside guidance for FY18, sees EPS of $0.50-0.60 from $1.10-1.30, excluding non-recurring items, vs. $1.23 Capital IQ Consensus; sees FY18 revs of $2.24-2.26 bln from $2.36-2.42 bln vs. $2.39 bln Capital IQ Consensus Estimate. "I am honored to be elected chairman of Vista Outdoor," said Callahan. "I am optimistic about the future, and the board is impressed with how quickly our new CEO Chris Metz has wrapped his mind around the business. His strategic, savvy and decisive approach is exactly the right leadership the company needs to realize the full potential of our diverse portfolio of iconic brands." "I am excited to combine my passion for these brands and this industry with my professional experience and deep background in consumer products," said Vista Outdoor Chief Executive Officer Chris Metz. "While I've only been here a short time, I realize we have much to do: we must make significant changes, act decisively, and move quickly to reposition and stabilize the company. We will take an aggressive position on profit improvement through both margin expansion and cost reductions across all areas of the core business. "We're in the process of completing a portfolio review of our brands, and we will divest assets where we see the potential to unlock shareholder value. As a first outcome of this process, we are announcing our intention to sell the Boll, Serengeti and Cb brands in the Sports Protection business. These brands were acquired as part of the Bushnell transaction in 2013 and focus primarily on fashion, prescription and safety eyewear, which are areas that we have determined are not core to our business. The sale of these brands is expected to take place over the next few quarters. "To allow our business leaders to drive changes faster and have clear line of sight to the goals at hand, I have decided to eliminate the Shooting Sports segment president position," said Metz. With this restructuring, Shooting Sports President Bob Keller will leave the company on November 17, 2017. 

Wednesday, November 8, 2017

Energizer (ENR) reported earnings on Wed 8 Nov 17 (b/o)

 Energizer Holdings is an American manufacturer of batteries

    ** charts before earnings **


    ** charts after earnings **

    Energizer beats by $0.05, beats on revs; guides FY18 EPS in-line; plans to raises dividend 5% next quarter
    • Reports Q4 (Sep) earnings of $0.54 per share, $0.05 better than the Capital IQ Consensus of $0.49; revenues rose 7.5% year/year to $465 mln vs the $437.36 mln Capital IQ Consensus. Organic net sales increased 7.5%, due primarily to hurricane activity in the U.S., distribution gains in certain international markets and timing of holiday activity and the favorable impact of pricing initiatives. These items were partially offset by additional investments made during the quarter related to our portfolio optimization. Favorable movement in foreign currencies resulted in increased sales of $0.1 million, or 0.1%.
    • Co issues in-line guidance for FY18, sees EPS of $3.00-3.10 vs. $3.04 Capital IQ Consensus Estimate. Net Sales on a reported basis are expected to be up low single digits: Organic net sales are expected to be up low single digits, including lapping the impact of hurricane activity of ~$26 million and lapping distribution in fiscal 2017; Favorable movements in foreign currency are expected to benefit net sales by 1.0% to 1.5% based on current rates. Gross margin rates are expected to be essentially flat with the current year, excluding fiscal 2017 acquisition and integration costs, as improved pricing is offset by increased commodity costs and the repositioning of lithium pricing.
    • Dividends are expected to increase 5% beginning in the first quarter of fiscal 2018, subject to Board approval.  

    Twilio (TWLO) reported earnings on Wed 8 Nov 2017 (a/h)

    ** charts after earnings **


    Twilio reports EPS in-line, beats on revs; guides Q4 EPS in-line, revs above consensus 
    • Reports Q3 (Sep) loss of $(0.08) per share, excluding non-recurring items, in-line with the Capital IQ Consensus of ($0.08) and in-line with prior guidance of $(0.08)-(0.07); revenues rose 40.6% year/year to $100.54 mln vs the $92.5 mln Capital IQ Consensus and vs prior guidance of $91-93 mln.
    • Co issues guidancefor Q4, sees EPS of $(0.06)-(0.05), excluding non-recurring items, vs. ($0.06) Capital IQ Consensus Estimate; sees Q4 revs of $102.5-104.5 mln vs. $98.7 mln Capital IQ Consensus Estimate.
    • "We hit a number of exciting milestones in Q3, including our first $100 million revenue quarter, our first enterprise license agreement for our higher level software products, and the launch of Twilio Studio...With Twilio Studio, the visual builder for Twilio, we can accelerate our customers' roadmaps and help an even larger set of users build on our platform. We are excited by the size, scale and diversity of what new and existing customers are creating with Twilio." 

    Tuesday, November 7, 2017

    Container Store (TCS) reported earnings on Tue 7 Nov 2017 (a/h)

    ** charts after earnings **


    Container Store beats by $0.04, reports revs in-line; Raises FY17 guidance, still inline with consensus 
    • Reports Q2 (Sep) earnings of $0.12 per share, $0.04 better than the Capital IQ Consensus of $0.08; revenues rose 6.5% year/year to $218.4 mln vs the $216.95 mln Capital IQ Consensus.
    • Comparable store sales for 2Q17 were up 1.9% inclusive of the negative impact of the hurricanes. The company estimates that the comparable store sales headwind from the combined impact of Hurricane Harvey in Texas and Hurricane Irma in Florida was approximately 70 basis points. 
    • Co issues raises guidancefor FY18, sees EPS of $0.30-$0.41 vs. prior guidance of $0.27-$0.40 and vs the $0.33 Capital IQ Consensus Estimate; sees FY18 revs of $845-$865 mln vs. prior guidance of $830-$850 million and vs. the $851.56 mln Capital IQ Consensus Estimate. Sees comparable store sales of -1% to +1%, up from prior guidance of "decrease in low single digit range." 

    Monday, November 6, 2017

    TrueCar Inc. (TRUE) reported earnings on Mon 6 Nov 2017 (a/h)

    ** charts before earnings ** 


    ** charts after earnings **


    TrueCar reports EPS in-line, misses on revs; guides Q4 revs below consensus 
    • Reports Q3 (Sep) earnings of $0.02 per share, in-linewith the Capital IQ Consensus of $0.02; revenues rose 9.7% year/year to $82.4 mln vs the $86.82 mln Capital IQ Consensus.
    • Units were 253,527 in 3Q17, up 15% from 220,633 in 3Q16.
    • Franchise dealer count was 12,286 as of September 30, 2017, a record and an increase from 12,204 as of June 30, 2017.
    • Independent dealer count was 2,938 as of September 30, 2017, a record and an increase from 2,860 as of June 30, 2017. 
    • Co issues downside guidance for Q4, sees Q4 revs of $81-$83 mln vs. $84.11 mln Capital IQ Consensus Estimate. Sees units of 240-245K. Sees Adjusted EBITDA in the range of $6.0-$7.0 million. 

    Veritone (VERI) reported earnings on Mon 6 Nov 2017 (a/h)

    ** charts before earnings **

    ** chart after earnings **

    • 2 weeks later

    Veritone misses by $0.81, misses on revs 
    • Reports Q3 (Sep) loss of $1.31 per share, $0.81 worse than the Capital IQ Consensus of ($0.50); revenues rose 60.3% year/year to $3.72 mln vs the $4.95 mln Capital IQ Consensus.
    • Net revenues in the third quarter of 2017 increased 60% to $3.7 million from $2.3 million in the same period in 2016. The increase in net revenues was due to an increase in media agency revenues of $1.1 million, or 48%, and to an increase of $0.3 million, or 340%, in SaaS licensing revenues from the Company's AI platform.
    • Gross profit in the third quarter of 2017 increased 83% to $3.4 million (92.1% of net revenues)
    • Co states, "We expect to end the year with approximately 425 accounts and approximately 150 active third-party cognitive engines on our AI platform, as well as having processed approximately 2.75 million total hours of video and audio files during the year. And while we remain increasingly optimistic about our organic growth prospects, we are also continuing to selectively explore acquisition opportunities. We are very encouraged by the prospects of our business and we expect to continue to deliver on the metrics that will drive long-term business value for our company and our stockholders."