initial public offerings (IPOs) trading on American exchanges

Wednesday, February 28, 2018

Thursday, February 22, 2018

Goldman Sachs BDC (GSBD) reported earnings on Thur 22 Feb 2018 (a/h)

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Goldman Sachs BDC reports in-line quarter and NAV per share of $18.09 vs $18.23 prior qtr 
  • Reports Q4 (Dec) net investment income of $0.47 per share, in-line with the Capital IQ Consensus of $0.47.
  • Subsequent to quarter-end, the Board approved the renewal of the stock repurchase plan that authorizes the repurchase up to $25.0 million of common stock if the market price for the common stock is below the most recently announced net asset value per share.Once the Company enters into the agreement, the co expects that the stock repurchase plan will be in effect through March 18, 2019. 

Bloomin' Brands (BLMN) reported earnings on Thur 22 Feb 2018 (b/o)

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Bloomin' Brands beats by $0.02, beats on revs; guides FY18 EPS above consensus; Combined U.S. comparable restaurant sales were up 3.3% with traffic up 1.8% 
  • Reports Q4 (Dec) earnings of $0.41 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.39; revenues rose 8.3% year/year to $1.09 bln vs the $1.05 bln Capital IQ Consensus.
    • Comparable restaurant sales were up 4.7% at U.S. Outback Steakhouse with traffic up 4.3%.
    • Combined U.S. comparable restaurant sales were up 3.3% with traffic up 1.8%.
    • Comparable restaurant sales were up 4.9% for Outback Steakhouse in Brazil. 
    • Opened seven new restaurants, including four in international markets.
  • Co issues upside guidance for FY18, sees EPS of $1.38-1.45, excluding non-recurring items, vs. $1.40 Capital IQ Consensus Estimate.
  • "By all measures the fourth quarter was an excellent finish to 2017 for Bloomin' Brands," said Liz Smith, CEO. "Outback's Q4 sales and traffic performance were well ahead of the industry, and reflect the ongoing impact of our investments in the customer experience. We are pleased with how our brands are performing so far in early 2018, particularly at Outback where momentum continues." 

Wednesday, February 21, 2018

Applied Optoelectronics (AAOI) reported earnings on Wed 21 Feb 2018 (a/h)

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monthly 

Applied Optoelectronics beats by $0.06, misses on revs; guides Q1 (Mar) EPS, revs below consensus 
  • Reports Q4 (Dec) earnings of $0.89 per share, $0.06 better than the Capital IQ Consensus of $0.83.
  • Co issues downside guidance for Q1 (Mar), sees EPS of $0.28-0.34 vs. $0.69 Capital IQ Consensus Estimate; sees Q1 (Mar) revs of $67-71 mln vs. $86.45 mln Capital IQ Consensus Estimate.
  • 'Even though we see inventory headwinds with one of our customers and the typical seasonality in Q1 due to fewer production days in China because of the Lunar New Year, we continue to expect the second half of 2018 to be stronger than the first half'.

Friday, February 16, 2018

MuleSoft (MULE) reported earnings on Thur 15 Feb 2018 (a/h)

a.  Feb 9: #14, 37   vol. 3.0  -->  +29%

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MuleSoft breaks out of post-IPO high as investors digest solid FY18 guidance (MULE)
Shares of software firm MuleSoft (MULE 29.66, 3.53 +13.5%) have grabbed fresh all-time highs in reaction to the company’s solid FY18 guidance as Q4 results and the Q1 guide were frankly nothing to write home about. With that being said, the relatively recent IPO (March 2017) reported in-line earnings for the current quarter while revenues lifted better than 60% while beating market expectations.

Given the relative newness of the company on the public markets, it may be prudent to give a refresher on what exactly MULE does. Founded in 2006, MULE is a Software-as-a-Service (SaaS) company which allows customers to connect their devices and apps to the cloud. MULE’s Anypoint Platform is built to design, build and manage integration and APIs.

Now back to the print; as mentioned, MuleSoft reported a mostly in-line loss of ($0.12) per share in Q4 while revenues were up more than the market expected -- 60% -- to $88.7 million. Results were driven by 57% growth in Subscription and support revenues to $70.6 million. Professional services and other revenues were up 75% to $18.1 million in the quarter.

Non-GAAP gross margins were 72.9% in Q4 compared to 73.2% in the year-ago period. On a non-GAAP basis, gross margin for subscription and support and professional services revenue each increased year-over-year; however, total gross margin decreased due to the higher mix of services revenue, which has a lower gross margin than subscription and support.

Further, MuleSoft earned the business of more large customers in the quarter; namely, MuleSoft ended 2017 with 45 customers with over $1.0 million in annual contract value, up from 30 at year-end 2016.

The outlook for Q1 was a bit more muted; MuleSoft sees in-line Q1 EPS and revenues at a loss between ($0.07)-($0.09) per share and $87-90 million in revenues.

For FY18, the company sees EPS at a loss which is slated to come in better than the market expects between ($0.26)-($0.30). Revenues are also expected to come in ahead of the Street views at $405-415 million.

Management provided some visibility for revenues going forward; the company set a target of $1 billion in revenues by 2021, which suggests about a 35% CAGR for the next few years.

A vote of confidence, MuleSoft broke out of the post-IPO high at $29 (from late May, 2017) following the strong guidance. The stock had been riding a lower channel between about $20-26 since last August, a level which was broken through this morning as investors give the proverbial nod of approval after earnings.

Enphase Energy (ENPH) reported earnings on Tue 27 Feb 2018 (a/h)

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Enphase Energy beats by $0.02, beats on revs; guides Q1 revs in-line 
  • Reports Q4 (Dec) earnings of $0.01 per share, $0.02 better than the Capital IQ Consensus of ($0.01); revenues fell 12.1% year/year to $79.67 mln vs the $75.62 mln Capital IQ Consensus.
    • Non-GAAP gross margin was 24.2%, an increase of 240 basis points from 21.8% in the prior quarter. The increase was primarily due to the IQ 6 transition in North America, supply chain optimization and pricing management.
  • Co issues in-line guidance for Q1, sees Q1 revs of $65-70 mln vs. $65.19 mln Capital IQ Consensus Estimate.

LightInTheBox (LITB) : 4-year performance

Thursday, February 8, 2018

GrubHub (GRUB) reported earnings on Thur 8 Feb 2018 (b/o)

  • Feb. 7 (Wed):  #44; vol. 2.6M  -->  +32%
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GrubHub beats by $0.06, beats on revs; guides Q1 and FY18 in-line 
  • Reports Q4 (Dec) earnings of $0.37 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.31; revenues rose 49.2% year/year to $205.1 mln vs the $201.55 mln Capital IQ Consensus. EBITDA +45% to $57 mln vs. $51-56 mln guidance.
  • Active Diners were 14.5 million, a 77% year-over-year increase from 8.2 million Active Diners in the fourth quarter of 2016. Daily Average Grubs (DAGs) were 392,500, a 34% year-over-year increase from 292,500 DAGs in the fourth quarter of 2016. Gross Food Sales were $1.1 billion, a 39% year-over-year increase from $818 million in the fourth quarter of 2016. 
  • Co issues in-line guidancefor Q1, sees Q1 revs of $224-232 mln vs. $227.14 mln Capital IQ Consensus; EBITDA $54-60 mln.
  • Co issues in-line guidancefor FY18, sees FY18 revs of $910-960 mln vs. $938.33 mln Capital IQ Consensus; EBITDA $225-255 mln.
  • "The partnership with Yum! which we announced this morning will accelerate the expansion of our delivery network and amplify our diner acquisition efforts, raising consumer awareness of online ordering and driving more volume for all restaurants across our platform."

Vista Outdoor (VSTO) reported earnings on Thur 8 Feb 2018 (b/o)

  • Feb. 6 (Tue): #15; vol. 1.0M
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Vista Outdoor beats by $0.06, beats on revs; reaffirms FY18 EPS guidance, revs guidance
  • Reports Q3 (Dec) earnings of $0.13 per share, excluding non-recurring items, $0.06 better thanthe Capital IQ Consensus of $0.07; revenues fell 11.1% year/year to $581 mln vs the $566.98 mln Capital IQ Consensus.
  • Co reaffirms guidance for FY18, sees EPS of $0.50-0.60, excluding non-recurring items, vs. $0.57 Capital IQ Consensus Estimate; sees FY18 revs of $2.24-$2.26 bln vs. $2.25 bln Capital IQ Consensus Estimate.
    •  Free cash flow of $175 million to $185 million (prior: $155 million to $175 million). 
  • "The company delivered solid third quarter results in a continuously challenging marketplace," said Vista Outdoor Chief Executive Officer Chris Metz. "We generated strong free cash flow, which enabled us to repay $108 million of debt. As I've said before, we must make significant changes, act decisively, and move quickly. During the quarter, we made great progress on key initiatives that will reposition the business. We also launched innovative new products across the portfolio that are resonating with our customers and end users. In line with our focus to improve profitability, we have begun to implement organizational changes, including streamlining corporate-level functions and improving business operations to maximize efficiency, drive brand-level decision making and improve accountability. We have also received strong interest on the sale of our eyewear business and are currently fielding inquiries."