initial public offerings (IPOs) trading on American exchanges

Thursday, May 30, 2019

Uber (UBER) reported earnings on Thur 30 May 19 (a/h)

** chart 1 day before earnings **

** charts after earnings **

Uber beats by $0.03, reports revs at high end of guidance provided in IPO prospectus; does not issue guidance in press release 
  • Reports Q1 (Mar) loss of $2.26 per share, $0.03 better than the S&P Capital IQ Consensus of ($2.29); revenues rose 19.9% year/year to $3.1 bln, at high end of the $3.04-$3.10 bln guidance and slightly above the $3.08 bln S&P Capital IQ Consensus, 
  • Reports net loss of ($1.01) bln, at high end of its guidance of ($1.11)-($1.0) bln.
  • Gross bookings increased 34% yr/yr to $14.65 bln.
  • Monthly Active Platform Consumers (MAPCs) increased 33% yr/yr to 93.0 mln.
  • Core Platform Contribution Margin decreased to (4.5)% from 17.9% yr ago.
  • Co does not provide guidance in press release.
Uber: Earnings conference call notes
  • Monthly Active Platform Consumers (MAPCs) increased by 33% yr/yr to 93.0 mln. But, this only represents about 2% of the total population in the geographies it currently serves.
    • The growth in MAPCs was primarily driven by growth in its Uber Eats segment.
  • It launched Uber Pro in 15 cities, helping drivers lower transportation costs and drive improved profitability. It plans to expand Uber Pro nationwide.
  • Uber Eats jumped by 109% yr/yr as it continues to add restaurant selections at an aggressive pace. It is specifically experiencing strong up-take in suburban markets.
  • Company says it expects to utilize fewer consumer promotions in Q2.
  • Uber says it remains focused on developing its own in-house autonomous driving software and hardware.
  • Due to improving competitive dynamics, company expects contribution margin to improve sequentially and throughout the year. Contribution margin for Q1 was (4.5)%.
  • UBER does not provide specific EPS or revenue guidance during the call.

Monday, May 27, 2019

IPOs this week : May 27 - 31, 19

A relatively slow week is ahead for the IPO market with no deals expected to price, although Beyond Meat's (NASDAQ:BYND) analyst quiet period expiration on May 28 is going to put underwriters Credit Suisse, Goldman Sachs, JPMorgan, BAML, Jefferies and William Blair on the hook. Shares of Beyond Meat have more than tripled from their IPO pricing level to place BYND's valuation in the stratosphere.

Keep an eye on Tyson Foods (NYSE:TSN) and Nestle (OTCPK:NSRGY) as the Beyond Meat reports pile in. Both food companies plan are expected to make meat alternative announcements sometime this year, which could reset growth/valuation expectations.

TransMedics (NASDAQ:TMDX), Sciplay (NASDAQ:SCPL) So-Young (NASDAQ:SY) and Yunji (NASDAQ:YJ) also have analyst quiet period expirations on May 28.

Thursday, May 23, 2019

Weibo (WB) reported earnings on Thur 23 May 2019 (b/o)

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** charts after earnings **

Weibo beats by $0.04, reports revs in-line; guides Q2 revs below consensus
  • Reports Q1 (Mar) earnings of $0.56 per share, $0.04 better than the S&P Capital IQ Consensus of $0.52; revenues rose 14.1% year/year to $399.18 mln vs the $399.65 mln S&P Capital IQ Consensus.
  • Monthly active users ("MAUs") were 465 million in March 2019, a net addition of approximately 54 million users on year over year basis. Mobile MAUs represented approximately 94% of MAUs.
  • Average daily active users ("DAUs") were 203 million in March 2019, a net addition of approximately 19 million users on year over year basis.
  • Co issues downside guidance for Q2, sees Q2 revs of $427-437 mln vs. $483.93 mln S&P Capital IQ Consensus.

Monday, May 20, 2019

Slack nearly doubles expected funding from IPO, changes planned ticker

Slack Technologies Inc. said late Monday it expects to raise nearly double the amount it had previously indicated in its initial public offering and changed its proposed ticker symbol. In a filing with the Securities and Exchange Commission, the messaging app company said it plans to raise up to $196.5 million in its IPO, up from a previous "placeholder" figure of $100 million, and registered nearly 117 million shares of stock, a detail missing from its previous S-1 filing in late April. Slack also said it changed its proposed NYSE-ticker symbol to "WORK" from "SK."

IPOs this week : May 20 - 24, 19

Expected IPO pricings: 
The IPO market slows down just a bit this week after seeing Lyft (NASDAQ:LYFT), Uber (NYSE:UBER), Beyond Meat (NASDAQ:BYND) and Luckin Coffee (NASDAQ:LK) shake things up.

Debuts are scheduled on May 22 for
  • Rattler Midstream Partners (RTLR), 
  • Peloton Therapeutics (PLTX), 
  • Ideaya Biosciences (IDYA) and 
  • Bicycle Therapeutics (BCYC). 
Over in Hong Kong, Xinyi Energy is slated to price on May 20.

IPO lockup expirations: 
  • TuanChe (NASDAQ:TC), 
  • Taiwan Liposome (NASDAQ:TLC) and 
  • Tiziana Life Sciences (NASDAQ:TLSA) on May 20.

Sunday, May 19, 2019

Postal Realty Trust (PSTL) began trading on the NYSE on Wed 15 May 19

Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns and manages over 1,000 properties leased to the USPS. 
Postal Realty (PSTL) priced downsized 4.5 mln share IPO (from 5 mln shares) at $17.00, below the expected $19.00-21.00 range

Friday, May 17, 2019

Luckin Coffee (LK) began trading on the Nasdaq on Fri 17 May 19

Luckin Coffee priced upsized 33 mln share IPO (from 30 mln shares) at $17.00, the high-end of the expected $15.00-17.00 range

Fastly (FSLY) began trading on the NYSE on 17 May 2019

Fastly, Inc. operates an edge cloud platform for processing, serving, and securing its customer's applications. The edge cloud is a category of Infrastructure as a Service that enables developers to build, secure, and deliver digital experiences at the edge of the Internet.
The company was formerly known as SkyCache, Inc. and changed its name to Fastly, Inc. in May 2012.

  • Sector: Technology
  • Industry: Software - Application
  • Full Time Employees: 449
  • Founded in 2011 
  • Headquartered in San Francisco, California.

Fastly (FSLY) priced 11.25 mln share IPO at $16.00, the high-end of the expected $14.00-16.00 range.  Opened at $21.50.

Avantor (AVTR) began trading on the NYSE on Fri 17 May 19

Avantor priced upsized 207 mln share IPO (from 205 mln shares) at $14.00, the low-end of the revised $14.00-15.00 range
The co also priced a concurrent public offering of 18 mln shares of its 6.250% Series A Mandatory Convertible Preferred Stock at a price to the public of $50.00 per share

Michael Stubblefield, Avantor CEO, is joined by Avantor executive leadership team members and associates at the NYSE to commemorate Avantor's first day as a public company (NYSE:AVTR)

Zoom Video Communications (ZM) : 1-month performance

Thursday, May 16, 2019

Pinterest (PINS) reported earnings on Thur 16 May 2019 (a/h)

Pinterest (NYSE: PINS) shared lukewarm first-quarter financials on Thursday after the closing bell in what was its first earnings report as a public company.
  • The digital pinboard went public in April, rising 25% during its first day trading on the New York Stock Exchange. Pinterest’s public market performance has continued to stay in the green, closing up about 8% Thursday at nearly $31 per share for a market cap of $16.7 billion.
  • Pinterest post-IPO performance comes in stark contrast to both Lyft and Uber’s treatment on their respective stock exchanges. Lyft, for its part, has fallen since its IPO despite an initial pop of 21%. In its first-ever earnings report as a public company, released last week, it posted first-quarter revenues of $776 million on losses of $1.14 billion, including $894 million of stock-based compensation and related payroll tax expenses. 

** chart before earnings **

** chart after earnings **

Pinterest misses by $0.21, reports revs in-line with prior guidance; guides FY19 revs below consensus

  • Reports Q1 (Mar) loss of $0.32 per share, $0.21 worse than the S&P Capital IQ Consensus of ($0.11); revenues rose 54.1% year/year to $201.9 mln vs the $200.64 mln S&P Capital IQ Consensus. In its IPO prospectus, it guided for revenue of $198.9-$201.9 mln.
  • Global MAU's increased 22% yr/yr to 291 mln.
  • Global ARPU increased 26% yr/yr to $0.73.
  • Adj. EBITDA margin improved to (19)% from (35)%.
  • Co issues downside guidance for FY19, sees FY19 revs of $1.055-$1.080 bln vs. $1.09 bln S&P Capital IQ Consensus. Sees Adjusted EBITDA of ($70)-($45) mln.

Wednesday, May 15, 2019

Farfetch (FTCH) reported earnings on Wed 15 May 2019 (a/h)

** charts after earnings **


Farfetch misses by $0.07, beats on revs; GMV increases 43% yr/yr; Guides for Q2 and FY19 GMV and EBITDA
  • Reports Q1 (Mar) loss of $0.22 per share, excluding non-recurring items, $0.07 worse than the S&P Capital IQ Consensus of ($0.15); revenues rose 38.6% year/year to $174.06 mln vs the $171.06 mln S&P Capital IQ Consensus.
  • Gross Merchandise Value increased by $126.6 million from $292.7 million to $419.3 million in first quarter 2019, representing year-over-year growth of 43.2%.
  • Adjusted EBITDA loss increased by $6.6 million, or 27.8%, year-over-year in first quarter 2019, to $30.2 million. Adjusted EBITDA Margin improved from (22.9%) to (20.7%) over the same period, primarily due to the impact of adopting IFRS 16 in first quarter 2019, as described above.
  • Outlook
  • For second quarter 2019, Platform GMV is expected to grow approximately 40% - 42% year-over-year, and Adjusted EBITDA Margin is expected to be approximately (19%) - (21%).
  • For full year 2019, Platform GMV is expected to grow approximately 41%, and Adjusted EBITDA Margin is expected to be approximately (16%) -- (17%).

Monday, May 13, 2019

IPOs this week : May 13 - 17, 19

Expected IPO pricings: 
  • Chinese coffee upstart Luckin Coffee (LK) is the headliner of next week's expected IPO pricings. The listing will be one of the biggest by a mainland company in the U.S. this year. Luckin aims to raise up to $587M at a price range between $15 and $17 by selling 30M American depositary shares, with each ADS representing eight ordinary shares. Luckin plans to have more than 4.5K pickup stores open by the end of the year, while competitor Starbucks (NASDAQ:SBUX) is targeting 6K of its larger-format stores by the end of 2022. 
  • ConversionPoint (CPTI) on May 13, 
  • Bricktown Restaurant Group (BEER) on May 14, 
  • Pimco Mortgage Income Trust (PMTG) on May 15 as well as Avantor (AVTR) and Fastly (FSLY) on May 15.

IPO lockup expirations: 
  • Vapotherm (NYSE:VAPO) on May 13; 
  • Bain Capital Specialty Finance (NYSE:BCSF) and Weidai (NYSE:WEI) on May 14.

IPO quiet period expirations:
  • Pinterest (PINS) and Zoom Video Communications (NASDAQ:ZM) on May 13.

Friday, May 10, 2019

Uber Technologies Inc. (UBER) began trading on the NYSE on 10 May 2019

Uber (UBER 41.57, -3.43, -7.6%) made its public debut on Friday, although the price action was much more subdued than past IPOs this year.

  • The ride-hailing giant priced shares in the IPO Thursday at $45 each, raising $8.1 billion and giving the company a valuation of $82 billion.
  • Trading began at about $42.50, compared with the $45 paid by investors allocated stock in the initial sale, which was already at the lower end of the $44-$50 range.
  • Uber closed the day at $41.57, down 7.6% from last night’s IPO price.

Uber Technologies Inc. CEO Dara Khosrowshah (C) and early employee Austin Geidt (in red) ring the opening bell of the trading session on the New York Stock Exchange

Khosrowshahi and Uber co-founder Garrett Camp take a selfie photograph on the trading floor of the New York Stock Exchange on Friday

Kalanick (left) stands with his father Donald in the members gallery above the floor of the NYSE

Uber Technologies Inc. CEO Dara Khosrowshahi stands outside the New York Stock Exchange ahead of the company's IPO in New York on Friday

Protestors march through the financial district, demanding fair wages and more transparency during a strike against Uber in San Francisco on Wednesday