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.

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%).

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.