🌻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
「topping評價」的推薦目錄:
- 關於topping評價 在 貓的成長美股異想世界 Facebook 的最佳貼文
- 關於topping評價 在 一一。細說愛生活 YatYat Family Life Facebook 的最佳貼文
- 關於topping評價 在 Swallowhongkong Facebook 的最佳解答
- 關於topping評價 在 [心得] Topping D90SE 開箱- 看板Headphone - 批踢踢實業坊 的評價
- 關於topping評價 在 Topping D30 PRO 開箱&拆機 - Mobile01 的評價
- 關於topping評價 在 [心得] Topping D90 拆箱開聲紀錄 - PTT評價 的評價
- 關於topping評價 在 [心得] Topping D90SE 開箱- 看板Headphone - Mo PTT 鄉公所 的評價
- 關於topping評價 在 topping d90評價2023-在Facebook/IG/Youtube上的焦點新聞和 ... 的評價
- 關於topping評價 在 topping d90評價2023-在Facebook/IG/Youtube上的焦點新聞和 ... 的評價
- 關於topping評價 在 topping dac推薦的推薦,MOBILE01、YOUTUBE、PTT和網 ... 的評價
- 關於topping評價 在 topping dac推薦的推薦,MOBILE01、YOUTUBE、PTT和網 ... 的評價
- 關於topping評價 在 topping dac推薦的推薦,MOBILE01、YOUTUBE、PTT和網 ... 的評價
- 關於topping評價 在 [心得] Topping LA-90 - PTT 熱門文章Hito 的評價
- 關於topping評價 在 Re: [心得] Topping D90SE 開箱- 看板Headphone - PTT網頁版 的評價
- 關於topping評價 在 [心得] Topping D90SE 開箱 - PTT Uncovered 的評價
- 關於topping評價 在 [心得] topping e30(dac新手可參考) PTT推薦- Audiophile 的評價
- 關於topping評價 在 Headphone - [心得] Topping d90讚 - PTT生活政治八卦 的評價
- 關於topping評價 在 [心得] topping e30(dac新手可參考) - Audiophile - PTT網頁版 的評價
topping評價 在 一一。細說愛生活 YatYat Family Life Facebook 的最佳貼文
之前有間酒店的甜品放題,評價都唔錯,今次餐廳再加埋韓式料理,就忍唔住book咗同朋友一齊去🤣
我的目標係韓食,諗住小朋友應該最愛甜品!不過一一竟然食咗好多熱食🙈
🌶韓式泡菜年糕
🌶韓式香辣炸雞
🌶韓式魚糕
🍗韓式原味炸
🐙韓式炸魷魚鬚
🌮韓式海鮮煎餅
🥟香煎韓式餃子
🍙韓式紫菜飯卷
小朋友可以食到炸雞、餃子,紫菜飯卷,唔怕唔夠飽😁喜歡吃辣的大人又可以唔洗遷就小朋友盡情食泡菜炒年糕🤣每樣食物都好好味,首推外面脆卜卜,內裏超嫩滑的炸雞🤤
甜品部份就更豐富,主打外脆內軟的即製熱辣辣新鮮窩夫🧇,配4款Haagen-Dazs 雪糕🍨,12款Topping同生果🍓,另外仲有:
🥧葡式蛋撻
🍫百利甜酒朱古力撻
🍍菠蘿椰香奶凍
🍵綠茶馬德里蛋糕
🍮焦糖燉蛋
🫔酥皮蘋果批
🍰雲石芝士蛋糕
🍩朱古力噴泉
餐廳用放題點心紙,方便照顧小朋友不用走來走去,甜品可以先岀去看看再決定,韓食就由厨房直接端岀來,熱食一口氣吃了5、6 個回合,再吃了幾次甜品,還有自助咖啡或茶,本來最後想吃多次葡撻,但因為吃太多炸雞結果都吃不下了😂
六國酒店的 #任食下午茶 一至日都係同價,優惠期做到9月12日!
喜歡我的分享請按讚👍🏻支持下🥰
~~~~~~~~~~~~~~~~~~~~~~~~~
#六國酒店 -Le Menu餐廳
#夏日韓風窩夫甜品下午茶任點任食放題
供應時間:(星期一至日)3:00pm-5:30pm
成人:每位$188 / 小童:每位$138 (3-11歲)
3歲以下免費,另加一
訂座電話 ☎️📲2866 3808
地址:香港灣仔告士打道七十二號
Gloucester Luk Kwok Hong Kong
#親子好去處
#酒店下午茶放題
#小吃貨
#酒店highTea自助餐
#韓風料理加甜品
#3歲以下免費
topping評價 在 Swallowhongkong Facebook 的最佳解答
🎈CR² By Cupping Room
🔍旺角彌敦道號639號雅蘭中心地下Kiosk 4
-----
Cupping Room一向係👶🏻B仔好中意嘅coffee shop,鍾意嘅程度係幾乎佢哋每開新店,都會想去朝聖一下。
早前食過係中環嘅Doubleshot by Cupping Room,一試難忘,不過因為嗰間分店係行高檔路線嘅關係,價錢偏貴成日食荷包會頂唔住,而呢間CR² by Cupping Room ,就係佢哋首間坐落九龍區嘅分店,除咗咖啡之外,亦有售蛋糕、咖啡雪糕牛角包同飛碟,平時仲會有午市套餐,價錢比較親民,店內嘅座位唔多,但就有知名插畫家謝曬皮嘅鮮艷壁畫俾大家打下卡🤳。
咖啡質素一如其他line嘅Cupping Room般高質,✨Cold brew black sugar latte 16oz ($48)以自家冷萃咖啡取替 Espresso,口感輕薄清新,吞落口會先嘗到淡淡黑糖味,啡味則緊接而黎,冷萃咖啡與黑糖混合味道竟有少少似台式茶飲,幾特別,適合飯後飽膩又眼訓時候來一杯。
除咗杯黑糖咖啡,👶🏻B仔仲order咗✨Coco Chanel($50)Cupping Room 嘅擁躉們應該對呢杯之前喺Doubleshot by Cupping Room 大賣嘅雞尾酒唔陌生。而今次喺CR² by Cupping Room賣嘅就係佢嘅冇酒精版本。☕️咖啡、🥥椰漿、🍵抹茶同🥛牛奶雖混合埋一齊,但每一啖飲落到依然感覺到層層分明,幼滑濃郁,不過呢杯就相對上面嘅冷萃咖啡飽肚,比較適合早餐時間飲。
甜食方面,推介大家試下🍠紫薯吉士牛角($38),先不論味道,淨係外貌已經非常引人入勝,酥酥脆脆嘅🥐牛角包,喺店員幫忙加熱之後,牛油香更顯得出,配以朱古力topping,番薯及紫薯餡,好食得黎,甜度幾自然。
如果唔想食甜食,仲可以揀飛碟🥪三文治,呢個系列一共有四款,包括係🥑牛油果花生醬雞肉、日本櫻花蝦玉子燒、 🐷慢煮燒烤醬手撕豬肉同日式咖哩吞拿魚,B仔就試咗牛油果花生醬雞肉,一咬落去大量🧀芝士爆出嚟,鹹鹹香香,非常邪惡,食一舊就可以為一朝早提供滿滿能量。
-----
👶🏻B仔整體評價:8/10個👍🏻
👶🏻B仔抵食程度:7.5/10個👍🏻
👶🏻B仔環境評分:7.5/10個👍🏻
👶🏻B仔味道評分:8.5/10個👍🏻
👶🏻B仔回頭機會:8.5/10個👍🏻
-----
#swallowhongkong
☺️快D跟住B仔一齊吞食香港啦!🤤
#swallowmongkok @ CR²
topping評價 在 Topping D30 PRO 開箱&拆機 - Mobile01 的推薦與評價
拿到手沒多久,確定東西沒問題就開工啦,拿在手上噴砂的質感不錯,鋁材也夠厚直接來正面照,前面板非常的素,就只有七段顯示器+一顆編碼的旋鈕,這橘色蠻好看的剛過電 ... ... <看更多>
topping評價 在 [心得] Topping D90 拆箱開聲紀錄 - PTT評價 的推薦與評價
看板Headphone標題[心得] Topping D90 拆箱開聲紀錄作者. kevinsilver. (Awareness)時間 Jun 17 21:40:03 2020 推噓63 推:63 噓:0 →:80. PTT評價. 昨天跟蝦皮上的桃園 ... ... <看更多>
topping評價 在 [心得] Topping D90SE 開箱- 看板Headphone - 批踢踢實業坊 的推薦與評價
米娜桑~空幫抖抖抖~
好的,不知道為什麼今天就火速拿到D90SE了,那就來PTT首開個箱順便試聽一下
大家知道旭化成去年失火,連帶影響一些型號的IC交不出來
也包含D90一代(以下稱D90)使用的AK4499在內,D90也受影響停產
想不到這個型號竟然推了二代的D90SE,改用ESS的ES9038PRO
想說用這顆chip的機種不是有DX7 pro了嗎XD,雖然DX7 pro是帶耳擴的機種
樸實無華且枯燥的外箱,點綴個小金標
內容物
機器本體,遙控器,電源&USB線,藍牙天線,還有說明書&保卡
前面板,基本上除了絲印由D90改成D90SE之外好像是一樣的
不用重新開模,賺
I/O側,也是跟D90一樣,該有的都有,AC是100~240V全範圍
上電啦,run的差不多再跟手上其他DAC比較一下
初聽聽感
剛上電直接聽,搭dynahi + Empyrean,聲音有點硬有點乾
放個粉噪白噪跑了幾個小時再聽就不會了
第一印象就是超級乾淨的聲底,這點跟D90像
不像的部分在於,D90給人一種細節超級多的感覺
但呈現的方式是很滑順的風格,細節不斷從背景飄出來
D90SE的風格則是較為明顯的線條感,音像的輪廓更清楚明顯
中頻人聲密度很高,低頻相較2541/D90也更有punch
高音沒有D90那種把細節榨出來但略缺乏主次、有點平面的感覺
在D90SE上的深度層次感覺更好一些
然而稍微AB test一下這部分,目前還是更喜歡2541的呈現就是了XD
filter的部分稍微比較了一下default設定的mode3(min. phase fast roll off)
mode5(linear phase fast roll off)
filter量測的部分可以參考官網或是ASR/L7等量測網站
https://www.tpdz.net/productinfo/645180.html
官網這頁其實也印在盒內的說明書上
關於filter實做上的技術差異,推薦可以讀一下板上Oswyn大的文章介紹
#1WO5Gfv5 & #1WNWxgCP
不過技術看歸看,filter還是實際聽聽看選自己喜歡的
mode3的人聲較靠近趨前,中高音更為豐潤,音場較縮
mode5人聲結像更集中,中高音更乾淨,音場較寬
後面如果要寫跟DAC2541的比較
mode3應該會對應到綠燈的butterworth filter(min. phase)
mode5則對應紅燈的brickwall filter(linear phase)
不過同一台DAC不同filter的差異其實不大,不同音樂類型感受也會不一樣
更詳細聽感比較的部分就過陣子再寫好了,如果有空XD
--
when i am king you will be first against the wall
paranoid android, Radiohead
--
※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 118.165.57.232 (臺灣)
※ 文章網址: https://www.ptt.cc/bbs/Headphone/M.1624467054.A.72B.html
※ 編輯: breadf (118.165.57.232 臺灣), 06/24/2021 00:51:43
描述是說獨立8ch I/V conversion然後並聯輸出,不過文案有時候也不會全對XD
OP還是祖傳1612A
內文有寫R
剛開聲的時候比較硬比較刮,不過放著跑幾小時之後再來聽就沒這種感覺了
今早聽也是一致的,就是線條感明確,乾淨、高密度、分離度佳的聲底
要說偏瘦的確跟2541比起來是,不過並沒感覺到明顯冷聲、不耐聽之類的
以上搭配的是dynahi & MEZE Empyrean,訊號線是萬隆1002 XLR
後面再多找幾個來搭看看囉
太好了ASR先拆了XD,直接貼一下比較
D90
D90SE
數位部分我是比較喜歡SE的placement
捨棄大顆好看但是要把clk拉很長的晶振這部分最好XD
類比端的話,兩邊的風格都是超規矩的公版近似layout
9038pro要走堆料風也可以走到很誇張就是了...像是soulnote D2那樣
... <看更多>