Earnings Week Feb. 13 - 17
Earnings Week Feb. 13 - 17
Palantir, Airbnb, Roku, Shopify, Crocs & more.
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CPI January
US Jan Consumer Prices +0.5%
Consensus +0.4%
US Jan CPI Ex-Food & Energy +0.4%;
Consensus +0.3%
US Jan Consumer Prices Increase 6.4%
From Year Earlier; Core CPI Up 5.6% Over Year
US Jan CPI Energy Prices +2.0%; Food Prices +0.5%
Palantir
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.04 beats by $0.01.
Revenue of $508.62M (+17.5% Y/Y) beats by $3.64M.
Commercial revenue grew 11% year-over-year to $215 million. US commercial revenue grew 12% year-over-year to $77 million.
Government revenue grew 23% year-over-year to $293 million. US government revenue grew 22% year-over-year to $225 million.
Customer count grew 55% year-over-year and 9% quarter-over-quarter. US commercial customer count increased 79% year-over-year, from 80 customers in Q4 2021 to 143 customers in Q4 2022.
Loss from operations of $(18) million, representing a margin of (4)%, up 1,000 basis points year-over-year.
Adjusted income from operations of $114 million, representing a margin of 22%.
Cash from operations of $79 million, representing a 15% margin.
Adjusted free cash flow of $76 million, representing a 15% margin.
Q1 2023 Outlook:
Revenue of between $503 million - $507 million vs consensus of $520.28M.
Adjusted income from operations of $91 million - $95 million.
2023 Outlook:
Revenue of between $2,180 million - $2,230 million vs. consensus of $2.29B.
Adjusted income from operations of $481 million - $531 million.
Airbnb
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of $0.48 beats by $0.21.
Revenue of $1.9B (+24.2% Y/Y) beats by $40M.
Gross booking value of $13.5B (+20% Y/Y).
Nights and experiences booked 88.2M (+20% Y/Y).
Average daily rates (ADR) was $153 in Q4 2022, a 1% fall from Q4 2021. Excluding the impact of foreign exchange, ADR in Q4 2022 increased 5% from Q4 2021.
ABNB sees Q1 2023 revenue of $1.75B to $1.82B.
ABNB sees Q1 2023 adj. EBITDA margin to be slightly down on a Y/Y basis "due to changes in the timing of our brand marketing spend."
Compared to Q1 2022, ABNB expects sales and marketing in Q1 2023 will be about 150 basis points higher as a percent of revenue, but flat as a percent of revenue for the full year.
ABNB sees Q1 2023 nights and experience booked Y/Y growth to be "nearly as strong" as Q4 2022.
ABNB anticipates slightly lower ADR in Q1 2023 than it had in Q1 2022. For the remainder of the year, ABNB expects ADR will face "increasing downward pressure from mix shift, as well as new and improved pricing and discounting tools."
"Heading into 2023, we see a strong backlog for Q1 with longer lead times for bookings in Q4 2022 compared to a year ago."
Nu Holdings
For the transcript and press release click HERE
Q4 Adjusted Net Income $133M.
Revenue of $1.45B beats by $60M.
Gross profit expanded 137% to $578.3 million, while annual gross profit increased 126% YoY FX to a record of $1.66 billion.
Gross profit margin expanded significantly to 40% for the quarter and 35% for the year, reinforcing Nu’s operational leverage capacity, and effectiveness in adequately pricing credit and adapting fundings costs according to macro circumstances.
Nu strengthened its position as one of the best-capitalized players in the region with its adjusted capital reaching $3.8 billion.
Maintains significant excess liquidity with a loan-to-deposit ratio of 25%. On December 31st, 2022, Nu had an interest-earning portfolio of $4 billion, while total deposits were four times this amount at $15.8 billion.
Roblox
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of -$0.48 beats by $0.06.
Bookings of $899.4M (+16.8% Y/Y) beats by $14.69M.
Revenue was $579.0 million, up 2% Y/Y, and up 3% year-over-year on a constant currency basis.
Net cash provided by operating activities was $119.2M and free cash flow was -$38.0M.
Average Daily Active Users ((DAUs)) were 58.8M, up 19% Y/Y.
Hours engaged were 12.8B, up 18% Y/Y.
Average bookings per DAU (ABPDAU) was $15.29, down 2% Y/Y, and up 2% Y/Y on a constant currency basis.
January 2023 Key Metrics:
Estimated revenue was between $213 million and $216 million, up 22% - 24% year-over-year, and up 24% - 26% year-over-year on a constant currency basis.
Estimated bookings were between $267 million and $271 million, up 19% - 21% year-over-year, and up 22% - 24% year-over-year on a constant currency basis.
Average DAUs were 65.0 million, up 19% year-over-year.
Hours engaged were 5.0 billion, up 19% year-over-year.
Estimated ABPDAU was between $4.11 and $4.17, up 0% - 2% year-over-year, and up 3% - 4% year-over-year on a constant currency basis.
The Trade Desk
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.38 beats by $0.02.
Revenue of $490.74M (+24.0% Y/Y) misses by $1.07M.
First Quarter 2023 outlook summary:
Revenue at least $363 million vs consensus of $362.76M
Adjusted EBITDA of approximately $78 million
The Trade Desk (TTD) also announced its board of directors' authorization to repurchase up to $700 million of its Class A common stock.
Roku
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of -$1.70 beats by $0.03.
Revenue of $867.06M (+0.2% Y/Y) beats by $64.2M.
Platform revenue increased 20% YoY to $2.7 billion
Gross profit was up 2% YoY to $1.4 billion
Active Accounts reached 70.0 million, a net increase of 9.9 million active accounts from 2021
Streaming Hours increased by 14.3 billion hours YoY to 87.4 billion
Average Revenue Per User grew to $41.68 (trailing 12-month basis), up 2% YoY
In Q4, The Roku Channel reached U.S. households with an estimated 100 million people.
Outlook: Accordingly, our Q1 outlook reflects normal seasonality with total net revenue of roughly $700 million, total gross profit of roughly $310 million, and adjusted EBITDA of negative $110 million.
Given our ongoing work to carefully manage expenditures, we are committed to a path that delivers positive adjusted EBITDA for full year 2024.
Shopify
For the transcript and press release click HERE
I’ve also covered it on my channel.
4 Non-GAAP EPS of $0.07 beats by $0.09, GAAP EPS of -$0.49 misses by $0.32.
Revenue of $1.73B (+25.4% Y/Y) beats by $80M.
Shares -5%.
GMV Exceeds $60 billion for the fourth quarter and $197 billion for 2022
For the first quarter of 2023:
Revenue growth in the high-teen percentages on a year-over-year basis;
Gross margin to be slightly higher than our fourth quarter of 2022 gross margin;
Operating expense growth in the low-single-digit percentages versus our fourth quarter of 2022 operating expenses when excluding one-time charges in the fourth quarter of 2022;
Stock-based compensation to be in-line with what we saw in the fourth quarter of 2022; and
Capital expenditures to be in-line with capital spend in full year of 2022.
Twilio
For the press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.22 beats by $0.30.
Revenue of $1.02B (+21.0% Y/Y) beats by $20M.
More than 290,000 Active Customer Accounts as of December 31, 2022, compared to more than 256,000 Active Customer Accounts as of December 31, 2021.
Dollar-Based Net Expansion Rate was 110% for the fourth quarter of 2022, compared to 126% for the fourth quarter of 2021.
On Monday, February 13, Twilio announced the decision to reduce its workforce by approximately 17%, as well as pursue further expense rationalization.
Leadership believes these changes will drive meaningful cost savings, and in conjunction with this announcement, Twilio has updated its Financial Framework to reflect a range for 2023 non-GAAP operating profit, as well as accelerated non-GAAP operating margin improvements and lowered stock-based compensation as a percentage of revenue in the medium term, which we define as fiscal years 2025 through 2027.
Q1 Guidance: revenue of $995 - $1,005M vs $1.02B consensus
Non-GAAP EPS of $0.18 - $0.22 vs. 0.01 consensus
DataDog
For the press release click HERE
Q4 Non-GAAP EPS of $0.26 beats by $0.07.
Revenue of $469M (+43.8% Y/Y) beats by $20.93M.
As of December 31, 2022, we had 317 customers with ARR of $1 million or more, an increase of 47% from 216 as of December 31, 2021.
As of December 31, 2022, we had about 2,780 customers with ARR of $100,000 or more, an increase of 38% from 2,010 as of December 31, 2021.
First Quarter 2023 Outlook:
Revenue between $466 million and $470 million. vs. $482.39M consensus
Non-GAAP operating income between $68 million and $72 million.
Non-GAAP net income per share between $0.22 and $0.24, assuming approximately 348 million weighted average diluted shares outstanding vs. $0.24 consensus
Fiscal Year 2023 Outlook:
Revenue between $2.07 billion and $2.09 billion vs. $2.18B consensus
Non-GAAP operating income between $300 million and $320 million.
Non-GAAP net income per share between $1.02 and $1.09, assuming approximately 351 million weighted average diluted shares outstanding vs. $1.13 consensus
Crocs
For the press release click HERE
Q4 Non-GAAP EPS of $2.65 beats by $0.42.
Revenue of $945.2M (+61.1% Y/Y) beats by $6.04M.
Gross margin of 52.5% declined 1,090 basis points and adjusted gross margin of 53.3% decreased 1,040 basis points compared to the same period last year.
First Quarter 2023: Revenues to grow approximately 27% to 30% compared to first quarter 2022 revenues of $660.1 million vs. estimated growth of 24.13% Y/Y.
Adjusted operating margin of approximately 24% to 25%.
Adjusted diluted earnings per share of $2.06 to $2.19 vs $2.04 consensus.
Full Year 2023: Revenue growth of 10% to 13% compared to 2022 vs. estimated growth of 11.99% Y/Y, resulting in full year revenues of approximately $3.9 billion to $4.0 billion at current currency rates.
Adjusted operating margin to be approximately 26.0%.
Adjusted diluted earnings per share of $11.00 to $11.31 vs $10.90 consensus.
Capital expenditures of approximately $165 to $180 million.
Monday.com
For the press release click HERE
4 Non-GAAP EPS of $0.44 beats by $0.80.
Revenue of $149.92M (+57.0% Y/Y) beats by $8.29M.
For the first quarter of the fiscal year 2023, monday.com currently expects:
Total revenue of $154 million to $156 million vs consensus of $149.83M, representing year-over-year growth of 42% to 44%.
Non-GAAP operating loss of $19 million to $17 million and negative operating margin of 13% to 12%.
For the full year 2023, monday.com currently expects:
Total revenue of $688 million to $693 million vs consensus of $660.44M, representing year-over-year growth of 33% to 34%.
Non-GAAP operating loss of $36 million to $32 million and negative operating margin of approximately 5%.
Hasbro
For the press release click HERE
Q4 Non-GAAP EPS of $1.21 misses by $0.08.
Revenue of $1.68B (-16.4% Y/Y) beats by $10M.
Full-year 2023 guidance includes:
Revenue down low-single digits
Adjusted operating profit margin expansion of 50 to 70 basis points, excluding Operational Excellence charges and other non-GAAP items
Adjusted earnings per diluted share in the range of $4.45 to $4.55 vs consensus of $4.88
Adjusted EBITDA approximately flat with 2022 Adjusted EBITDA
Operating cash flow in the range of $600 to $700 million
