Earnings Week Feb. 20 - 24
Earnings Week Feb. 20 - 24
Nvidia, Block, Fiverr, Wix, Walmart & more.
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Walmart
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $1.71 beats by $0.20.
Revenue of $164.05B (+7.3% Y/Y) beats by $5.38B.
U.S. comp sales grew 8.3% and 13.9% on a two-year stack.
eCommerce growth was 17% and 18% on a two-year stack. Continued to gain market share in grocery.
Sam’s Club comp sales increased 12.2%, and 22.6% on a two-year stack.
Membership income increased 7.1% with member count at an all-time high.
Global advertising business grew over 20%, led by 41% growth at Walmart Connect in the U.S.
Q1 Outlook: Consolidated net sales to increase 4% to 4.5% constant currency; Adjusted EPS of $1.25 to $1.30 vs. consensus of $1.37.
Coinbase
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of -$2.46 beats by $0.05.
Revenue of $629.1M (-74.8% Y/Y) beats by $41.73M.
Revenue has been diversifying with Q4 net revenues increasing 5% Q/Q, driven by Subscription and Services. While transaction revenues declined 12% Q/Q in Q4, subscription and services revenue grew 34% Q/Q to $283 million.
Palo Alto Networks
For the transcript and press release click HERE
Q2 Non-GAAP EPS of $1.05 beats by $0.27.
Revenue of $1.66B (+25.7% Y/Y) beats by $10M.
For the fiscal third quarter 2023, we expect:
Total billings in the range of $2.20 billion to $2.25 billion, representing year-over-year growth of between 22% and 25%.
Total revenue in the range of $1.695 billion to $1.725 billion, representing year-over-year growth of between 22% and 24% vs. $1.74B consensus.
Diluted non-GAAP net income per share in the range of $0.90 to $0.94, using 321 million to 327 million shares outstanding.
For the fiscal year 2023, we are updating guidance and expect:
Total billings in the range of $9.10 billion to $9.20 billion, representing year-over-year growth of between 22% and 23%.
Total revenue in the range of $6.85 billion to $6.91 billion, representing year-over-year growth of between 25% and 26% from prior guidance of $6.85B-$6.91B vs. $6.90B consensus.
Diluted non-GAAP net income per share in the range of $3.97 to $4.03, using 320 million to 326 million shares outstanding.
Adjusted free cash flow margin in the range of 36.5% to 37.5%.
Fiverr
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.26 beats by $0.08.
Revenue of $83.1M (+4.2% Y/Y) misses by $0.36M.
Active buyers as of December 31, 2022 grew to 4.3 million, compared to 4.2 million as of December 31, 2021, an increase of 1% year over year.
Spend per buyer as of December 31, 2022 reached $262, compared to $242 as of December 31, 2021, an increase of 8% year over year.
Take rate for the period ended December 31, 2022 was 30.2%, up from 29.2% for the period ended December 31, 2021, an increase of 100 basis points year over year.
Adjusted EBITDA in the fourth quarter of 2022 was $9.4M, compared to $8.9M in the fourth quarter of 2021.
Adjusted EBITDA margin was 11.3% in the fourth quarter of 2022, compared to 11.1% in the fourth quarter of 2021.
For 2023, we will build on the progress of 2022, to deliver further headway towards our long-term Adjusted EBITDA margin target of 25%. While the macro continues to be highly uncertain, with discipline and control, we are committed to accelerate the pace of our Adjusted EBITDA margin expansion this year.
Outlook: Q1 2023: Revenue of $86.5 million - $88.5 million vs. consensus of $87.31M; Adjusted EBITDA of $9.0 million - $10.5 million.
FY 2023: Revenue of $350.0 - $365.0 million vs. consensus of $365.87M; Adjusted EBITDA of $45.0 million - $55.0 million.
Nvidia
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.88 beats by $0.08.
Revenue of $6.05B (-20.8% Y/Y) beats by $30M.
Fourth-quarter revenue was $3.62 billion, up 11% from a year ago and down 6% from the previous quarter.
Fourth-quarter revenue was $1.83 billion, down 46% from a year ago and up 16% from the previous quarter.
First quarter of fiscal 2024 outlook:
Revenue is expected to be $6.50 billion, plus or minus 2% vs. $6.32B consensus
GAAP and non-GAAP gross margins are expected to be 64.1% and 66.5%, respectively, plus or minus 50 basis points.
GAAP and non-GAAP operating expenses are expected to be approximately $2.53 billion and $1.78 billion, respectively.
GAAP and non-GAAP other income and expense are expected to be an income of approximately $50 million, excluding gains and losses from non-affiliated investments.
GAAP and non-GAAP tax rates are expected to be 13.0%, plus or minus 1%, excluding any discrete items.
Unity
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of -$0.82 misses by $0.38.
Revenue of $451M (+42.8% Y/Y) beats by $12.77M.
Create Solutions 2022 revenue grew 41% year-on-year. Revenue growth was broad-based with games up 24% year-over-year and industries (beyond games) up 118% year-over-year.
Grow Solutions 2022 revenue increased 12% year-on-year, which includes ironSource as of November 7.
Q1 23 Guidance: Revenue: $470-480M vs $524.21M consensus.
FY23 Guidance: Revenue: $2.05-2.20B vs $2.17B consensus.
Teladoc
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of -$0.23 misses by $0.04.
Revenue of $637.7M (+15.1% Y/Y) beats by $4.33M.
Access fees revenue grew 16% to $553.7 million and other revenue grew 10% to $84.0 million. U.S. Revenues grew 15% to $554.4 million and International revenues grew 17% to $83.3 million.
Q1 23 Guidance: Revenue: $610-625M vs $648.72M consensus. Net loss per share: -$0.55 - -$0.45 vs $-0.43 consensus.
FY23 Guidance: Revenue: $2.55-2.675B vs $2.7B consensus. Net loss per share: -$1.75 - -$1.25 vs $-1.43 consensus.
Lemonade
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of -$0.93 beats by $0.28.
Revenue of $88.4M (+115.6% Y/Y) beats by $10.17M.
Customer count increased by 27% to 1,807,548.
Premium per customer was $346 at the end of the fourth quarter, up 30% from the fourth quarter of 2021.
Fourth quarter gross earned premium of $151.3 million increased by $62.0 million or 69% as compared to the fourth quarter of 2021, primarily due to the increase of IFP earned during the quarter.
Q1 2023 outlook:
IFP $635 - $637 million
Gross earned premium of $148 - $150 million
Revenue of $87 - $89 million vs. $81.58M consensus
Adjusted EBITDA loss of ($65) - ($63) million
Full Year 2023 outlook:
IFP of $695 - $700 million
Gross earned premium of $632 - $636 million
Revenue of $375 - $379 million vs. $386.07M consensus
Adjusted EBITDA loss of ($245) - ($240) million
Wix
For the press release click HERE
Q4 Non-GAAP EPS of $0.61 beats by $0.51.
Revenue of $355M (+6.0% Y/Y) beats by $3.12M.
Total revenue on a y/y constant currency basis was $361.4M, up 8% y/y.
Total bookings in the fourth quarter of 2022 were $371.8M, up 6% y/y.
Total bookings on a y/y constant currency basis were $385.8M, up 10% y/y.
Total non-GAAP gross margin in the fourth quarter of 2022 was 65%.
Full Year Outlook:
Total revenue to be $1,510 million - $1,535 million vs. consensus of $1.51B, representing approximately 9% - 11% y/y growth.
Non-GAAP gross margin is expected to increase to ~66% for the full year 2023 with an exit margin of ~67%.
Non-GAAP operating expenses are expected to be slightly down y/y to 59-60% of revenue for full year 2023 as operational efficiencies from our cost reduction efforts materialize.
Free cash flow excluding HQ investments is expected to be roughly $152 million - $162 million, or 10-11% of revenue in 2023.
Expect free cash flow margin to improve as we progress through the year and exit 2023 with a free cash flow margin of ~12-13%, driven by the new efficiencies implemented in 1H23.
"We expect total revenue in Q1'23 to be $367 million-$371 million, representing approximately 7-9% y/y growth vs. consensus of $365.53M."
Lucid
For the press release click HERE
Q4 GAAP EPS of -$0.28 beats by $0.14.
Revenue of $257.7M (+876.5% Y/Y) misses by $15.89M.
3,493 vehicles produced in Q4, up 53 percent sequentially
Ended the quarter with approximately $4.9B total liquidity
2023 production guidance of 10,000 to 14,000 vehicles
Alibaba
For the press release click HERE
Q3 Non-GAAP EPS of $2.79 beats by $0.39.
Revenue of $35.92B (+2% Y/Y) beats by $40M.
I will cover this one later in the week so be sure to check out the channel.
Block
For the press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.22 misses by $0.08.
Revenue of $4.65B (+14.0% Y/Y) beats by $60M.
Excluding bitcoin revenue, revenue in the fourth quarter was $2.82 billion, up 33% year over year.
Transaction-based revenue was $1.47 billion in the fourth quarter of 2022, up 13% year over year, and transaction-based gross profit was $605 million, up 10% year over year. We processed $53.16 billion in GPV in the fourth quarter, up 15% year over year.
Subscription and services-based revenue was $1.31 billion in the fourth quarter of 2022, up 69% year over year, and subscription and services-based gross profit was $1.07 billion, up 70% year over year.
Mercadolibre
For the press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of $3.25 beats by $0.93.
Revenue of $3B (+40.8% Y/Y) beats by $40M.
$36.0 billion Total Payment Volume, up 80.0% year-over-year on an FX neutral basis $9.6 billion
Gross Merchandise Volume, up 34.7% year-over-year on an FX neutral basis
