Earnings Week Feb. 27 - Mar. 3
Earnings Week Feb. 27 - Mar. 3
Zoom, Target, Rivian, Salesforce, Axon & More.
Hey reader! 📰
If you’re new here, welcome and if not, welcome back! If you haven’t joined the 615 subscribed members yet and want an earnings summary each Saturday during each earnings season, you can sign up below for FREE (thank you to my paid subscribers!). And consider subscribing to the YouTube channel.
A friendly reminder that the stock price reaction after earnings might have nothing to do with how well/bad the company performed during the quarter.
If you’ve missed last week’s summary,
If you have any companies that are reporting earnings next week and want them to be included, let me know in the comments.
Get 50% OFF Seeking Alpha’s Premium Membership HERE
Now $99 for the first year + a free 7-day trial!
Zoom
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $1.22 beats by $0.40.
Revenue of $1.12B (+4.3% Y/Y) beats by $20M.
Enterprise revenue of $636.1 million, up 18% year over year.
Year-end number of customers contributing more than $100,000 in trailing 12 months revenue up approximately 27% year over year.
Approximately 213,000 Enterprise customers, up 12% year over year.
A trailing 12-month net dollar expansion rate for Enterprise customers of 115%.
3,471 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 27% from the same quarter last fiscal year.
First Quarter Fiscal Year 2024: Total revenue is expected to be between $1.080 billion and $1.085 billion ($1.11B consensus) and revenue in constant currency is expected to be between $1.097 billion and $1.102 billion.
Non-GAAP income from operations is expected to be between $374.0 million and $379.0 million.
First quarter non-GAAP diluted EPS is expected to be between $0.96 and $0.98 ($0.86 consensus) with approximately 304 million non-GAAP weighted average shares outstanding.
Full Fiscal Year 2024: Total revenue is expected to be between $4.435 billion and $4.455 billion ($4.63B consensus) and revenue in constant currency is expected to be between $4.458 billion and $4.478 billion,
Non-GAAP income from operations is expected to be between $1.606 billion and $1.626 billion.
Full fiscal year non-GAAP diluted EPS is expected to be between $4.11 and $4.18 ($3.67 consensus) with approximately 309 million non-GAAP weighted average shares outstanding.
Target
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $1.89 beats by $0.49.
Revenue of $31.4B (+1.3% Y/Y) beats by $670M.
Comparable sales increased 0.7 percent, on top of 8.9 percent in Q4 2021, driven entirely by an increase in guest traffic.
For Q1, the company expects comparable sales in a wide range, from a low-single digit decline to a low-single digit increase, and an operating income margin rate of 4 to 5 percent. GAAP EPS and adjusted EPS are both expected to range from $1.50 to $1.90 vs. consensus of $2.16.
For FY2023, the company expects comparable sales in a wide range from a low-single digit decline to a low-single digit increase.
Operating income is expected to grow more than $1 billion, and GAAP EPS and adjusted EPS are both expected to range from $7.75 to $8.75 vs. consensus of $9.28.
Over the next three years, the Company expects its operating income margin rate will reach, and begin to move beyond, its pre-pandemic rate of 6 percent, and believes it could reach an operating income margin rate of 6 percent as early as fiscal 2024, depending on the speed of recovery for the economy and consumer demand.
Rivian
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of -$1.73 beats by $0.22.
Revenue of $663M (vs. $54M last year) misses by $66.47M.
Delivered 8,054 vehicles in Q4.
Produced 10,020 vehicles in Q4.
Sees FY 2023 vehicles produced of 50K.
Sees FY 2023 adj. EBITDA loss of $4.3B.
Sees FY 2023 capex of $2B.
During 2023, co's gross margin is expected to remain negative.
Co forecasts reaching positive gross profit in 2024.
Ended Q4 with $12,099 million in cash, cash equivalents, and restricted cash.
Nio
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPADS of -$0.44 misses by $0.21.
Revenue of $2.33B (+62.2% Y/Y) misses by $230M.
Vehicle sales were $2,139.9 million) in the fourth quarter of 2022, representing an increase of 60.2% from the fourth quarter of 2021 and an increase of 23.7% from the third quarter of 2022.
Vehicle margin was 6.8% in the fourth quarter of 2022, compared with 20.9% in the fourth quarter of 2021 and 16.4% in the third quarter of 2022.
Vehicle deliveries were 40,052 in the fourth quarter of 2022, consisting of 20,824 premium smart electric SUVs and 19,228 premium smart electric sedans, representing an increase of 60.0% from the fourth quarter of 2021 and an increase of 26.7% from the third quarter of 2022.
Vehicle deliveries were 122,486 in 2022, representing an increase of 34.0% from 2021.
For the first quarter of 2023, the Company expects: Deliveries of vehicles to be between 31,000 and 33,000 vehicles, representing an increase of approximately 20.3% to 28.1% from the same quarter of 2022.
Total revenues to be between RMB10,926 million (US$1,584 million) and RMB11,543 million (US$1,674 million) vs. $2.78B consensus, representing an increase of approximately 10.2% to 16.5% from the same quarter of 2022.
Okta
For the transcript and press release click HERE
Non-GAAP EPS of $0.30 beats by $0.21.
Revenue of $510M (+33.2% Y/Y) beats by $20.42M.
Subscription revenue was $495 million, an increase of 34% year-over-year.
RPO, or subscription backlog, was $3.01 billion, an increase of 12% year-over-year.
cRPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.68 billion, up 25% compared to the fourth quarter of fiscal 2022.
Total calculated billings was $710 million, an increase of 18% year-over-year.
Sees FQ1 2024 total revenue of $509 million to $511 million. The consensus FQ1 2024 revenue estimate is $498.26M.
Sees FQ1 2024 non-GAAP diluted net income per share of $0.11 to $0.12. The consensus FQ1 2024 EPS estimate is -$0.01.
Sees FY 2024 total revenue of $2.155 billion to $2.170 billion. The consensus FY 2024 revenue estimate is $2.17B.
Sees FY 2024 non-GAAP diluted net income per share of $0.74 to $0.79. The consensus FY 2024 EPS estimate is $0.31.
Salesforce
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $1.68 beats by $0.32.
Revenue of $8.38B (+14.4% Y/Y) beats by $390M.
Current Remaining Performance Obligation of $24.6 Billion, up 12% Y/Y, 13% CC.
Returned $2.3 Billion in Fourth Quarter and $4.0 Billion in FY23 to Shareholders in the Form of Share Repurchases.
Announces Share Repurchase Program increased to $20 billion.
Q1 Outlook: Revenue Guidance of $8.16 - $8.18 Billion vs. consensus of $8.03B, Y/Y Growth ~10%, FX Impact ~($150M) Y/Y FX; Non-GAAP Earnings per Share $1.60 - $1.61 vs. consensus of $1.32.
2024 Outlook: Revenue Guidance of $34.5 - $34.7 Billion vs. consensus of $34.13B, Y/Y Growth ~10%, Non-GAAP Operating Margin ~27.0%; Non-GAAP Earnings per Share $7.12 - $7.14 vs. consensus of $5.87, Operating Cash Flow Growth (Y/Y) 15% - 16%.
Costco
For the transcript and press release click HERE
Q2 GAAP EPS of $3.30 beats by $0.07.
Revenue of $55.27B (+6.5% Y/Y) misses by $340M.
Q2 Adj. Comparable sales: U.S. 5.8%; Canada 9.6%; Other International 9.5%; Total Company 6.8%; E-commerce -8.7%.
For the four-week reporting month of February, ended February 26, 2023, the Company reported net sales of $17.06 billion, an increase of 4.7 percent from $16.29 billion last year.
Lunar New Year/Chinese New Year occurred on January 22, 10 days earlier this year.
The shift positively impacted February’s Other International and Total Company sales by approximately 2% and 0.25%, respectively.
For the twenty-six week period ended February 26, 2023, net sales were $116.06 billion, an increase of 7.1 percent from $108.39 billion last year.
AB InBev
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $0.86 beats by $0.15.
Revenue of $14.67B (+3.3% Y/Y) misses by $560M.
In 4Q22, total volumes declined by 0.6% , with own beer volumes down by 0.9% and non-beer volumes up by 1.9% .
In 4Q22, normalized EBITDA of $4,947M represents an increase of 7.6% with normalized EBITDA margin contraction of 80 bps to 33.7%.
Net debt to normalized EBITDA ratio was 3.51 x at 31 December 2022, compared to 3.96x at 31 December 2021.
2023 Outlook: We expect our EBITDA to grow in line with our medium term outlook of between 4%-8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price.
Net pension interest expenses and accretion expenses are expected to be in the range of $200M to $230M per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY23 to be approximately 4%.
We expect the normalized ETR in FY23 to be in the range of 27% to 29% excluding any gains and losses relating to the hedging of our share-based payment programs.
We expect net capital expenditure of between $4.5B and $5.0B in FY23.
Axon
For the press release click HERE
Q4 Non-GAAP EPS of $0.70 beats by $0.19.
Revenue of $336.14M (+54.2% Y/Y) beats by $30.27M.
Q4 2022 revenue of $336 million grew 54% year over year, led by 66% growth in our domestic business, driven by demand for our premium products and bundles.
Axon Cloud revenue of $368 million up 50% year over year
Company projects over $2 billion in 2025 revenue, confidence in sustained CAGR of 20%+
AMC
For the press release click HERE
Q4 Non-GAAP EPS of -$0.14 beats by $0.08.
Revenue of $990.9M (-15.3% Y/Y) beats by $13.24M.
Operating Cash (Burn) Generated for the quarter was $57.5 million.
Q4 metrics: Attendance 49.58M vs. ~53.18M last qtr, U.S. markets attendance 33.75M vs. 38.33M last qtr, International markets attendance 15.83M vs. 14.85M last qtr, Average screens at Q4-end 10,087 vs. 10,138 last qtr.
Norwegian Cruise Line
For the press release click HERE
Q4 Non-GAAP EPS of -$1.04 misses by $0.20.
Revenue of $1.52B (+211.9% Y/Y) beats by $20M.
Total revenue per Passenger Cruise Day exceeded expectations, increasing approximately 23% as-reported and 24% in Constant Currency, compared to the same period in 2019.
2023 Outlook
Occupancy is expected to average approximately 100% for the first quarter and is on track to reach historical levels for the second quarter.
Capacity is expected to increase approximately 19% compared to 2019 including the delivery of three newbuilds in 2023: Oceania Cruises’ Vista, Norwegian Viva and Regent’s Seven Seas Grandeur.
Net Per Diem is expected to increase in the range of 8.75 to 10.25% as-reported and 9.00 to 10.50% in Constant Currency versus 2019. Net Yield is expected to increase in the range of 4.75 to 6.25% as-reported and 5.00 to 6.50% in Constant Currency versus 2019.
Adjusted EBITDA is expected to be in the range of $1.8 to $1.95 billion.
