Earnings Week Feb. 6 - Feb. 10
Earnings Week Feb. 6 - Feb. 10
Disney, Fortinet, PayPal, Pinterest, Uber, Affirm & More.
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CPI Expectations
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 Non-GAAP EPS of $0.29 beats by $0.01.
Revenue of $877.21M (+3.6% Y/Y) misses by $9.57M.
Global Monthly Active Users increased 4% year over year to 450 million.
GAAP net income was $17 million for Q4. GAAP net loss was $96 million for 2022. Adjusted EBITDA was $196 million and $442 million for Q4 and 2022, respectively.
Pinterest also announced its board of directors authorization to repurchase up to $500 million of its Class A common stock over the next 12 months.
Separately, Pinterest today announced that Todd Morgenfeld, CFO and Head of Business Operations, will transition from Pinterest to pursue new career opportunities on July 1, 2023.
Guidance:
Q1 2023 revenue will grow low single digits on a year-over-year percentage basis, which takes into account slightly lower foreign exchange headwinds than Q4 2022. Expects Q1 2023 non-GAAP operating expenses to decline to low double digits percent quarter-over-quarter.
Disney
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q1 Non-GAAP EPS of $0.99 beats by $0.20.
Revenue of $23.51B (+7.7% Y/Y) beats by $230M.
The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.10 to $5.95 driven by a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.
Cash used in operations increased by $765 million from $209 million in the prior-year quarter to $974 million in the current quarter.
Return of the dividend at the end of 2023 (pending approval).
7,000 job cuts.
Disney+ subscribers dropped 1% to 161.8M from 164.2M.
Nelson Peltz ends the proxy fight.
Uber
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q4 GAAP EPS of $0.29 beats by $0.45.
Revenue of $8.6B (+48.8% Y/Y) beats by $90M.
Gross Bookings grew 19% year-over-year and 26% year-over-year on a constant currency basis
Mobility Gross Bookings, Adjusted EBITDA and Adjusted EBITDA margin at all-time quarterly highs.
Adjusted EBITDA margin as a percentage of Gross Bookings was 2.2%, up from 0.3% in Q4 2021. Incremental margin as a percentage of Gross Bookings was 11.9% Y/Y.
For Q1 2023
Gross Bookings to grow 20% to 24% YoY on a constant currency basis, with an expected 3 percentage point currency headwind, translating to a range of $31.0 billion to $32.0 billion.
Adjusted EBITDA of $660 million to $700 million
PayPal
For the transcript and press release click HERE
I’ve also covered it on my channel.
CEO Dan Schulman to retire at the end of 2023.
Q4 Non-GAAP EPS of $1.24 beats by $0.04.
Revenue of $7.4B (+6.9% Y/Y) beats by $10M.
Total Payment Volume of $357.4B, vs. $339.5B a year ago.
Transactions grew 13% Y/Y, surpassing 6B transactions.
Non-GAAP operating margin expansion of ~115bps; and non-transaction-related expenses declined 6%.
New metric related to engagement: monthly active unique users.
FQ1 revenue expected to grow ~9% FXN to ~$6.97B, vs. consensus of $7.00B.
EPS expected to be $1.08-$1.10, growing ~24% at the midpoint of the range, vs. vs. consensus of $1.07.
FY23 EPS expected to grow ~18% to ~$4.87; raised from "at least 15%," vs. consensus of $4.76.
Free cash flow expected to be ~$5.0B, and share repurchases expected to be ~75% of free cash flow.
Activision
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $1.87 beats by $0.36.
Net bookings of $3.57B (+43.4% Y/Y) beats by $390M.
For the quarter ended December 31, 2022, overall Activision Blizzard Monthly Active Users (MAUs) were 389 million.
In-game net bookings were $1.82 billion, as compared with $1.24 billion for the fourth quarter of 2021.
Still expects the acquisition to go through.
Lyft
For the transcript and press release click HERE
Q4 net loss of $588.1M.
Revenue of $1.2B (+23.7% Y/Y) beats by $50M.
Active riders 20.36K, up 8.7% Y/Y. Revenue per active rider was $57.72, up 11.5% Y/Y.
For Q1 2023
Revenue of approximately $975 million vs. $1.10B consensus
Adjusted EBITDA between $5 million and $15 million
Cloudflare
For the transcript and press release click HERE
Q4 Non-GAAP EPS of $0.06 beats by $0.01.
Revenue of $274.7M (+41.9% Y/Y) beats by $0.63M.
Record operating cash flow and record free cash flow for the fourth quarter; operating cash flow was $78.1 million, or 28% of total revenue, and free cash flow was $33.7 million, or 12% of total revenue.
Non-GAAP gross profit was $212.5 million or 77.4% gross margin, compared to $153.3 million, or 79.2%, in the fourth quarter of 2021.
Non-GAAP income from operations was $16.8 million, or 6.1% of total revenue, compared to $2.3 million, or 1.2% of total revenue, in the fourth quarter of 2021.
Q1 2023 Outlook: Total revenue of $290.0 to $291.0 million vs. consensus of $290.99M.
Non-GAAP income from operations of $11.5 to $12.5 million
Non-GAAP net income per share of $0.03 to $0.04 vs. consensus of $0.03.
2023 Outlook: Total revenue of $1,330.0 to $1,342.0 million vs. consensus of $1.31B.
Non-GAAP income from operations of $54.0 to $58.0 million
Non-GAAP net income per share of $0.15 to $0.16 vs. consensus of $0.16.
Abbvie
For the press release click HERE
Q4 Non-GAAP EPS of $3.60 beats by $0.02.
Revenue of $15.12B (+1.5% Y/Y) misses by $180M.
Global net revenues from the immunology portfolio were $7.925 billion, an increase of 17.5 percent on a reported basis, or 19.5 percent on an operational basis.
2023 Adjusted Diluted EPS Guidance Range of $10.70 to $11.10 vs consensus of $11.68, which Excludes Any Unfavorable Impact Related to Acquired IPR&D and Milestones Expense
Pepsico
For the press release click HERE
Q4 Non-GAAP EPS of $1.67 beats by $0.02.
Revenue of $28B (+10.9% Y/Y) beats by $1.18B.
For 2023, Pepsico expects to deliver 6% organic revenue growth and 8% core constant currency earnings per share growth.
Announced a 10% increase in our annualized dividend, starting with our June 2023 payment which represents our 51st consecutive annual increase, and plan to repurchase approximately $1.0 billion worth of shares.
Affirm
For the press release click HERE
FQ2 GMV of $5.66B, vs. $4.46B a year ago.
Revenue of $400M (+10.8% Y/Y) misses by $16.33M.
FQ3 Revenue $360 to $380 million, vs. consensus of $418.01M.
FY23 Revenue of $1,475 to $1,550 million, vs. consensus of $1.64B.
Cut 19% of its workforce or +- 500 employees.
Fortinet
For the press release click HERE
Q4 Non-GAAP EPS of $0.44 beats by $0.05.
Revenue of $1.28B (+32.8% Y/Y) misses by $20M.
For the first quarter of 2023, Fortinet currently expects:
Revenue in the range of $1.180 billion to $1.220 billion vs $1.18B consensus
Billings in the range of $1.415 billion to $1.465 billion
Non-GAAP gross margin in the range of 75.0% to 76.0%
Non-GAAP operating margin in the range of 23.0% to 24.0%
FY 2023
Revenue in the range of $5.370 billion to $5.430 billion vs $5.35B consensus
Service revenue in the range of $3.335 billion to $3.365 billion
Billings in the range of $6.710 billion to $6.790 billion
Non-GAAP gross margin in the range of 75.0% to 76.0%
Non-GAAP operating margin in the range of 25.0% to 26.0%
Royal Caribbean Group
For the press release click HERE
Q4 Non-GAAP EPS of -$1.12 beats by $0.22.
Revenue of $2.6B (+165.1% Y/Y) misses by $10M.
Load Factors were in line with guidance at 95%, with Caribbean sailings reaching 100%, and holiday sailings close to 110%.
Total revenues per passenger cruise day were up 3.5% as-reported and 4.5% in Constant Currency, compared to the fourth quarter of 2019.
FY Outlook: The company expects to exceed prior record Adjusted EBITDA, achieved in 2019. The company expects Adjusted Earnings per Share in the range of $3.00 to $3.60 vs consensus of $3.23.
Q1 2023: Adjusted Loss per Share is expected to be in the range of $(0.65) – $(0.85) vs consensus of -$0.85.
