Kimfatt的个人主页 - 老虎社区

Kimfatt

Kimfatt

暂无个人介绍

IP属地：未知

8关注

3粉丝

0主题

0勋章

2021-11-02

Moon

Pharmaceutical stocks climbed in morning trading

2021-10-15

Yess

fuboTV shares surged another 3% in morning trading

2021-10-11

G8

3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond

2021-09-28

Yes

抱歉，原内容已删除

2021-09-13

G8

Restaurant-software provider Toast aims for over $16 bln valuation in U.S. IPO

2021-09-13

Wow

抱歉，原内容已删除

2021-09-10

Ooo

@胖虎哒哒:小调查：iPhone13秘密泄露，你想换新机吗？

2021-08-26

Gh

Can Tesla Shares Hit $900 Again This Year?

2021-08-25

Noo

抱歉，原内容已删除

2021-08-05

Not good

抱歉，原内容已删除

2021-08-05

Noo

抱歉，原内容已删除

2021-07-27

Siao

抱歉，原内容已删除

2021-07-27

Well

抱歉，原内容已删除

2021-07-06

Good stock

2021-07-06

Nice

Hong Kong stock exchange rose 4% in wednesday morning tradin

2021-07-06

Greatt

抱歉，原内容已删除

2021-07-06

$Nanofilm(MZH.SI)$upppp

2021-06-25

Good

Biden to meet with bipartisan senators to discuss infrastructure plan

2021-06-25

Great

Confluent Prepares For $713 Million IPO

2021-06-10

Going higher?

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3569323320302810","uuid":"3569323320302810","gmtCreate":1606713997619,"gmtModify":1613187127018,"name":"Kimfatt","pinyin":"kimfatt","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":3,"headSize":8,"tweetSize":25,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.09.04","exceedPercentage":"93.28%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-2","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"资深虎友","description":"加入老虎社区1000天","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.08.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"228c86a078844d74991fff2b7ab2428d-2","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资总监虎","description":"证券账户累计交易金额达到30万美元","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.01.11","exceedPercentage":"80.28%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":7,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":841064998,"gmtCreate":1635863885059,"gmtModify":1635863885106,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Moon","listText":"Moon","text":"Moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841064998","repostId":"1106703730","repostType":4,"repost":{"id":"1106703730","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635863476,"share":"https://www.laohu8.com/m/news/1106703730?lang=&edition=full","pubTime":"2021-11-02 22:31","market":"us","language":"en","title":"Pharmaceutical stocks climbed in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1106703730","media":"Tiger Newspress","summary":"Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZenec","content":"<p>Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZeneca,Johnson &amp; Johnson&nbsp;rose between 1% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/9498ce51e3f565709fbc6d02ed61811a\" tg-width=\"410\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pharmaceutical stocks climbed in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPharmaceutical stocks climbed in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-11-02 22:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZeneca,Johnson &amp; Johnson&nbsp;rose between 1% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/9498ce51e3f565709fbc6d02ed61811a\" tg-width=\"410\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE","MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106703730","content_text":"Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZeneca,Johnson & Johnson rose between 1% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824665689,"gmtCreate":1634308852777,"gmtModify":1634308852925,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Yess","listText":"Yess","text":"Yess","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/824665689","repostId":"1125791144","repostType":4,"repost":{"id":"1125791144","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1634308708,"share":"https://www.laohu8.com/m/news/1125791144?lang=&edition=full","pubTime":"2021-10-15 22:38","market":"us","language":"en","title":"fuboTV shares surged another 3% in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1125791144","media":"Tiger Newspress","summary":"fuboTV shares surged another 3% in morning trading as as fuboTV, AT&T SportsNet joined hands; Street","content":"<p>fuboTV shares surged another 3% in morning trading&nbsp;as&nbsp;as&nbsp;fuboTV, AT&amp;T SportsNet joined hands; Street said Buy.</p>\n<p><img src=\"https://static.tigerbbs.com/848fb4ecec51eb5279ad3999ad090d32\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>Sports focused live TV streaming platform&nbsp;fuboTV Inc.(<b>FUBO</b>) recently announced that it has entered into a distribution agreement with AT&amp;T SportsNet to stream AT&amp;T SportsNet Rocky Mountain on fuboTV in the coming days.</p>\n<p>The deal will enable fuboTV access to the regional coverage of Utah Jazz, Vegas Golden Knights and Colorado Rockies, including other ancillary programming and behind-the-scenes content. Initially, the regional sports network will launch on fuboTV in Nevada, Utah, and the surrounding areas.</p>\n<p>Recently, Needham analyst&nbsp;Laura Martin&nbsp;reiterated a Buy rating on the stock with a price target of $60, which implies upside potential of 135.6% from current levels.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>fuboTV shares surged another 3% in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nfuboTV shares surged another 3% in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-10-15 22:38</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>fuboTV shares surged another 3% in morning trading&nbsp;as&nbsp;as&nbsp;fuboTV, AT&amp;T SportsNet joined hands; Street said Buy.</p>\n<p><img src=\"https://static.tigerbbs.com/848fb4ecec51eb5279ad3999ad090d32\" tg-width=\"840\" tg-height=\"470\" width=\"100%\" height=\"auto\"></p>\n<p>Sports focused live TV streaming platform&nbsp;fuboTV Inc.(<b>FUBO</b>) recently announced that it has entered into a distribution agreement with AT&amp;T SportsNet to stream AT&amp;T SportsNet Rocky Mountain on fuboTV in the coming days.</p>\n<p>The deal will enable fuboTV access to the regional coverage of Utah Jazz, Vegas Golden Knights and Colorado Rockies, including other ancillary programming and behind-the-scenes content. Initially, the regional sports network will launch on fuboTV in Nevada, Utah, and the surrounding areas.</p>\n<p>Recently, Needham analyst&nbsp;Laura Martin&nbsp;reiterated a Buy rating on the stock with a price target of $60, which implies upside potential of 135.6% from current levels.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FUBO":"fuboTV Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125791144","content_text":"fuboTV shares surged another 3% in morning trading as as fuboTV, AT&T SportsNet joined hands; Street said Buy.\n\nSports focused live TV streaming platform fuboTV Inc.(FUBO) recently announced that it has entered into a distribution agreement with AT&T SportsNet to stream AT&T SportsNet Rocky Mountain on fuboTV in the coming days.\nThe deal will enable fuboTV access to the regional coverage of Utah Jazz, Vegas Golden Knights and Colorado Rockies, including other ancillary programming and behind-the-scenes content. Initially, the regional sports network will launch on fuboTV in Nevada, Utah, and the surrounding areas.\nRecently, Needham analyst Laura Martin reiterated a Buy rating on the stock with a price target of $60, which implies upside potential of 135.6% from current levels.","news_type":1},"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":826020846,"gmtCreate":1633959959557,"gmtModify":1634004681618,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"G8","listText":"G8","text":"G8","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826020846","repostId":"2174901386","repostType":4,"repost":{"id":"2174901386","kind":"highlight","pubTimestamp":1633958294,"share":"https://www.laohu8.com/m/news/2174901386?lang=&edition=full","pubTime":"2021-10-11 21:18","market":"us","language":"en","title":"3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond","url":"https://stock-news.laohu8.com/highlight/detail?id=2174901386","media":"Motley Fool","summary":"All three of these companies could be much larger a decade from now.","content":"<p>The best investments historically have come from buying high-growth stocks at a reasonable valuation and holding on for a decade or longer. We all know about the past returns of stocks like <b>Amazon</b>, <b>Netflix</b>, and <b>Apple</b>, which have return multiples of more than 100x for investors in the past 20 years. But what about the stocks that have a chance to put up <i>future</i> life-changing returns?</p>\n<p>Three growth stocks that could be huge winners over the next decade are <b>Autodesk</b> (NASDAQ:ADSK), <b>Coupang</b> (NYSE:CPNG), and <b>Latch</b> (NASDAQ:LTCH). Here's why.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd94e8078621748dce1e9702d2a76b56\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\"><span>Image Source: Getty Images.</span></p>\n<h2>Autodesk</h2>\n<p>Autodesk is a decades-old software company that came to prominence in the late 1980s along with companions <b><a href=\"https://laohu8.com/S/ADBE\">Adobe</a></b>&nbsp;and <b>Microsoft</b>. It originally started selling 2D design software called AutoCAD but has expanded to many more products since then, either through internal releases or acquisitions. Currently, its most important product is Revit, a 3D design tool mainly used by architects to design buildings in line with Building Information Modeling (BIM) standards, which most governments are adopting around the world. Autodesk has also made a smooth transition to subscription-based products, with over 95% of revenue coming from recurring sources, which makes the business much more reliable over the business cycle.</p>\n<p>AutoCAD and Revit were Autodesk's main growth drivers in the past two decades and are the primary reasons the company's stock has increased 300% over the past five years. The company is also expecting to generate $4.3 billion in revenue and over $1.5 billion in free cash flow for the fiscal year ending January 2022. However, over the next decade, the majority of Autodesk's growth will come from its new cloud-based products. For example, Fusion 360 is for manufacturing, mechanical, and electrical engineering design. Unlike the legacy design systems, Fusion 360 is built for the cloud and has many extensions to other software programs, making it easier for different teams and engineering disciplines to work together on projects.</p>\n<p>At its investor day, Autodesk said that Fusion 360 now has 165,000 paid subscriptions, growing at a 53% compound annual growth rate (CAGR) over the past three years. And thanks to its extensions/upsell strategy, billings have grown much faster than subscriptions, at a 107% CAGR over the past three years. Autodesk has many other products with growth potential similar to Fusion 360, like Forge (its third-party developer platform), Autodesk Construction Cloud (construction site software), and Autodesk Tandem (digital twins which allows a builder a virtual image of their plans).</p>\n<p>With steady business coming from AutoCAD and Revit and so many promising new products and services, Autodesk is poised to be a much larger business a decade from now, which will likely benefit shareholders.</p>\n<h2>Coupang</h2>\n<p>Amazon has been a long-term stock market winner because of its dominance of e-commerce in the United States. Another company looking to do just that, but in South Korea, is Coupang. The company went public this spring through an initial public offering, raising $4.6 billion in the process.</p>\n<p>Coupang's primary business is its e-commerce platform, which offers a wide selection of items to South Korean consumers, most of which can be delivered within a day or less. The company is able to deliver with such speed because it has its own delivery and warehouse network, with over 15,000 full-time delivery drivers. This means, unlike Amazon, Coupang is a vertically integrated e-commerce business, giving it a distinct advantage over anyone trying to compete with it in Korea.</p>\n<p>On top of the e-commerce platform and delivery network, Coupang has launched adjacent businesses like Rocket Fresh (grocery delivery) and Coupang Eats (food delivery).&nbsp;All these businesses are growing rapidly, which led to a 71% increase in revenue last quarter to $4.5 billion. Active customers hit 17 million, and revenue per active customer grew 36% to $263 in the period. With the chance to keep growing within South Korea, and plans to expand to other countries like Singapore, Taiwan, and Japan, Coupang should be able to increase revenue, profits, and cash flow at a high rate for many years. Ultimately, that opportunity to strengthen financial performance would give the stock potential to be a winner over the next decade.</p>\n<h2>Latch</h2>\n<p>Unlike the two companies listed above, which have market caps in the tens of billions, Latch is a lot smaller, with a market cap of $1.7 billion. It's a hardware and software company for apartments and commercial buildings that makes money by selling smart-lock and access subscriptions to building owners. Latch customers install its smart doorknobs on the front door of each apartment and common area during construction, which allows every room to be connected to Latch's software platform. From there, building owners and managers can easily provide guests access to the rooms through Latch's mobile app, which acts as a key replacement for tenants.</p>\n<p>Latch doesn't make much profit on its hardware sales, so the majority of its business comes from software subscriptions. Owners typically pay around $7 to $12 a month per room to Latch, depending on how many products they want. This means that a great forward-looking indicator for Latch's future growth is the number of units it has booked with customers. In the second quarter, cumulative booked units hit 451,000, up 108% year over year from 2020.</p>\n<p>Since it might take upward of five years to complete a building, Latch only realized around $9 million in revenue last quarter, which looks tiny compared to its $1.7 billion market cap and the number of cumulative booked apartment units. But with no customer (referring to the building owners) ever-churning off of its subscription service, Latch has a clear path to rapidly grow revenue over the next decade, just from its existing homes booked. If it continues to grow the number of booked homes under management, the revenue base could be in the hundreds of millions five to 10 years from now, which would be great news for shareholders.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Growth Stocks That Could Be Huge Winners in the Next Decade and Beyond\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-10-11 21:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/10/11/3-growth-stocks-that-could-be-huge-winners/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The best investments historically have come from buying high-growth stocks at a reasonable valuation and holding on for a decade or longer. We all know about the past returns of stocks like Amazon, ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/10/11/3-growth-stocks-that-could-be-huge-winners/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CPNG":"Coupang, Inc.","ADSK":"欧特克","LTCH":"Latch, Inc."},"source_url":"https://www.fool.com/investing/2021/10/11/3-growth-stocks-that-could-be-huge-winners/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2174901386","content_text":"The best investments historically have come from buying high-growth stocks at a reasonable valuation and holding on for a decade or longer. We all know about the past returns of stocks like Amazon, Netflix, and Apple, which have return multiples of more than 100x for investors in the past 20 years. But what about the stocks that have a chance to put up future life-changing returns?\nThree growth stocks that could be huge winners over the next decade are Autodesk (NASDAQ:ADSK), Coupang (NYSE:CPNG), and Latch (NASDAQ:LTCH). Here's why.\nImage Source: Getty Images.\nAutodesk\nAutodesk is a decades-old software company that came to prominence in the late 1980s along with companions Adobe and Microsoft. It originally started selling 2D design software called AutoCAD but has expanded to many more products since then, either through internal releases or acquisitions. Currently, its most important product is Revit, a 3D design tool mainly used by architects to design buildings in line with Building Information Modeling (BIM) standards, which most governments are adopting around the world. Autodesk has also made a smooth transition to subscription-based products, with over 95% of revenue coming from recurring sources, which makes the business much more reliable over the business cycle.\nAutoCAD and Revit were Autodesk's main growth drivers in the past two decades and are the primary reasons the company's stock has increased 300% over the past five years. The company is also expecting to generate $4.3 billion in revenue and over $1.5 billion in free cash flow for the fiscal year ending January 2022. However, over the next decade, the majority of Autodesk's growth will come from its new cloud-based products. For example, Fusion 360 is for manufacturing, mechanical, and electrical engineering design. Unlike the legacy design systems, Fusion 360 is built for the cloud and has many extensions to other software programs, making it easier for different teams and engineering disciplines to work together on projects.\nAt its investor day, Autodesk said that Fusion 360 now has 165,000 paid subscriptions, growing at a 53% compound annual growth rate (CAGR) over the past three years. And thanks to its extensions/upsell strategy, billings have grown much faster than subscriptions, at a 107% CAGR over the past three years. Autodesk has many other products with growth potential similar to Fusion 360, like Forge (its third-party developer platform), Autodesk Construction Cloud (construction site software), and Autodesk Tandem (digital twins which allows a builder a virtual image of their plans).\nWith steady business coming from AutoCAD and Revit and so many promising new products and services, Autodesk is poised to be a much larger business a decade from now, which will likely benefit shareholders.\nCoupang\nAmazon has been a long-term stock market winner because of its dominance of e-commerce in the United States. Another company looking to do just that, but in South Korea, is Coupang. The company went public this spring through an initial public offering, raising $4.6 billion in the process.\nCoupang's primary business is its e-commerce platform, which offers a wide selection of items to South Korean consumers, most of which can be delivered within a day or less. The company is able to deliver with such speed because it has its own delivery and warehouse network, with over 15,000 full-time delivery drivers. This means, unlike Amazon, Coupang is a vertically integrated e-commerce business, giving it a distinct advantage over anyone trying to compete with it in Korea.\nOn top of the e-commerce platform and delivery network, Coupang has launched adjacent businesses like Rocket Fresh (grocery delivery) and Coupang Eats (food delivery). All these businesses are growing rapidly, which led to a 71% increase in revenue last quarter to $4.5 billion. Active customers hit 17 million, and revenue per active customer grew 36% to $263 in the period. With the chance to keep growing within South Korea, and plans to expand to other countries like Singapore, Taiwan, and Japan, Coupang should be able to increase revenue, profits, and cash flow at a high rate for many years. Ultimately, that opportunity to strengthen financial performance would give the stock potential to be a winner over the next decade.\nLatch\nUnlike the two companies listed above, which have market caps in the tens of billions, Latch is a lot smaller, with a market cap of $1.7 billion. It's a hardware and software company for apartments and commercial buildings that makes money by selling smart-lock and access subscriptions to building owners. Latch customers install its smart doorknobs on the front door of each apartment and common area during construction, which allows every room to be connected to Latch's software platform. From there, building owners and managers can easily provide guests access to the rooms through Latch's mobile app, which acts as a key replacement for tenants.\nLatch doesn't make much profit on its hardware sales, so the majority of its business comes from software subscriptions. Owners typically pay around $7 to $12 a month per room to Latch, depending on how many products they want. This means that a great forward-looking indicator for Latch's future growth is the number of units it has booked with customers. In the second quarter, cumulative booked units hit 451,000, up 108% year over year from 2020.\nSince it might take upward of five years to complete a building, Latch only realized around $9 million in revenue last quarter, which looks tiny compared to its $1.7 billion market cap and the number of cumulative booked apartment units. But with no customer (referring to the building owners) ever-churning off of its subscription service, Latch has a clear path to rapidly grow revenue over the next decade, just from its existing homes booked. If it continues to grow the number of booked homes under management, the revenue base could be in the hundreds of millions five to 10 years from now, which would be great news for shareholders.","news_type":1},"isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862169545,"gmtCreate":1632843986631,"gmtModify":1632843986684,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862169545","repostId":"1125098387","repostType":4,"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886054567,"gmtCreate":1631540807559,"gmtModify":1631890134463,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"G8","listText":"G8","text":"G8","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886054567","repostId":"2167898295","repostType":4,"repost":{"id":"2167898295","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1631539356,"share":"https://www.laohu8.com/m/news/2167898295?lang=&edition=full","pubTime":"2021-09-13 21:22","market":"us","language":"en","title":"Restaurant-software provider Toast aims for over $16 bln valuation in U.S. IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=2167898295","media":"Reuters","summary":"Sept 13 (Reuters) - Toast Inc is aiming for a valuation of more than $16 billion in its U.S. initial","content":"<p>Sept 13 (Reuters) - Toast Inc is aiming for a valuation of more than $16 billion in its U.S. initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a>, according to a regulatory filing on Monday by the startup that sells software to help restaurants with both online and in-store orders.</p>\n<p>Boston-based Toast plans to sell 21.7 million shares in the offering, priced between $30.00 and $33.00 per share. At the top end of that range, the IPO will raise $717.4 million.</p>\n<p>The 10-year-old company provides a software platform that helps restaurants manage online ordering, operate an on-demand delivery network and integrate payment.</p>\n<p>Its listing plan comes during a pandemic-driven boom in demand for food delivery services that has boosted businesses of DoorDash Inc and rivals Uber Eats and Grubhub.</p>\n<p>Several other high-profile start-ups, including Freshworks, Thoughtworks and ForgeRock, are also slated to go public this fall in <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the hottest years for IPOs.</p>\n<p>Toast has shifted focus to products such as delivery networks and contactless payment after the hit from the pandemic forced it to slash its workforce by half in the early days of the crisis.</p>\n<p>Valued at about $5 billion in a private round in February, the company's investors include TPG, Tiger Global Management, American Express Ventures, Bessemer Venture Partners, G Squared, TCV and Greenoaks.</p>\n<p>It will list its stock on the New York Stock Exchange under the symbol \"TOST.\"</p>\n<p>Goldman Sachs &amp; Co. LLC, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> and J.P. Morgan are the lead underwriters for the offering.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Restaurant-software provider Toast aims for over $16 bln valuation in U.S. IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRestaurant-software provider Toast aims for over $16 bln valuation in U.S. IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-09-13 21:22</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Sept 13 (Reuters) - Toast Inc is aiming for a valuation of more than $16 billion in its U.S. initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a>, according to a regulatory filing on Monday by the startup that sells software to help restaurants with both online and in-store orders.</p>\n<p>Boston-based Toast plans to sell 21.7 million shares in the offering, priced between $30.00 and $33.00 per share. At the top end of that range, the IPO will raise $717.4 million.</p>\n<p>The 10-year-old company provides a software platform that helps restaurants manage online ordering, operate an on-demand delivery network and integrate payment.</p>\n<p>Its listing plan comes during a pandemic-driven boom in demand for food delivery services that has boosted businesses of DoorDash Inc and rivals Uber Eats and Grubhub.</p>\n<p>Several other high-profile start-ups, including Freshworks, Thoughtworks and ForgeRock, are also slated to go public this fall in <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the hottest years for IPOs.</p>\n<p>Toast has shifted focus to products such as delivery networks and contactless payment after the hit from the pandemic forced it to slash its workforce by half in the early days of the crisis.</p>\n<p>Valued at about $5 billion in a private round in February, the company's investors include TPG, Tiger Global Management, American Express Ventures, Bessemer Venture Partners, G Squared, TCV and Greenoaks.</p>\n<p>It will list its stock on the New York Stock Exchange under the symbol \"TOST.\"</p>\n<p>Goldman Sachs &amp; Co. LLC, <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a> and J.P. Morgan are the lead underwriters for the offering.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TOST":"Toast, Inc.","MS":"摩根士丹利"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2167898295","content_text":"Sept 13 (Reuters) - Toast Inc is aiming for a valuation of more than $16 billion in its U.S. initial public offering $(IPO.UK)$, according to a regulatory filing on Monday by the startup that sells software to help restaurants with both online and in-store orders.\nBoston-based Toast plans to sell 21.7 million shares in the offering, priced between $30.00 and $33.00 per share. At the top end of that range, the IPO will raise $717.4 million.\nThe 10-year-old company provides a software platform that helps restaurants manage online ordering, operate an on-demand delivery network and integrate payment.\nIts listing plan comes during a pandemic-driven boom in demand for food delivery services that has boosted businesses of DoorDash Inc and rivals Uber Eats and Grubhub.\nSeveral other high-profile start-ups, including Freshworks, Thoughtworks and ForgeRock, are also slated to go public this fall in one of the hottest years for IPOs.\nToast has shifted focus to products such as delivery networks and contactless payment after the hit from the pandemic forced it to slash its workforce by half in the early days of the crisis.\nValued at about $5 billion in a private round in February, the company's investors include TPG, Tiger Global Management, American Express Ventures, Bessemer Venture Partners, G Squared, TCV and Greenoaks.\nIt will list its stock on the New York Stock Exchange under the symbol \"TOST.\"\nGoldman Sachs & Co. LLC, Morgan Stanley and J.P. Morgan are the lead underwriters for the offering.","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":886054800,"gmtCreate":1631540790200,"gmtModify":1631890134476,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886054800","repostId":"1164835747","repostType":4,"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":881051985,"gmtCreate":1631282592847,"gmtModify":1631890134491,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Ooo","listText":"Ooo","text":"Ooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881051985","repostId":"883298049","repostType":1,"repost":{"id":883298049,"gmtCreate":1631241533075,"gmtModify":1631253890936,"author":{"id":"3510558082622800","authorId":"3510558082622800","name":"胖虎哒哒","avatar":"https://static.tigerbbs.com/75b95d9326c02813b7b87ba8c1eccb5a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3510558082622800","authorIdStr":"3510558082622800"},"themes":[],"title":"小调查：iPhone13秘密泄露，你想换新机吗？","htmlText":"随着9月15日的苹果特别活动日一天天的临近，近期网上也涌现出诸多关于iPhone 13的信息。除了有新机的配置、价格爆料之外，最近还有媒体对iPhone用户是否有升级iPhone 13的愿意做了一期调查。据悉，该调查是由Savings开展，收集1500名iPhone用户的意向。 根据调查结果显示：其中仅有10%的用户计划入手iPhone 13，有着64%的用户没有升级计划，此外，还有26%的用户表示还没做好决定。 对于这一调查结果，个人倒不会感到太大的意外。毕竟就目前的爆料的信息来看，iPhone 13相较于上一代并不会太多的提升，很可能只是将后置模组中的镜头改变了摆放位置，刘海屏缩小一些，并上全新的A15芯片。至于大家尤为关心的120Hz高刷屏和大电池，大概率也只会在iPhone 13 Pro/ Pro Max身上出现。 此外，据乌克兰人称，iPhone 13系列将提供新的粉红色、黑色和青铜色，存储选项将与iPhone 12相同，除了 5.4 英寸和 6.1 英寸标准型号没有 256GB 存储选项之外被91mobiles发现的电子商务网站“KTC”声称已经透露了即将推出的设备的配置选项。 MacRumors 对黑色、青铜色和粉红色 iPhone 13 型号的渲染。在iPhone 13迷你和iPhone 13显然将继续在六个颜色可供选择：黑色，蓝色，紫色，粉色，白色，和PRODUCT（RED）。这意味着粉红色将取代 iPhone 12 阵容中的绿色。 另一方面，据称iPhone 13 Pro和iPhone 13 Pro Max将继续提供四种颜色选择：黑色、银色、金色和青铜色。这意味着黑色将取代iPhone 12 Pro系列中的石墨，而青铜色将取代太平洋蓝。 再加上目前iPhone 12已经支持了5G网络，所以对于iPhone 12用户而言，新机确实谈不上有太大的吸引力。下面","listText":"随着9月15日的苹果特别活动日一天天的临近，近期网上也涌现出诸多关于iPhone 13的信息。除了有新机的配置、价格爆料之外，最近还有媒体对iPhone用户是否有升级iPhone 13的愿意做了一期调查。据悉，该调查是由Savings开展，收集1500名iPhone用户的意向。 根据调查结果显示：其中仅有10%的用户计划入手iPhone 13，有着64%的用户没有升级计划，此外，还有26%的用户表示还没做好决定。 对于这一调查结果，个人倒不会感到太大的意外。毕竟就目前的爆料的信息来看，iPhone 13相较于上一代并不会太多的提升，很可能只是将后置模组中的镜头改变了摆放位置，刘海屏缩小一些，并上全新的A15芯片。至于大家尤为关心的120Hz高刷屏和大电池，大概率也只会在iPhone 13 Pro/ Pro Max身上出现。 此外，据乌克兰人称，iPhone 13系列将提供新的粉红色、黑色和青铜色，存储选项将与iPhone 12相同，除了 5.4 英寸和 6.1 英寸标准型号没有 256GB 存储选项之外被91mobiles发现的电子商务网站“KTC”声称已经透露了即将推出的设备的配置选项。 MacRumors 对黑色、青铜色和粉红色 iPhone 13 型号的渲染。在iPhone 13迷你和iPhone 13显然将继续在六个颜色可供选择：黑色，蓝色，紫色，粉色，白色，和PRODUCT（RED）。这意味着粉红色将取代 iPhone 12 阵容中的绿色。 另一方面，据称iPhone 13 Pro和iPhone 13 Pro Max将继续提供四种颜色选择：黑色、银色、金色和青铜色。这意味着黑色将取代iPhone 12 Pro系列中的石墨，而青铜色将取代太平洋蓝。 再加上目前iPhone 12已经支持了5G网络，所以对于iPhone 12用户而言，新机确实谈不上有太大的吸引力。下面","text":"随着9月15日的苹果特别活动日一天天的临近，近期网上也涌现出诸多关于iPhone 13的信息。除了有新机的配置、价格爆料之外，最近还有媒体对iPhone用户是否有升级iPhone 13的愿意做了一期调查。据悉，该调查是由Savings开展，收集1500名iPhone用户的意向。 根据调查结果显示：其中仅有10%的用户计划入手iPhone 13，有着64%的用户没有升级计划，此外，还有26%的用户表示还没做好决定。 对于这一调查结果，个人倒不会感到太大的意外。毕竟就目前的爆料的信息来看，iPhone 13相较于上一代并不会太多的提升，很可能只是将后置模组中的镜头改变了摆放位置，刘海屏缩小一些，并上全新的A15芯片。至于大家尤为关心的120Hz高刷屏和大电池，大概率也只会在iPhone 13 Pro/ Pro Max身上出现。 此外，据乌克兰人称，iPhone 13系列将提供新的粉红色、黑色和青铜色，存储选项将与iPhone 12相同，除了 5.4 英寸和 6.1 英寸标准型号没有 256GB 存储选项之外被91mobiles发现的电子商务网站“KTC”声称已经透露了即将推出的设备的配置选项。 MacRumors 对黑色、青铜色和粉红色 iPhone 13 型号的渲染。在iPhone 13迷你和iPhone 13显然将继续在六个颜色可供选择：黑色，蓝色，紫色，粉色，白色，和PRODUCT（RED）。这意味着粉红色将取代 iPhone 12 阵容中的绿色。 另一方面，据称iPhone 13 Pro和iPhone 13 Pro Max将继续提供四种颜色选择：黑色、银色、金色和青铜色。这意味着黑色将取代iPhone 12 Pro系列中的石墨，而青铜色将取代太平洋蓝。 再加上目前iPhone 12已经支持了5G网络，所以对于iPhone 12用户而言，新机确实谈不上有太大的吸引力。下面","images":[{"img":"https://static.tigerbbs.com/439a10342ff65ee248adad23544bb2bd","width":"640","height":"950"},{"img":"https://static.tigerbbs.com/3be3145812aabd30a8e638523e3e3ef3","width":"640","height":"599"},{"img":"https://static.tigerbbs.com/2fe570d3643c505741c38c94d03cd853","width":"400","height":"225"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883298049","isVote":2,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"vote":{"id":1542,"gmtBegin":1631241605737,"gmtEnd":1631759961831,"type":1,"upper":1,"title":"发布会之后，你会换iPhone 13吗？","choices":[{"id":5693,"sort":1,"name":"Yes！","userSize":136,"voted":false},{"id":5694,"sort":2,"name":"No！","userSize":234,"voted":false}]},"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":810460220,"gmtCreate":1629993104460,"gmtModify":1704954369148,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Gh","listText":"Gh","text":"Gh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810460220","repostId":"1161561973","repostType":4,"repost":{"id":"1161561973","kind":"news","pubTimestamp":1629991651,"share":"https://www.laohu8.com/m/news/1161561973?lang=&edition=full","pubTime":"2021-08-26 23:27","market":"us","language":"en","title":"Can Tesla Shares Hit $900 Again This Year?","url":"https://stock-news.laohu8.com/highlight/detail?id=1161561973","media":"investing.com","summary":"Electric vehicle maker Tesla Motors' (NASDAQ:TSLA) stock is picking up momentum again. After falling","content":"<p>Electric vehicle maker <a href=\"https://laohu8.com/S/TSLA\">Tesla Motors</a>' (NASDAQ:TSLA) stock is picking up momentum again. After falling from a record high $900.40, hit intraday on Jan. 25, TSLA shares have gained 17% during the past three months, outperforming the benchmark&nbsp;NASDAQ 100&nbsp;Index.</p>\n<p>The biggest question Tesla bulls now have is, whether, on top of the current gains, can the EV manufacturer's stock push through back to the all-time high of $900 this year?</p>\n<p><img src=\"https://static.tigerbbs.com/b4b9078f00190f208dd63b32c4f617c6\" tg-width=\"651\" tg-height=\"708\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Tesla Weekly Chart.</p>\n<p>Given the highly volatile nature of the stock, it’s tough to predict whether the current Tesla rally has legs. But it’s important to note that the outlook for its car sales is becoming more uncertain than it was a year ago.</p>\n<p>First, the global chip shortage continues to cast doubt on Tesla’s ambitious sales targets for 2021. Chief Executive Officer Elon Musk highlighted challenges that come from the unpredictability of chip supplies and the hurdles he expects in ramping production at two new factories in Austin, Texas, and Berlin, later this year.</p>\n<p>Tesla again delayed delivery of its semi-trailer truck—already two years late. The first trucks of this type are now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as management trying to focus on getting new factories online. The company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues.</p>\n<p>This is what Musk told analysts last month:</p>\n<blockquote>\n “While we’re making cars at full speed, the global chip-shortage situation remains quite serious. For the rest of this year, our growth rate will be determined by the slowest part in our supply chain.”\n</blockquote>\n<p>Regulatory Probe</p>\n<p>Besides the risks to the market’s earnings consensus for this fiscal year, Tesla is facing a regulatory probe that could result in a massive recall.</p>\n<p>The U.S.opened a formal investigation&nbsp;into Tesla’s Autopilot system last week after almost a dozen collisions involving first-responder vehicles. In the last seven years, Tesla has charged clients thousands of dollars for this feature.</p>\n<p>The probe by the National Highway Traffic Safety Administration (NHTSA) covers an estimated 765,000 Tesla Model Y, X, S and 3 vehicles from the 2014 model year onward. The regulator—which has the power to deem cars defective and order recalls—said&nbsp;it launched the investigation after 11 crashes that resulted in 17 injuries and one fatality.</p>\n<p>Bloomberg reported&nbsp;that Tesla has been criticized for years for labeling the system in a potentially misleading way. Since late 2016, it has marketed this higher-level functionality feature as Full Self-Driving Capability. In reality, Autopilot is a driver-assistance system that maintains vehicles’ speed and keeps them centered in lanes when engaged, though the driver is supposed to supervise at all times.</p>\n<p>Tesla now sells that package of features—often referred to as FSD—for $10,000 or $199 a month.</p>\n<p>After the NHTSA launched of the probe, two Democratic senators asked the Federal Trade Commission to also investigate Tesla over the company’s advertising of its Autopilot and FSD technology.</p>\n<p>In a&nbsp;letter&nbsp;last Wednesday, Sen. Richard Blumenthal of Connecticut and Sen. Ed Markey of Massachusetts asked FTC Chair Lina Khan to examine whether Tesla used “potentially deceptive and unfair practices” in its marketing of those technologies.</p>\n<p>“We fear that Tesla’s Autopilot and FSD features are not as mature and reliable as the company pitches to the public,” they wrote, pointing to comments from Musk, as well as a 2019 YouTube video entitled “Full Self-Driving” and has a link to Tesla’s site.</p>\n<p>Highlighting these risks and how they could affect Tesla’s current stock price, however, shouldn’t hide the fact that there are many analysts who continue to remain bullish on TSLA. Piper Sandler reiterated its overweight rating on the stock and its price target of $1,200 this month.</p>\n<p>In a note, analysts Alexander Potter and Winnie Dong said:</p>\n<blockquote>\n “Bottom line: We still really like this stock. Tesla is still the driving force behind higher [battery electric vehicle] penetration globally.”\n</blockquote>\n<p><b>Bottom Line</b></p>\n<p>It’s difficult to predict the future course for Tesla stock given the huge amount of speculative interest in this name. But recent developments show that it will be quite hard for the EV automaker to exceed expectations in this tough manufacturing environment.</p>\n<p>Investors should trade this name with caution.</p>","source":"lsy1594375853987","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Can Tesla Shares Hit $900 Again This Year? </title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCan Tesla Shares Hit $900 Again This Year? \n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 23:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investing.com/analysis/can-tesla-shares-hit-900-again-this-year-200599999><strong>investing.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Electric vehicle maker Tesla Motors' (NASDAQ:TSLA) stock is picking up momentum again. After falling from a record high $900.40, hit intraday on Jan. 25, TSLA shares have gained 17% during the past ...</p>\n\n<a href=\"https://www.investing.com/analysis/can-tesla-shares-hit-900-again-this-year-200599999\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.investing.com/analysis/can-tesla-shares-hit-900-again-this-year-200599999","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161561973","content_text":"Electric vehicle maker Tesla Motors' (NASDAQ:TSLA) stock is picking up momentum again. After falling from a record high $900.40, hit intraday on Jan. 25, TSLA shares have gained 17% during the past three months, outperforming the benchmark NASDAQ 100 Index.\nThe biggest question Tesla bulls now have is, whether, on top of the current gains, can the EV manufacturer's stock push through back to the all-time high of $900 this year?\nTesla Weekly Chart.\nGiven the highly volatile nature of the stock, it’s tough to predict whether the current Tesla rally has legs. But it’s important to note that the outlook for its car sales is becoming more uncertain than it was a year ago.\nFirst, the global chip shortage continues to cast doubt on Tesla’s ambitious sales targets for 2021. Chief Executive Officer Elon Musk highlighted challenges that come from the unpredictability of chip supplies and the hurdles he expects in ramping production at two new factories in Austin, Texas, and Berlin, later this year.\nTesla again delayed delivery of its semi-trailer truck—already two years late. The first trucks of this type are now slated for 2022. The company attributed the delay to supply-chain issues and limited battery-cell supply, as well as management trying to focus on getting new factories online. The company’s plans for its first pickup truck, once expected to go to customers as early as this year, are also being affected by parts issues.\nThis is what Musk told analysts last month:\n\n “While we’re making cars at full speed, the global chip-shortage situation remains quite serious. For the rest of this year, our growth rate will be determined by the slowest part in our supply chain.”\n\nRegulatory Probe\nBesides the risks to the market’s earnings consensus for this fiscal year, Tesla is facing a regulatory probe that could result in a massive recall.\nThe U.S.opened a formal investigation into Tesla’s Autopilot system last week after almost a dozen collisions involving first-responder vehicles. In the last seven years, Tesla has charged clients thousands of dollars for this feature.\nThe probe by the National Highway Traffic Safety Administration (NHTSA) covers an estimated 765,000 Tesla Model Y, X, S and 3 vehicles from the 2014 model year onward. The regulator—which has the power to deem cars defective and order recalls—said it launched the investigation after 11 crashes that resulted in 17 injuries and one fatality.\nBloomberg reported that Tesla has been criticized for years for labeling the system in a potentially misleading way. Since late 2016, it has marketed this higher-level functionality feature as Full Self-Driving Capability. In reality, Autopilot is a driver-assistance system that maintains vehicles’ speed and keeps them centered in lanes when engaged, though the driver is supposed to supervise at all times.\nTesla now sells that package of features—often referred to as FSD—for $10,000 or $199 a month.\nAfter the NHTSA launched of the probe, two Democratic senators asked the Federal Trade Commission to also investigate Tesla over the company’s advertising of its Autopilot and FSD technology.\nIn a letter last Wednesday, Sen. Richard Blumenthal of Connecticut and Sen. Ed Markey of Massachusetts asked FTC Chair Lina Khan to examine whether Tesla used “potentially deceptive and unfair practices” in its marketing of those technologies.\n“We fear that Tesla’s Autopilot and FSD features are not as mature and reliable as the company pitches to the public,” they wrote, pointing to comments from Musk, as well as a 2019 YouTube video entitled “Full Self-Driving” and has a link to Tesla’s site.\nHighlighting these risks and how they could affect Tesla’s current stock price, however, shouldn’t hide the fact that there are many analysts who continue to remain bullish on TSLA. Piper Sandler reiterated its overweight rating on the stock and its price target of $1,200 this month.\nIn a note, analysts Alexander Potter and Winnie Dong said:\n\n “Bottom line: We still really like this stock. Tesla is still the driving force behind higher [battery electric vehicle] penetration globally.”\n\nBottom Line\nIt’s difficult to predict the future course for Tesla stock given the huge amount of speculative interest in this name. But recent developments show that it will be quite hard for the EV automaker to exceed expectations in this tough manufacturing environment.\nInvestors should trade this name with caution.","news_type":1},"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837490317,"gmtCreate":1629903271339,"gmtModify":1631890134516,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Noo","listText":"Noo","text":"Noo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837490317","repostId":"1195506103","repostType":4,"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890648721,"gmtCreate":1628117278563,"gmtModify":1631890134530,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Not good","listText":"Not good","text":"Not good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890648721","repostId":"1127899199","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890648678,"gmtCreate":1628117251894,"gmtModify":1631890134544,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Noo","listText":"Noo","text":"Noo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890648678","repostId":"1127899199","repostType":4,"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809780576,"gmtCreate":1627393168095,"gmtModify":1631890134557,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Siao","listText":"Siao","text":"Siao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809780576","repostId":"2154499207","repostType":4,"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809780045,"gmtCreate":1627393133887,"gmtModify":1631890134571,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809780045","repostId":"1128428316","repostType":4,"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157023333,"gmtCreate":1625555613122,"gmtModify":1631890134581,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Good stock","listText":"Good stock","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/110c8c86ea86cbd1d901c41ec112f531","width":"1080","height":"2233"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157023333","isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":157029800,"gmtCreate":1625555538200,"gmtModify":1631893992354,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/157029800","repostId":"1132297948","repostType":4,"repost":{"id":"1132297948","kind":"news","pubTimestamp":1625624046,"share":"https://www.laohu8.com/m/news/1132297948?lang=&edition=full","pubTime":"2021-07-07 10:14","market":"us","language":"en","title":"Hong Kong stock exchange rose 4% in wednesday morning tradin","url":"https://stock-news.laohu8.com/highlight/detail?id=1132297948","media":"Tiger Newspress","summary":"HKEX$$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, accor","content":"<p>HKEX<a href=\"https://laohu8.com/S/00388\">$(00388)$</a>rose 4% in wednesday morning trading.<img src=\"https://static.tigerbbs.com/006da7cd1ca220233662d164638afbdb\" tg-width=\"697\" tg-height=\"531\" referrerpolicy=\"no-referrer\">Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.</p>\n<p>Through a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges &amp; Clearing Ltd. statement on Tuesday.</p>\n<p>The change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just <a href=\"https://laohu8.com/S/AONE\">one</a> settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.</p>\n<p>The move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.</p>\n<p>Hong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.</p>\n<p>The new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.</p>\n<p>The bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.</p>\n<p>Hong Kong Looks to Speed Up IPO Process to Reduce Risks (1)</p>","source":"lsy1610602759241","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong stock exchange rose 4% in wednesday morning tradin</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHong Kong stock exchange rose 4% in wednesday morning tradin\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-07 10:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia><strong>Tiger Newspress</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HKEX$(00388)$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"00388":"香港交易所"},"source_url":"https://www.bloomberg.com/news/articles/2021-07-06/hong-kong-to-shorten-ipo-cycle-by-fourth-quarter-next-year?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132297948","content_text":"HKEX$(00388)$rose 4% in wednesday morning trading.Hong Kong stock exchange is set to shorten the time for an initial public offering from pricing to listing to two days from the current five by the fourth quarter next year at the earliest, aligning its market more with other financial hubs.\nThrough a digital platform known as “FINI,” brokers, underwriters and regulators and other involved parties will be able to monitor and coordinate work flow of the whole process through to the start of trading, according to a Hong Kong Exchanges & Clearing Ltd. statement on Tuesday.\nThe change will allow for a settlement cycle of two days, known as T+2, paring back an initial proposal of just one settlement day. The shorter cycle will likely cut income for brokerages who can earn interest on cash placed by investors during the settlement period.\nThe move will drive market efficiency and reinforce “Hong Kong’s position as the world’s premier IPO market,” HKEX’s Chief Executive Officer Nicolas Aguzin said in thestatement.\nHong Kong has seen HK$30.32 billion ($3.9 billion) raised through IPOs so far this year. But the long settlement cycle has often dried up liquidity in the local money market, pushing up short-term interest rates and adding risks for the city’s currency peg with dollar.\nThe new platform would help to solve another local problem where retail investors have placed duplicate orders through different brokers to have a better chance of getting shares in popular IPOs, a practice that has been banned by local securities rules but has yet to be eradicated over the years.\nThe bourse also announced that starting Monday all companies seeking to sell shares on the Asian bourse must do itentirely electronically.\nHong Kong Looks to Speed Up IPO Process to Reduce Risks (1)","news_type":1},"isVote":1,"tweetType":1,"viewCount":133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157029069,"gmtCreate":1625555500851,"gmtModify":1631893992359,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Greatt","listText":"Greatt","text":"Greatt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157029069","repostId":"1170571531","repostType":4,"isVote":1,"tweetType":1,"viewCount":55,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157020118,"gmtCreate":1625555418134,"gmtModify":1631884103778,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MZH.SI\">$Nanofilm(MZH.SI)$</a>upppp","listText":"<a href=\"https://laohu8.com/S/MZH.SI\">$Nanofilm(MZH.SI)$</a>upppp","text":"$Nanofilm(MZH.SI)$upppp","images":[{"img":"https://static.tigerbbs.com/805adcc728736f9eb80663b8735dc1bd","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157020118","isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":126406905,"gmtCreate":1624580519607,"gmtModify":1631893992363,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126406905","repostId":"2145448160","repostType":2,"repost":{"id":"2145448160","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624539192,"share":"https://www.laohu8.com/m/news/2145448160?lang=&edition=full","pubTime":"2021-06-24 20:53","market":"us","language":"en","title":"Biden to meet with bipartisan senators to discuss infrastructure plan","url":"https://stock-news.laohu8.com/highlight/detail?id=2145448160","media":"Reuters","summary":"WASHINGTON, June 24 (Reuters) - President Joe Biden will meet with a bipartisan group of U.S. senato","content":"<p>WASHINGTON, June 24 (Reuters) - President Joe Biden will meet with a bipartisan group of U.S. senators on Thursday to discuss their proposed framework for an infrastructure bill as he looks to push a large-scale spending package through Congress despite Republican opposition.</p>\n<p>Members of the group of 21 senators, or \"G-21,\" announced an agreement on a framework on Wednesday after a meeting with White House officials.</p>\n<p>Republican U.S. Senator Rob Portman, a member of the group, said they would see how the Democratic president responded and would work to sell the plan to other lawmakers in both political parties.</p>\n<p>\"I'm hopeful we can get a positive response from the White House today,\" he told CNBC in an interview.</p>\n<p>The two sides will meet at the White House at 11:45 a.m., the White House said in a statement.</p>\n<p>The G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding.</p>\n<p>For Biden, securing a large-scale infrastructure package is a top domestic priority.</p>\n<p>The White House opened talks with the group after the Democratic president broke off negotiations with Republican Senator Shelley Capito. The White House said her proposals had fallen short of meeting \"the essential needs of our country\".</p>\n<p>Biden, seeking to fuel growth and address income inequality after the coronavirus pandemic, initially proposed spending about $2.3 trillion. Republicans chafed at his definition of infrastructure, which included fighting climate change and providing care for children and the elderly.</p>\n<p>The White House later trimmed the offer to about $1.7 trillion in an unsuccessful bid to win the Republican support needed for any plan to get the 60 votes required to advance most legislation in the evenly split 100-seat Senate.  \"We came to an agreement on a plan ... and we're just going to try to wrap it up tomorrow,\" Democratic Senator Joe Manchin told reporters on Wednesday of the new plan.</p>\n<p>A major sticking point had been how to pay for the investments. Biden has pledged not to increase taxes on Americans earning less than $400,000 a year, while Republicans are determined to protect a 2017 cut in corporate taxes.</p>\n<p>Manchin said the framework encompassed a \"long list\" of so-called pay-fors and that all new spending would be offset with provisions to cover it, but he offered no specifics.</p>\n<p>Congressional Democrats are operating on two tracks.</p>\n<p>While they welcomed a bipartisan deal that could win enough Republican support to clear the Senate, they are also planning to bring up a separate measure with significant additional spending on unconventional infrastructure programs, such as home healthcare for the elderly.</p>\n<p>That measure would be brought up under special Senate rules for budget bills that would allow it to pass without any Republican support. In that case, Vice President Kamala Harris would be called upon to cast the tie-breaking vote.</p>\n<p>(Additional reporting by David Morgan, Richard Cowan, Makini Brice and Susan Heavey; Writing by Tim Ahmann; Editing by Lincoln Feast)</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Biden to meet with bipartisan senators to discuss infrastructure plan</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBiden to meet with bipartisan senators to discuss infrastructure plan\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-24 20:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>WASHINGTON, June 24 (Reuters) - President Joe Biden will meet with a bipartisan group of U.S. senators on Thursday to discuss their proposed framework for an infrastructure bill as he looks to push a large-scale spending package through Congress despite Republican opposition.</p>\n<p>Members of the group of 21 senators, or \"G-21,\" announced an agreement on a framework on Wednesday after a meeting with White House officials.</p>\n<p>Republican U.S. Senator Rob Portman, a member of the group, said they would see how the Democratic president responded and would work to sell the plan to other lawmakers in both political parties.</p>\n<p>\"I'm hopeful we can get a positive response from the White House today,\" he told CNBC in an interview.</p>\n<p>The two sides will meet at the White House at 11:45 a.m., the White House said in a statement.</p>\n<p>The G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding.</p>\n<p>For Biden, securing a large-scale infrastructure package is a top domestic priority.</p>\n<p>The White House opened talks with the group after the Democratic president broke off negotiations with Republican Senator Shelley Capito. The White House said her proposals had fallen short of meeting \"the essential needs of our country\".</p>\n<p>Biden, seeking to fuel growth and address income inequality after the coronavirus pandemic, initially proposed spending about $2.3 trillion. Republicans chafed at his definition of infrastructure, which included fighting climate change and providing care for children and the elderly.</p>\n<p>The White House later trimmed the offer to about $1.7 trillion in an unsuccessful bid to win the Republican support needed for any plan to get the 60 votes required to advance most legislation in the evenly split 100-seat Senate.  \"We came to an agreement on a plan ... and we're just going to try to wrap it up tomorrow,\" Democratic Senator Joe Manchin told reporters on Wednesday of the new plan.</p>\n<p>A major sticking point had been how to pay for the investments. Biden has pledged not to increase taxes on Americans earning less than $400,000 a year, while Republicans are determined to protect a 2017 cut in corporate taxes.</p>\n<p>Manchin said the framework encompassed a \"long list\" of so-called pay-fors and that all new spending would be offset with provisions to cover it, but he offered no specifics.</p>\n<p>Congressional Democrats are operating on two tracks.</p>\n<p>While they welcomed a bipartisan deal that could win enough Republican support to clear the Senate, they are also planning to bring up a separate measure with significant additional spending on unconventional infrastructure programs, such as home healthcare for the elderly.</p>\n<p>That measure would be brought up under special Senate rules for budget bills that would allow it to pass without any Republican support. In that case, Vice President Kamala Harris would be called upon to cast the tie-breaking vote.</p>\n<p>(Additional reporting by David Morgan, Richard Cowan, Makini Brice and Susan Heavey; Writing by Tim Ahmann; Editing by Lincoln Feast)</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145448160","content_text":"WASHINGTON, June 24 (Reuters) - President Joe Biden will meet with a bipartisan group of U.S. senators on Thursday to discuss their proposed framework for an infrastructure bill as he looks to push a large-scale spending package through Congress despite Republican opposition.\nMembers of the group of 21 senators, or \"G-21,\" announced an agreement on a framework on Wednesday after a meeting with White House officials.\nRepublican U.S. Senator Rob Portman, a member of the group, said they would see how the Democratic president responded and would work to sell the plan to other lawmakers in both political parties.\n\"I'm hopeful we can get a positive response from the White House today,\" he told CNBC in an interview.\nThe two sides will meet at the White House at 11:45 a.m., the White House said in a statement.\nThe G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding.\nFor Biden, securing a large-scale infrastructure package is a top domestic priority.\nThe White House opened talks with the group after the Democratic president broke off negotiations with Republican Senator Shelley Capito. The White House said her proposals had fallen short of meeting \"the essential needs of our country\".\nBiden, seeking to fuel growth and address income inequality after the coronavirus pandemic, initially proposed spending about $2.3 trillion. Republicans chafed at his definition of infrastructure, which included fighting climate change and providing care for children and the elderly.\nThe White House later trimmed the offer to about $1.7 trillion in an unsuccessful bid to win the Republican support needed for any plan to get the 60 votes required to advance most legislation in the evenly split 100-seat Senate.  \"We came to an agreement on a plan ... and we're just going to try to wrap it up tomorrow,\" Democratic Senator Joe Manchin told reporters on Wednesday of the new plan.\nA major sticking point had been how to pay for the investments. Biden has pledged not to increase taxes on Americans earning less than $400,000 a year, while Republicans are determined to protect a 2017 cut in corporate taxes.\nManchin said the framework encompassed a \"long list\" of so-called pay-fors and that all new spending would be offset with provisions to cover it, but he offered no specifics.\nCongressional Democrats are operating on two tracks.\nWhile they welcomed a bipartisan deal that could win enough Republican support to clear the Senate, they are also planning to bring up a separate measure with significant additional spending on unconventional infrastructure programs, such as home healthcare for the elderly.\nThat measure would be brought up under special Senate rules for budget bills that would allow it to pass without any Republican support. In that case, Vice President Kamala Harris would be called upon to cast the tie-breaking vote.\n(Additional reporting by David Morgan, Richard Cowan, Makini Brice and Susan Heavey; Writing by Tim Ahmann; Editing by Lincoln Feast)","news_type":1},"isVote":1,"tweetType":1,"viewCount":121,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126631180,"gmtCreate":1624556910740,"gmtModify":1631893992364,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126631180","repostId":"1169202537","repostType":4,"repost":{"id":"1169202537","kind":"news","pubTimestamp":1624549071,"share":"https://www.laohu8.com/m/news/1169202537?lang=&edition=full","pubTime":"2021-06-24 23:37","market":"us","language":"en","title":"Confluent Prepares For $713 Million IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1169202537","media":"seekingalpha","summary":"Summary\n\nConfluent has filed proposed terms for its $713 million IPO.\nThe firm provides an IT infras","content":"<p><b>Summary</b></p>\n<ul>\n <li>Confluent has filed proposed terms for its $713 million IPO.</li>\n <li>The firm provides an IT infrastructure as a service platform to enterprises globally.</li>\n <li>CFLT has grown revenue and gross profit but is generating high operating losses and the IPO appears expensive, so I'll watch it from the sidelines.</li>\n</ul>\n<p><b>Quick Take</b></p>\n<p>Confluent (CFLT) has filed to raise $713 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.</p>\n<p>The firm provides data infrastructure as a service to enterprises with complex requirements.</p>\n<p>CFLT is generating high operating losses with no credible path to operating breakeven and the IPO appears expensive, so I'll pass on it.</p>\n<p><b>Company &amp; Technology</b></p>\n<p>Mountain View, California-based Confluent was founded to create a platform enabling companies to more easily build and deploy data-driven applications for real-time use.</p>\n<p>Management is headed by co-founder and CEO Jay Kreps, who was previously a software architect at LinkedIn and was one of the creators of Apache Kafka which Confluent uses as the basis for its system.</p>\n<p>Kafka is used by many companies for high-performance data streaming applications, among other uses.</p>\n<p>The company’s primary offerings include:</p>\n<ul>\n <li>Confluent Cloud - SaaS platform</li>\n <li>Confluent Platform - Self-managed system</li>\n</ul>\n<p>Confluent has received at least $574 million in equity investment from investors including Benchmark Capital, Index Ventures, Jun Rao, and Sequoia Capital.</p>\n<p><b>Customer/User Acquisition</b></p>\n<p>The firm pursues relationships primarily with large and medium-sized companies through a direct sales and marketing approach.</p>\n<p>As of March 31, 2021, Confluent had over 560 customers with $100,000 or more in annual recurring revenue across numerous industries including financial services, retail and e-commerce, manufacturing, and media &amp; entertainment.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased, as the figures below indicate:</p>\n<p><img src=\"https://static.tigerbbs.com/e5cc76d07fa184ab25908af34e003253\" tg-width=\"627\" tg-height=\"315\"></p>\n<p>The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 0.4x in the most recent reporting period, as shown in the table below:</p>\n<p><img src=\"https://static.tigerbbs.com/ade4d8d84c15ad5b405df3eb76062e01\" tg-width=\"620\" tg-height=\"247\"></p>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>CFLT’s most recent calculation was negative (7%) as of March 31, 2021, so the firm needs significant improvement in this regard, per the table below:</p>\n<p><img src=\"https://static.tigerbbs.com/c4cb9e1ff077aaab8fda94762c10a6dd\" tg-width=\"617\" tg-height=\"249\"></p>\n<p>The firm’s dollar-based net revenue retention rate for Q1 2021 was 117% and for all of 2020 was 125%, which are both good results.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p>Market &amp; Competition</p>\n<p>According to a 2020 marketresearch reportby Allied Market Research, the global market for big data as a service was an estimated $5 billion in 2018 and is forecast to exceed $61 billion by 2026.</p>\n<p>This represents a forecast very strong CAGR of 36.9% from 2019 to 2026.</p>\n<p>The main drivers for this expected growth are the continued transition of enterprises to cloud applications and the need to drive efficiencies across all aspects of the enterprise.</p>\n<p>Also, as companies transition to cloud infrastructures, their systems are becoming more complex and there is a substantial need for vendor reduction to improve integration and lower complexity.</p>\n<p>The infrastructure as a service market [IaaS] is expected to grow by $136 billion from 2021 to 2025, representing a CAGR of 27%, according toResearchAndMarkets.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li><p>Microsoft(NASDAQ:MSFT)</p></li>\n <li><p>Amazon(NASDAQ:AMZN)</p></li>\n <li><p>Google (GOOG,GOOGL)</p></li>\n <li><p>TIBCO Streaming</p></li>\n <li><p>Cloudera(NYSE:CLDR)</p></li>\n <li><p>Red Hat</p></li>\n <li><p>Oracle(NYSE:ORCL)</p></li>\n</ul>\n<p>Financial Performance</p>\n<p>Confluent’s recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Growing top line revenue</p></li>\n <li><p>Increasing gross profit and gross margin</p></li>\n <li><p>High and increasing operating losses</p></li>\n <li><p>High cash used in operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<p><img src=\"https://static.tigerbbs.com/5194e46029ac9b822d272939057e2cdf\" tg-width=\"629\" tg-height=\"624\"><img src=\"https://static.tigerbbs.com/07fa0bff438bb98cc5b56772e6af6d7f\" tg-width=\"621\" tg-height=\"621\"><img src=\"https://static.tigerbbs.com/d0e045562404b8ffa6569881a2b62d59\" tg-width=\"620\" tg-height=\"620\">As of March 31, 2021, Confluent had $44.1 million in cash and $274.4 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended March 31, 2021, was negative ($74.2 million).</p>\n<p><b>IPO Details</b></p>\n<p>Confluent intends to raise $713 million in gross proceeds from an IPO of its Class A common stock, offering 23 million shares at a proposed midpoint price of $31.00.</p>\n<p>Class A common stockholders will receive one vote per share and Class shareholders will be entitled to ten votes per share.</p>\n<p>The S&amp;P 500 Index no longer admits firms with multiple classes of stock into its index.</p>\n<p>Certain existing shareholders have indicated an interest to purchase shares of up to $112 million in the aggregate at the IPO price.</p>\n<p>Assuming a successful IPO, the company’s enterprise value at IPO would approximate $6.9 billion, excluding the effects of underwriter over-allotment options.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.11%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p>\n<p>Management says it will use the net proceeds from the IPO as follows:</p>\n<blockquote>\n The principal purposes of this offering are to increase our capitalization and financial flexibility and create a public market for our Class A common stock. We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. We cannot specify with certainty all of the particular uses for the remaining net proceeds to us from this offering. We may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, we do not have any agreements or commitments to enter into any material acquisitions or investments at this time. (Source)\n</blockquote>\n<p>Management’s presentation of the company roadshow isavailable here.</p>\n<p>Listed bookrunners of the IPO are Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, Citigroup, Barclays, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Wells Fargo Securities, Cowen, D.A. Davidson &amp; Co., JMP Securities, KeyBanc Capital Markets and Piper Sandler.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of relevant capitalization and valuation figures for the company:</p>\n<p><img src=\"https://static.tigerbbs.com/e716bb31dd4f9850fb6b2d45ab87f7b3\" tg-width=\"621\" tg-height=\"711\"></p>\n<p>As a reference, a potential partial public comparable to Confluent would be Cloudera; below is a comparison of their primary valuation metrics:</p>\n<p><img src=\"https://static.tigerbbs.com/0c053081dcc6ad74cba10a936cd27571\" tg-width=\"614\" tg-height=\"419\"></p>\n<p>The firm’s last private market valuation was $4.5 billion in April, 2020, so the IPO will represent an increase in valuation of approximately 53% from that valuation.</p>\n<p>Commentary</p>\n<p>Confluent is seeking public investment capital for its general corporate expansion plans and to provide an ultimate exit for its venture capital firm investors.</p>\n<p>Those investors include top tier firms Benchmark and Sequoia Capital.</p>\n<p>The firm’s financials show strong top line revenue growth and gross profit growth, but high operating losses which are a distinct negative in the current IPO market environment.</p>\n<p>Free cash flow for the twelve months ended March 31, 2021, was negative ($74.2 million), so the company is burning through a lot of cash.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenue has increased; its Sales and Marketing efficiency rate dropped to 0.4x in the most recent reporting period.</p>\n<p>The market opportunity for providing data/infrastructure as a service is very large and expected to grow at a high rate of growth over the coming years, so the firm has strong industry growth dynamics in its favor.</p>\n<p>Morgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 26.6% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is if one or more of its major platform competitors bundles competing offerings into its existing pricing structure, putting substantial pricing pressure and integration complexity pressure onto Confluent.</p>\n<p>As for valuation, compared to already public and larger partial competitor Cloudera, Confluent is seeking a big premium at IPO.</p>\n<p>Of course, CFLT is growing revenue at a far higher rate of growth, so some of that premium is justified.</p>\n<p>Still, the firm has made no credible progress toward operating breakeven and is producing enormous operating losses.</p>\n<p>Since the IPO valuation is not cheap and the firm is generating high operating losses and cash burn, I'll watch the IPO from the sidelines.</p>\n<p>Expected IPO Pricing Date: June 23, 2021</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Confluent Prepares For $713 Million IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nConfluent Prepares For $713 Million IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 23:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435355-confluent-prepares-for-713-million-ipo><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nConfluent has filed proposed terms for its $713 million IPO.\nThe firm provides an IT infrastructure as a service platform to enterprises globally.\nCFLT has grown revenue and gross profit but ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435355-confluent-prepares-for-713-million-ipo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CFLT":"Confluent, Inc."},"source_url":"https://seekingalpha.com/article/4435355-confluent-prepares-for-713-million-ipo","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1169202537","content_text":"Summary\n\nConfluent has filed proposed terms for its $713 million IPO.\nThe firm provides an IT infrastructure as a service platform to enterprises globally.\nCFLT has grown revenue and gross profit but is generating high operating losses and the IPO appears expensive, so I'll watch it from the sidelines.\n\nQuick Take\nConfluent (CFLT) has filed to raise $713 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.\nThe firm provides data infrastructure as a service to enterprises with complex requirements.\nCFLT is generating high operating losses with no credible path to operating breakeven and the IPO appears expensive, so I'll pass on it.\nCompany & Technology\nMountain View, California-based Confluent was founded to create a platform enabling companies to more easily build and deploy data-driven applications for real-time use.\nManagement is headed by co-founder and CEO Jay Kreps, who was previously a software architect at LinkedIn and was one of the creators of Apache Kafka which Confluent uses as the basis for its system.\nKafka is used by many companies for high-performance data streaming applications, among other uses.\nThe company’s primary offerings include:\n\nConfluent Cloud - SaaS platform\nConfluent Platform - Self-managed system\n\nConfluent has received at least $574 million in equity investment from investors including Benchmark Capital, Index Ventures, Jun Rao, and Sequoia Capital.\nCustomer/User Acquisition\nThe firm pursues relationships primarily with large and medium-sized companies through a direct sales and marketing approach.\nAs of March 31, 2021, Confluent had over 560 customers with $100,000 or more in annual recurring revenue across numerous industries including financial services, retail and e-commerce, manufacturing, and media & entertainment.\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased, as the figures below indicate:\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 0.4x in the most recent reporting period, as shown in the table below:\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCFLT’s most recent calculation was negative (7%) as of March 31, 2021, so the firm needs significant improvement in this regard, per the table below:\n\nThe firm’s dollar-based net revenue retention rate for Q1 2021 was 117% and for all of 2020 was 125%, which are both good results.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2020 marketresearch reportby Allied Market Research, the global market for big data as a service was an estimated $5 billion in 2018 and is forecast to exceed $61 billion by 2026.\nThis represents a forecast very strong CAGR of 36.9% from 2019 to 2026.\nThe main drivers for this expected growth are the continued transition of enterprises to cloud applications and the need to drive efficiencies across all aspects of the enterprise.\nAlso, as companies transition to cloud infrastructures, their systems are becoming more complex and there is a substantial need for vendor reduction to improve integration and lower complexity.\nThe infrastructure as a service market [IaaS] is expected to grow by $136 billion from 2021 to 2025, representing a CAGR of 27%, according toResearchAndMarkets.\nMajor competitive or other industry participants include:\n\nMicrosoft(NASDAQ:MSFT)\nAmazon(NASDAQ:AMZN)\nGoogle (GOOG,GOOGL)\nTIBCO Streaming\nCloudera(NYSE:CLDR)\nRed Hat\nOracle(NYSE:ORCL)\n\nFinancial Performance\nConfluent’s recent financial results can be summarized as follows:\n\nGrowing top line revenue\nIncreasing gross profit and gross margin\nHigh and increasing operating losses\nHigh cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\nAs of March 31, 2021, Confluent had $44.1 million in cash and $274.4 million in total liabilities.\nFree cash flow during the twelve months ended March 31, 2021, was negative ($74.2 million).\nIPO Details\nConfluent intends to raise $713 million in gross proceeds from an IPO of its Class A common stock, offering 23 million shares at a proposed midpoint price of $31.00.\nClass A common stockholders will receive one vote per share and Class shareholders will be entitled to ten votes per share.\nThe S&P 500 Index no longer admits firms with multiple classes of stock into its index.\nCertain existing shareholders have indicated an interest to purchase shares of up to $112 million in the aggregate at the IPO price.\nAssuming a successful IPO, the company’s enterprise value at IPO would approximate $6.9 billion, excluding the effects of underwriter over-allotment options.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.11%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.\nManagement says it will use the net proceeds from the IPO as follows:\n\n The principal purposes of this offering are to increase our capitalization and financial flexibility and create a public market for our Class A common stock. We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. We cannot specify with certainty all of the particular uses for the remaining net proceeds to us from this offering. We may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, we do not have any agreements or commitments to enter into any material acquisitions or investments at this time. (Source)\n\nManagement’s presentation of the company roadshow isavailable here.\nListed bookrunners of the IPO are Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, Citigroup, Barclays, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Wells Fargo Securities, Cowen, D.A. Davidson & Co., JMP Securities, KeyBanc Capital Markets and Piper Sandler.\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\nAs a reference, a potential partial public comparable to Confluent would be Cloudera; below is a comparison of their primary valuation metrics:\n\nThe firm’s last private market valuation was $4.5 billion in April, 2020, so the IPO will represent an increase in valuation of approximately 53% from that valuation.\nCommentary\nConfluent is seeking public investment capital for its general corporate expansion plans and to provide an ultimate exit for its venture capital firm investors.\nThose investors include top tier firms Benchmark and Sequoia Capital.\nThe firm’s financials show strong top line revenue growth and gross profit growth, but high operating losses which are a distinct negative in the current IPO market environment.\nFree cash flow for the twelve months ended March 31, 2021, was negative ($74.2 million), so the company is burning through a lot of cash.\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenue has increased; its Sales and Marketing efficiency rate dropped to 0.4x in the most recent reporting period.\nThe market opportunity for providing data/infrastructure as a service is very large and expected to grow at a high rate of growth over the coming years, so the firm has strong industry growth dynamics in its favor.\nMorgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 26.6% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is if one or more of its major platform competitors bundles competing offerings into its existing pricing structure, putting substantial pricing pressure and integration complexity pressure onto Confluent.\nAs for valuation, compared to already public and larger partial competitor Cloudera, Confluent is seeking a big premium at IPO.\nOf course, CFLT is growing revenue at a far higher rate of growth, so some of that premium is justified.\nStill, the firm has made no credible progress toward operating breakeven and is producing enormous operating losses.\nSince the IPO valuation is not cheap and the firm is generating high operating losses and cash burn, I'll watch the IPO from the sidelines.\nExpected IPO Pricing Date: June 23, 2021","news_type":1},"isVote":1,"tweetType":1,"viewCount":225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183558420,"gmtCreate":1623337168460,"gmtModify":1631893992369,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Going higher?","listText":"Going higher?","text":"Going higher?","images":[{"img":"https://static.tigerbbs.com/d1eeea5de9911f1d6d1963628a8c89b5","width":"1080","height":"2679"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/183558420","isVote":1,"tweetType":1,"viewCount":58,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":157029800,"gmtCreate":1625555538200,"gmtModify":1631893992354,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/157029800","repostId":"1132297948","repostType":4,"isVote":1,"tweetType":1,"viewCount":133,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":841064998,"gmtCreate":1635863885059,"gmtModify":1635863885106,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Moon","listText":"Moon","text":"Moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/841064998","repostId":"1106703730","repostType":4,"repost":{"id":"1106703730","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1635863476,"share":"https://www.laohu8.com/m/news/1106703730?lang=&edition=full","pubTime":"2021-11-02 22:31","market":"us","language":"en","title":"Pharmaceutical stocks climbed in morning trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1106703730","media":"Tiger Newspress","summary":"Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZenec","content":"<p>Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZeneca,Johnson &amp; Johnson&nbsp;rose between 1% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/9498ce51e3f565709fbc6d02ed61811a\" tg-width=\"410\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pharmaceutical stocks climbed in morning trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPharmaceutical stocks climbed in morning trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-11-02 22:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZeneca,Johnson &amp; Johnson&nbsp;rose between 1% and 5%.</p>\n<p><img src=\"https://static.tigerbbs.com/9498ce51e3f565709fbc6d02ed61811a\" tg-width=\"410\" tg-height=\"658\" width=\"100%\" height=\"auto\"></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BNTX":"BioNTech SE","MRNA":"Moderna, Inc.","NVAX":"诺瓦瓦克斯医药","PFE":"辉瑞"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106703730","content_text":"Pharmaceutical stocks climbed in morning trading.Novavax,BioNTech SE,Lilly,Pfizer,Moderna,AstraZeneca,Johnson & Johnson rose between 1% and 5%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":685,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":824665689,"gmtCreate":1634308852777,"gmtModify":1634308852925,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Yess","listText":"Yess","text":"Yess","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/824665689","repostId":"1125791144","repostType":4,"isVote":1,"tweetType":1,"viewCount":733,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":810460220,"gmtCreate":1629993104460,"gmtModify":1704954369148,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Gh","listText":"Gh","text":"Gh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810460220","repostId":"1161561973","repostType":4,"isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":837490317,"gmtCreate":1629903271339,"gmtModify":1631890134516,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Noo","listText":"Noo","text":"Noo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/837490317","repostId":"1195506103","repostType":4,"repost":{"id":"1195506103","kind":"news","pubTimestamp":1629901738,"share":"https://www.laohu8.com/m/news/1195506103?lang=&edition=full","pubTime":"2021-08-25 22:28","market":"us","language":"en","title":"Palantir: Shareholder Unfriendly Company With Limited Upside","url":"https://stock-news.laohu8.com/highlight/detail?id=1195506103","media":"Seeking Alpha","summary":"Summary\n\nPalantir continues to widen its net loss despite improving its top-line performance.\nThe ex","content":"<p><b>Summary</b></p>\n<ul>\n <li>Palantir continues to widen its net loss despite improving its top-line performance.</li>\n <li>The excessive stock-based compensation program continues to eat all the profits and overshadows any growth of revenues or FCF.</li>\n <li>We stick to our opinion that Palantir is not going to be able to create a lot of shareholder value anytime soon.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/df5c6d796592faec81d9a29502efa9c0\" tg-width=\"768\" tg-height=\"512\" width=\"100%\" height=\"auto\"><span>Michael Vi/iStock Editorial via Getty Images</span></p>\n<p>The recent Q2 earnings report showed that Palantir (PLTR) continues to struggle to improve its bottom-line performance, as the company spends too much on its excessive stock-based compensation program, which eats all the profits and overshadows any growth of revenues or FCF. In addition, the massive dilution since the beginning of the year and the constant selling pressure from the company's insiders are preventing Palantir's shares from appreciating as well. Also, the fact that Palantir has underperformed against the S&amp;P 500 index in recent months and its stock hasn't moved much since March proves our point that the company is not an attractive investment at this stage, as there's every reason to believe that not a lot of shareholder value will be created anytime soon. For that reason, we continue to believe that it's better to invest in other, more attractive opportunities on the market and avoid Palantir.</p>\n<p><b>There's Nothing Attractive About This Stock</b></p>\n<p>A lot has been said about Palantir's business and its advantages against other competitors in recent articles on the company, so we won't be discussing it in this article. However, while Palantir certainly has some major advantages since its software solutions are hard to replicate, we also believe that at this stage it doesn't matter how strong its business is, as certain factors are likely going to continue to prevent the company's stock from appreciating anytime soon. Let's not ignore the fact that Palantir's stock has depreciated by over 45% from its all-time high, it also hasn't moved much since we started&nbsp;covering&nbsp;the company on Seeking Alpha in March, and we continue to believe that not a lot of shareholder value will be created anytime soon.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/448991dec6028a9ec320f12e9d0f14f1\" tg-width=\"1280\" tg-height=\"443\" width=\"100%\" height=\"auto\"><span>Chart: Seeking Alpha</span></p>\n<p>The latest earnings&nbsp;report&nbsp;for Q2, which was released earlier this month, showed that Palantir is still unable to improve its bottom-line performance despite growing its business. While its revenue has&nbsp;increased&nbsp;by 10.1% Q/Q to $375.64 million and its gross profit has increased by 6.6% Q/Q to $284.7 million, its operating loss has increased at a greater rate of 28.2% Q/Q to -$146.1 million, while its net loss has widened by 12.2% Q/Q to -$138.6 million. The reason for such a weak performance is the excessive stock-based compensation program, which will prevent the company from reporting a profit, as already over $400 million were spent on the SBC program in the first six months of the current fiscal year. In Q2 alone, Palantir increased its stock-based compensation expenses by 82% Y/Y to $232.7 million, and further expenses in Q3 and Q4 will overshadow any growth of revenues or FCF this year.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7dd0114d8a61c1246ef79b64fbc68f2\" tg-width=\"748\" tg-height=\"129\" width=\"100%\" height=\"auto\"><span>Source: Palantir</span></p>\n<p>Another problem with the excessive SBC program is that it constantly dilutes Palantir's shareholders. The company already has 1.89 billion shares outstanding, up&nbsp;from1.8 billion shares a month ago and up from 1.52 billion shares at the end of 2020. At the current dilution rate, investors should expect the company to have over 2 billion shares by the end of this year. This will not only diminish the stock value of current holders but will also make it harder for shares to appreciate higher due to the greater count. If in 2019 and 2020 Palantir's revenue per share stood at $1.29 per share and $1.12 per share, respectively, in the last trailing twelve months revenue per share has already declined to only $0.83 per share and is likely going to depreciate further in the following quarters. On top of that, considering that Palantir still has 417,674 options outstanding at the end of Q2 at the average exercise price of $6.90 per share, the risk of further dilution will remain high, especially since once all of those options are exercised, they will dilute all the investors by over 20%.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0d64c44e10997f737309cf33d72b9c15\" tg-width=\"760\" tg-height=\"166\" width=\"100%\" height=\"auto\"><span>Source: Palantir</span></p>\n<p>On top of all of this, the company's insiders and its CEO Alex Karp in particular continue to add additional selling pressure, which prevents shares from rising higher as well. In Q2 alone the company's insiders&nbsp;sold&nbsp;a record $197 million worth of Palantir's shares, while in the first half of Q3 they already sold $93 million worth of the company's shares, nearly the same amount that they sold in Q1. As more shares are being dumped into the market, it becomes harder and harder for the stock to rise. Considering that it's unlikely that insiders stop selling their shares, as they still own over 10% of outstanding shares and are increasing their total number of shares by exercising options every quarter, average shareholders shouldn't expect a rapid appreciation of Palantir's stock in the foreseeable future.</p>\n<p>Another downside of Palantir is that, even at the current price, it's not a cheap stock at all; with a market cap of $47 billion, it trades at 30 times its sales. As a result, an even greater top-line growth rate is required for the company to reach its current valuation, and that's unlikely to happen anytime soon. Currently, the street&nbsp;expects&nbsp;Palantir to generate only $1.5 billion in revenues in FY21, and by 2025 it's unlikely that the company will be able to generate annual revenue of over $3.5 billion. Considering that at this stage, Palantir has a backlog of contracts worth only $3.4 billion, which are extended over the next few years, it's safe to say that its stock is significantly overvalued at the current levels. We don't see how the company will grow into its current market value in the next few years, and since its shares currently trade close to the&nbsp;consensus&nbsp;price of $24.16 per share, it's safe to assume that Palantir has limited upside at the current levels.</p>\n<p><b>Takeaway</b></p>\n<p>Bullish investors in the comment section of our articles on Palantir often keep repeating that Amazon (AMZN) was also unprofitable for more than two decades, so the fact that Palantir is being unprofitable as well is not that big a deal at this stage. However, Amazon was reinvesting most of the available resources back into its business to aggressively drive growth, which in the end was justifiable, as the company is now making money every quarter and is the biggest eCommerce company in the world. The same is not the case for Palantir, where insiders are constantly issuing new shares and then dumping them into the market, which constantly dilutes the existing shareholders, widens the overall net loss, and doesn't benefit the business. On top of that, Palantir is now investing in cryptocurrencies, SPACs, and gold bars, instead of its own business, which is something that Amazon wasn't doing and is not doing today. That's why comparing Palantir to Amazon doesn't make any sense.</p>\n<p>Considering this, we believe that it's unlikely that Palantir's stock will be able to appreciate significantly higher anytime soon, as the increased selling pressure, constant dilution, and overvaluation are the main reasons why its upside will remain limited at the current price. Therefore, no position.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Shareholder Unfriendly Company With Limited Upside</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Shareholder Unfriendly Company With Limited Upside\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-25 22:28 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4451225-palantir-shareholder-unfriendly-company-with-limited-upside-pltr><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nPalantir continues to widen its net loss despite improving its top-line performance.\nThe excessive stock-based compensation program continues to eat all the profits and overshadows any growth...</p>\n\n<a href=\"https://seekingalpha.com/article/4451225-palantir-shareholder-unfriendly-company-with-limited-upside-pltr\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4451225-palantir-shareholder-unfriendly-company-with-limited-upside-pltr","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195506103","content_text":"Summary\n\nPalantir continues to widen its net loss despite improving its top-line performance.\nThe excessive stock-based compensation program continues to eat all the profits and overshadows any growth of revenues or FCF.\nWe stick to our opinion that Palantir is not going to be able to create a lot of shareholder value anytime soon.\n\nMichael Vi/iStock Editorial via Getty Images\nThe recent Q2 earnings report showed that Palantir (PLTR) continues to struggle to improve its bottom-line performance, as the company spends too much on its excessive stock-based compensation program, which eats all the profits and overshadows any growth of revenues or FCF. In addition, the massive dilution since the beginning of the year and the constant selling pressure from the company's insiders are preventing Palantir's shares from appreciating as well. Also, the fact that Palantir has underperformed against the S&P 500 index in recent months and its stock hasn't moved much since March proves our point that the company is not an attractive investment at this stage, as there's every reason to believe that not a lot of shareholder value will be created anytime soon. For that reason, we continue to believe that it's better to invest in other, more attractive opportunities on the market and avoid Palantir.\nThere's Nothing Attractive About This Stock\nA lot has been said about Palantir's business and its advantages against other competitors in recent articles on the company, so we won't be discussing it in this article. However, while Palantir certainly has some major advantages since its software solutions are hard to replicate, we also believe that at this stage it doesn't matter how strong its business is, as certain factors are likely going to continue to prevent the company's stock from appreciating anytime soon. Let's not ignore the fact that Palantir's stock has depreciated by over 45% from its all-time high, it also hasn't moved much since we started covering the company on Seeking Alpha in March, and we continue to believe that not a lot of shareholder value will be created anytime soon.\nChart: Seeking Alpha\nThe latest earnings report for Q2, which was released earlier this month, showed that Palantir is still unable to improve its bottom-line performance despite growing its business. While its revenue has increased by 10.1% Q/Q to $375.64 million and its gross profit has increased by 6.6% Q/Q to $284.7 million, its operating loss has increased at a greater rate of 28.2% Q/Q to -$146.1 million, while its net loss has widened by 12.2% Q/Q to -$138.6 million. The reason for such a weak performance is the excessive stock-based compensation program, which will prevent the company from reporting a profit, as already over $400 million were spent on the SBC program in the first six months of the current fiscal year. In Q2 alone, Palantir increased its stock-based compensation expenses by 82% Y/Y to $232.7 million, and further expenses in Q3 and Q4 will overshadow any growth of revenues or FCF this year.\nSource: Palantir\nAnother problem with the excessive SBC program is that it constantly dilutes Palantir's shareholders. The company already has 1.89 billion shares outstanding, up from1.8 billion shares a month ago and up from 1.52 billion shares at the end of 2020. At the current dilution rate, investors should expect the company to have over 2 billion shares by the end of this year. This will not only diminish the stock value of current holders but will also make it harder for shares to appreciate higher due to the greater count. If in 2019 and 2020 Palantir's revenue per share stood at $1.29 per share and $1.12 per share, respectively, in the last trailing twelve months revenue per share has already declined to only $0.83 per share and is likely going to depreciate further in the following quarters. On top of that, considering that Palantir still has 417,674 options outstanding at the end of Q2 at the average exercise price of $6.90 per share, the risk of further dilution will remain high, especially since once all of those options are exercised, they will dilute all the investors by over 20%.\nSource: Palantir\nOn top of all of this, the company's insiders and its CEO Alex Karp in particular continue to add additional selling pressure, which prevents shares from rising higher as well. In Q2 alone the company's insiders sold a record $197 million worth of Palantir's shares, while in the first half of Q3 they already sold $93 million worth of the company's shares, nearly the same amount that they sold in Q1. As more shares are being dumped into the market, it becomes harder and harder for the stock to rise. Considering that it's unlikely that insiders stop selling their shares, as they still own over 10% of outstanding shares and are increasing their total number of shares by exercising options every quarter, average shareholders shouldn't expect a rapid appreciation of Palantir's stock in the foreseeable future.\nAnother downside of Palantir is that, even at the current price, it's not a cheap stock at all; with a market cap of $47 billion, it trades at 30 times its sales. As a result, an even greater top-line growth rate is required for the company to reach its current valuation, and that's unlikely to happen anytime soon. Currently, the street expects Palantir to generate only $1.5 billion in revenues in FY21, and by 2025 it's unlikely that the company will be able to generate annual revenue of over $3.5 billion. Considering that at this stage, Palantir has a backlog of contracts worth only $3.4 billion, which are extended over the next few years, it's safe to say that its stock is significantly overvalued at the current levels. We don't see how the company will grow into its current market value in the next few years, and since its shares currently trade close to the consensus price of $24.16 per share, it's safe to assume that Palantir has limited upside at the current levels.\nTakeaway\nBullish investors in the comment section of our articles on Palantir often keep repeating that Amazon (AMZN) was also unprofitable for more than two decades, so the fact that Palantir is being unprofitable as well is not that big a deal at this stage. However, Amazon was reinvesting most of the available resources back into its business to aggressively drive growth, which in the end was justifiable, as the company is now making money every quarter and is the biggest eCommerce company in the world. The same is not the case for Palantir, where insiders are constantly issuing new shares and then dumping them into the market, which constantly dilutes the existing shareholders, widens the overall net loss, and doesn't benefit the business. On top of that, Palantir is now investing in cryptocurrencies, SPACs, and gold bars, instead of its own business, which is something that Amazon wasn't doing and is not doing today. That's why comparing Palantir to Amazon doesn't make any sense.\nConsidering this, we believe that it's unlikely that Palantir's stock will be able to appreciate significantly higher anytime soon, as the increased selling pressure, constant dilution, and overvaluation are the main reasons why its upside will remain limited at the current price. Therefore, no position.","news_type":1},"isVote":1,"tweetType":1,"viewCount":222,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890648721,"gmtCreate":1628117278563,"gmtModify":1631890134530,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Not good","listText":"Not good","text":"Not good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890648721","repostId":"1127899199","repostType":4,"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890648678,"gmtCreate":1628117251894,"gmtModify":1631890134544,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Noo","listText":"Noo","text":"Noo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890648678","repostId":"1127899199","repostType":4,"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133839905,"gmtCreate":1621733580407,"gmtModify":1631893992369,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Hihi","listText":"Hihi","text":"Hihi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/133839905","repostId":"2137773902","repostType":4,"repost":{"id":"2137773902","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1621608247,"share":"https://www.laohu8.com/m/news/2137773902?lang=&edition=full","pubTime":"2021-05-21 22:44","market":"us","language":"en","title":"Samsung Elec to invest $17 bln in new chip foundry in u.s.-Blue House","url":"https://stock-news.laohu8.com/highlight/detail?id=2137773902","media":"Reuters","summary":"SEOUL, May 21 (Reuters) - Samsung Electronics plans to invest $17 billion for a new plant for chip c","content":"<p>SEOUL, May 21 (Reuters) - Samsung Electronics plans to invest $17 billion for a new plant for chip contract manufacturing in the United States, South Korea's presidential office said on Friday.</p>\n<p>Documents filed with Texas state officials previously showed that Samsung is considering Austin, Texas, as <a href=\"https://laohu8.com/S/AONE\">one</a> of the sites for a new $17 billion chip plant that the South Korean firm said could create 1,800 jobs.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Samsung Elec to invest $17 bln in new chip foundry in u.s.-Blue House</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSamsung Elec to invest $17 bln in new chip foundry in u.s.-Blue House\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-21 22:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>SEOUL, May 21 (Reuters) - Samsung Electronics plans to invest $17 billion for a new plant for chip contract manufacturing in the United States, South Korea's presidential office said on Friday.</p>\n<p>Documents filed with Texas state officials previously showed that Samsung is considering Austin, Texas, as <a href=\"https://laohu8.com/S/AONE\">one</a> of the sites for a new $17 billion chip plant that the South Korean firm said could create 1,800 jobs.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSNLF":"三星电子"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137773902","content_text":"SEOUL, May 21 (Reuters) - Samsung Electronics plans to invest $17 billion for a new plant for chip contract manufacturing in the United States, South Korea's presidential office said on Friday.\nDocuments filed with Texas state officials previously showed that Samsung is considering Austin, Texas, as one of the sites for a new $17 billion chip plant that the South Korean firm said could create 1,800 jobs.","news_type":1},"isVote":1,"tweetType":1,"viewCount":166,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":862169545,"gmtCreate":1632843986631,"gmtModify":1632843986684,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/862169545","repostId":"1125098387","repostType":4,"repost":{"id":"1125098387","kind":"news","pubTimestamp":1632842238,"share":"https://www.laohu8.com/m/news/1125098387?lang=&edition=full","pubTime":"2021-09-28 23:17","market":"us","language":"en","title":"United Airlines Extends Africa Reach in Deal With Local Carrier","url":"https://stock-news.laohu8.com/highlight/detail?id=1125098387","media":"Bloomberg","summary":"United Airlines Holdings Inc. expanded its reach to southern African destinations like Madagascar, M","content":"<p>United Airlines Holdings Inc.&nbsp;expanded its reach to southern African destinations like Madagascar, Mozambique and Victoria Falls, inking a code-share agreement with a growing local carrier.</p>\n<p>The deal with closely held&nbsp;SA Airlink Pty Ltd.&nbsp;adds connections to more than 40 African locations for travelers from the U.S. It’s the latest sign of a reopening of international travel in the region following the coronavirus pandemic.</p>\n<p>“United continues to demonstrate our commitment to Africa, starting three brand-new flights to the continent this year alone,” Patrick Quayle, vice president of international network and alliances at United, said in a&nbsp;statement&nbsp;Tuesday.</p>\n<p>Airlink is bidding to fill a void left by national carrier&nbsp;South African Airways, which recently emerged from bankruptcy proceedings and is flying to limited destinations. Airlink, known before the pandemic as a way to get from Johannesburg to small towns dotted around the country, signed a similar deal with Gulf giant&nbsp;Emirates&nbsp;in August.</p>\n<p>United plans to start flights from Washington to Nigeria and Ghana later this year, the carrier said, alongside a route between New York and Johannesburg. The company also has a code-share with SAA through the Star Alliance.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>United Airlines Extends Africa Reach in Deal With Local Carrier</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUnited Airlines Extends Africa Reach in Deal With Local Carrier\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-28 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-09-28/united-airlines-extends-africa-reach-in-deal-with-local-carrier?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>United Airlines Holdings Inc. expanded its reach to southern African destinations like Madagascar, Mozambique and Victoria Falls, inking a code-share agreement with a growing local carrier.\nThe deal ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-09-28/united-airlines-extends-africa-reach-in-deal-with-local-carrier?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UAL":"联合大陆航空"},"source_url":"https://www.bloomberg.com/news/articles/2021-09-28/united-airlines-extends-africa-reach-in-deal-with-local-carrier?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125098387","content_text":"United Airlines Holdings Inc. expanded its reach to southern African destinations like Madagascar, Mozambique and Victoria Falls, inking a code-share agreement with a growing local carrier.\nThe deal with closely held SA Airlink Pty Ltd. adds connections to more than 40 African locations for travelers from the U.S. It’s the latest sign of a reopening of international travel in the region following the coronavirus pandemic.\n“United continues to demonstrate our commitment to Africa, starting three brand-new flights to the continent this year alone,” Patrick Quayle, vice president of international network and alliances at United, said in a statement Tuesday.\nAirlink is bidding to fill a void left by national carrier South African Airways, which recently emerged from bankruptcy proceedings and is flying to limited destinations. Airlink, known before the pandemic as a way to get from Johannesburg to small towns dotted around the country, signed a similar deal with Gulf giant Emirates in August.\nUnited plans to start flights from Washington to Nigeria and Ghana later this year, the carrier said, alongside a route between New York and Johannesburg. The company also has a code-share with SAA through the Star Alliance.","news_type":1},"isVote":1,"tweetType":1,"viewCount":636,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886054800,"gmtCreate":1631540790200,"gmtModify":1631890134476,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886054800","repostId":"1164835747","repostType":4,"repost":{"id":"1164835747","kind":"news","pubTimestamp":1631537883,"share":"https://www.laohu8.com/m/news/1164835747?lang=&edition=full","pubTime":"2021-09-13 20:58","market":"us","language":"en","title":"Salesforce: A Wonderful Company At A Reasonable Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1164835747","media":"Seeking Alpha","summary":"Summary\n\nThe flexible approach at Salesforce is a competitive advantage as they help companies shift","content":"<p><b>Summary</b></p>\n<ul>\n <li>The flexible approach at Salesforce is a competitive advantage as they help companies shift to the cloud.</li>\n <li>The AppExchange ecosystem increases engagement and lowers attrition.</li>\n <li>Capex as a percentage of revenue fell from 7.3% in fiscal ‘14 to 3.3% in fiscal ‘21.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/665b6616888a5d8d7ba20ad02b7ee091\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Stephen Lam/Getty Images News</span></p>\n<p><b>Introduction</b></p>\n<p>My thesis is that Salesforce (CRM) is a wonderful company at a reasonable price. We are still in the early days as software continues shifting to the cloud. Much of the profitability for Salesforce is obfuscated by growth investments. In the 4Q20&nbsp;call, it was revealed that returns for shareholders reached 4,000% since going public in 2004.</p>\n<p>CEO Marc Benioff has said that the way to understand the future is to look at the past. Written in 2009,<i>Behind the Cloud</i>is an excellent resource that helps explain how Salesforce laid their foundation and it is cited throughout this article.</p>\n<p>Seeing as the fiscal year goes through January, I think of the fiscal year as being equal to the calendar year plus one for the first three quarters. The fourth quarter is an exception as it is the only quarter that closes within the calendar year. In other words, calendar '21 is fiscal '22 for the first three quarters.</p>\n<p>Flexibility</p>\n<p>Salesforce is flexible, both with the needs of their customers and their own needs. From the beginning, they recognized that it was time to adapt to a new world where buying software would be like buying products on Amazon without the need for upgrades and updates. Meanwhile rigid incumbents like Oracle (ORCL) and SAP (SAP) continued to develop software as if the internet didn't exist. Salesforce embraces APIs such that companies can adopt a wide array of technology options. They provide the right optionality for companies as the world moves to subscriptions and direct-to-consumer (\"D2C\") relationships. Salesforce is limber when it comes to looking at their own requirements such as their infrastructure needs.</p>\n<p>Salesforce makes it easy for companies to adopt the latest technology options. The importance of using APIs for integration was a giant step in their evolution per&nbsp;<i>Behind the Cloud</i>:</p>\n<blockquote>\n We made a significant leap in the technology when we offered integration capabilities by providing an application programming interface (\"API\"), or a way for salesforce.com to communicate with other programs. This transformed our product and technology so that the data in salesforce.com were not isolated in Web silos, but could interact with other data that were behind the firewall or on other Web sites. The API, for example, allowed salesforce.com to interface with Google Maps, so salespeople could instantly access a map of where all their customers were located.\n</blockquote>\n<blockquote>\n [\n <i>Behind the Cloud</i>: Location: 1,881]\n</blockquote>\n<p>Answering a question at the September 2017 Deutsche Bank&nbsp;Conference, Product EVP Mike Rosenbaum notes that Tesla (TSLA) has a continual relationship with customers by providing software updates. He notes that this is the type of thinking companies need to embrace and that Salesforce helps companies be malleable such that they can maintain direct relationships with customers:</p>\n<blockquote>\n You take for example a company like Dollar Shave Club where instead of selling razors, I'm going to sell a subscription model so that every period of time, you get some razors delivered to you. That's the idea, I think, is where you start to - I think, every company in the world, whether it's brand manufacturing or anyone, needs to start to think about their business model a little bit more like a subscription service. And I think that is the very, very powerful idea that is made possible by CRM systems like Salesforce. We make that -- we make the technology barrier to implementing a model like that go away, to a large degree.\n</blockquote>\n<p>Years ago Salesforce started out with their own data centers in California, Virginia and Singapore but they kept an open mind and reevaluated infrastructure decisions as time went by. Rather than opening their own data centers in new markets like Canada and Australia, they opted to go with Amazon's (AMZN) AWS. In addition to the close relationship with AWS, a partnership with Google (GOOG) (GOOGL) was discussed at the November 2017 Investor Day. Having 3 parts to it, the Google partnership includes Google Analytics, G Suite and some infrastructure on Google Cloud Platform (\"GCP\").</p>\n<p><b>AppExchange Ecosystem</b></p>\n<p>AppExchange is the world's leading enterprise cloud ecosystem with over 3,000 apps and components. Per the&nbsp;faq, they have 117,000 customer reviews and 9 million installs. At the December 2020 Investor Day&nbsp;Presentation, President &amp; COO Bret Taylor said AppExchange is one of the main competitive advantages for Salesforce, noting the million-plus weekly active developers on Slack. Back in 2005 CEO Benioff pointed out that AppExchange was groundbreaking.<i>Behind the Cloud</i>talks about the significance of becoming a platform noting that traditional software companies like Siebel and SAP didn't make the right types of capital investments to empower their partners:</p>\n<blockquote>\n One of the most pivotal decisions we made as a company was to make our code available to let other companies build their own complementary online services. This idea to become a platform, or an operating system for the Internet (similar to how Windows is an operating system for PCs), offered a way to allow everyone to create applications online and gave us an opportunity to attract and&nbsp;\n <b>retain more customers</b>.\n</blockquote>\n<blockquote>\n [\n <i>Behind the Cloud</i>: Location: 1,895]\n</blockquote>\n<p>Veeva (VEEV) helps life science companies shift to the cloud and their payments to Salesforce are part of their cost of revenues line on the income statement. They were an early Independent Software Vendor (\"ISV\") and they have grown over the years such that their market cap is now close to $50 billion. Per their filings, Veeva has a value-added reseller agreement with Salesforce for a cumulative $500 million from March 2014 to September 2025 which they will fulfill easily as there is only $57 million remaining.</p>\n<p>It was simple to see the potential for AWS years ago when Netflix (NFLX) announced they were using them for their media content. The same thing is happening in banking as old thought processes are shifting and resources are being allocated to AppExchange banking leader nCino (NCNO). At a June 2018 Evercore ISI&nbsp;event, nCino Executive Director of Global Market Strategy Jim Baxley talked about the way banks are moving to the cloud seeing as they don't want to build their own data centers anymore and they don't want to have armies of developers.</p>\n<p>DocuSign(NASDAQ:DOCU)&nbsp;COO Scott Olrich spoke about the relationship with Salesforce at DocuSign's March 2021 Virtual Financial Analyst&nbsp;Day. DocuSign Gen is a lightweight tool that allows reps to generate a contract from inside of Salesforce. The Salesforce sales team helps sell these products and there is a specialized version for quotes and billing.</p>\n<p>The November 2017 Investor Day&nbsp;Presentation&nbsp;shows ISV with a revenue run rate of $310 million such that it was 17% of the Platform &amp; Other Revenue at that time:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/382b79247454c56e777664f619f500b8\" tg-width=\"600\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Image Source: November 2017 Investor Day Presentation</span></p>\n<p>I value the AppExchange platform more for the way that it lowers attrition through increased innovation, utility and engagement than for the revenue it generates directly.</p>\n<p><b>Successful Acquisitions</b></p>\n<p>Having a flexible and collaborative mindset, Salesforce has a history of giving subsidiaries the right environment to continue with innovation and revenue growth after being acquired. Other software giants have a more rigid mindset such that their acquisitions don't work out the right way. At the October 2006 Dreamforce Investor Summit, Worldwide Sales and Distribution President Jim Steele&nbsp;talked&nbsp;about the fact that Siebel's innovation stagnated after being acquired by Oracle.</p>\n<p>The acquisitions of ExactTarget, ClickSoftware and Vlocity were very important for Salesforce despite the fact that there have been others at higher price tags. ExactTarget was acquired in 2013 to help Salesforce become number one in marketing. An August 2019 diginomica&nbsp;writeup&nbsp;notes that much of Salesforce's Field Service Lightning software was licensed and originally written by ClickSoftware developers. Bringing ClickSoftware in-house bolstered the Service and Platform offerings. Vlocity was built on the Salesforce platform and their acquisition was finalized in June 2020. They strengthen Salesforce's Service offering. At the September 2020 RBC&nbsp;Tour, Salesforce Industries Division CEO David Schmaier talked about Vlocity's approach noting that they serve regulated industries including communications, insurance, health, government, energy and media.</p>\n<p>A June 2021&nbsp;article&nbsp;from Fortune mentions the biggest acquisitions as follows:</p>\n<p>Demandware: Price: $2.8 billion - June 2016</p>\n<p>Mulesoft: Price: $6.5 billion - March 2018</p>\n<p>Tableau: Price: $15.7 billion - June 2019</p>\n<p>Slack: Price: $27.7 billion - December 2020 (deal announced)</p>\n<p>Demandware is the key part of Salesforce's Commerce offering while Tableau is essential for the Analytics offering and MuleSoft powers the Integration offering. The importance of Tableau and MuleSoft was made evident in the 1Q22&nbsp;cal&nbsp;lwhen it was revealed that Tableau was in 8 of the top 10 new deals and MuleSoft was in 5 of the 10.</p>\n<p>At the June 2019 Tableau&nbsp;call, CEO Benioff talks about the fact that traditional enterprise software companies are unaccommodating when it comes to new technology. The reputation of flexibility at Salesforce is a big factor when it comes to acquisitions:</p>\n<blockquote>\n There is a question of, well, gee, MuleSoft really is all about connecting to an ecosystem of data and connects to lots of different data sources like SAP, Microsoft and Amazon and Google and Workday and ServiceNow and so many companies, and how do you plan to address that? And it was kind of a shock to me actually because when I have the question, it was kind of like somehow people think that we wouldn't connect to those companies or wouldn't support all those companies or that we would do something to cut them off.\n</blockquote>\n<p>The November 2019 Investor Day&nbsp;Presentation&nbsp;notes the success of revenue growth with 3 prominent acquisitions. Acquired in July 2013 with annual revenue of $286 million, ExactTarget grew its revenue to $1,450 million in 6 years. Demandware was purchased in July 2016 and they had revenue of $227 million at the time which grew to $590 million in 3 years. MuleSoft was acquired in May 2018 when they had revenue of $284 million and this grew to $665 million in a short time.</p>\n<p><b>Disrupting Incumbents</b></p>\n<p>The CRM market was fragmented before Salesforce entered the picture. Small companies often used ACT, medium sized companies used Microsoft (MSFT) and large companies went with Siebel, SAP or Peoplesoft.<i>Behind the Cloud</i>reveals that small, medium and large businesses have heterogeneous preferences and the dogma at the time was that they couldn't all be served by a single company:</p>\n<blockquote>\n When we started salesforce.com, companies sold separate software systems to small, medium, and large companies. We wanted to change that and provide everyone with the same affordable and effective service. For as long as I can remember, people told us we couldn't serve all markets - they told us that it could not be done.\n</blockquote>\n<blockquote>\n [\n <i>Behind the Cloud</i>: Location: 1,643]\n</blockquote>\n<p>Salesforce became a democratizing tool by using the internet to provide the same services to small companies that were only available to large enterprises in the past. Over time they began serving more of the large companies and this disrupted incumbents like Oracle and SAP. The September 2015 Investor Day&nbsp;Presentation&nbsp;shows that SAP had 14.3% CRM market share in FY11 followed by Oracle at 12.6% and Salesforce at 10.6%. It reveals that Salesforce passed both companies within a year or two of FY11 and had a comfortable lead by FY15. The December 2020 Investor Day Presentation shows Salesforce up to 19.8% CRM market share by 2020H1, well ahead of Oracle at just 5.3% and SAP at a mere 4.8%.</p>\n<p>At the September 2006 Citigroup Global Technology&nbsp;Conference, CEO Benioff talks about SAP's obstinance:</p>\n<blockquote>\n But SAP has not changed. They are basically just selling the same stuff that they had 10 years ago -- single-tenant architecture, license fees -- same business model, same technology model, running their business the same way. They talk about on-demand -- all on-demand to them is moving their database from one datacenter to another datacenter. It is not multitenancy. They don't even believe in multitenancy. They say they don't believe in multitenancy.\n</blockquote>\n<p>Unlike incumbents who rely on maintenance contracts, Salesforce wanted to do away with packaged software and make things as easy as buying products on Amazon. This is well explained in<i>Behind the Cloud</i>:</p>\n<blockquote>\n We wanted to take advantage of a new platform - the Internet - and deliver business applications cheaply through a Web site that was as easy to use as Amazon.com. We had to think out of the box. Literally, no more packaged software. And figuratively, as no one was then selling subscriptions for business applications and delivering them over the Web.\n</blockquote>\n<blockquote>\n [\n <i>Behind the Cloud</i>: Location: 3,702]\n</blockquote>\n<p>CEO Benioff discusses inflexible thinking in the 2Q16callsaying that Oracle and SAP still sell old technology similar to the way that IBM still sells mainframes:</p>\n<blockquote>\n And that's what you see with companies like Oracle and SAP. These are old technology bases that are meandering along like mainframes. And I think that is reflected exactly as you said, in their license revenue growth which has been poor. And in&nbsp;\n <b>their movement to the cloud has been stunted because they don't want to shift those customers into new models</b>, exactly why IBM lost the PC business because they were too afraid to let go of the mainframe. It's the past replaying itself, but instead of IBM you've got Oracle and SAP basically running the same playbook.\n</blockquote>\n<p>President &amp; Chief Product Officer David Schmaier cites The Innovator's Dilemma at the September 2020 RBC Tour saying Salesforce is here to disrupt on-premise competitors:</p>\n<blockquote>\n And the very simple way to sell against those vendors is it's faster to deploy, it's easier to use. And oh, by the way, if you look at the total cost of ownership, it actually costs less money, too. So even I can sell that. Let me think about that again. It's faster, it's easier and it costs less money. And it's constantly refreshed in the cloud. And so it's just way better than that old on-premise world. And so we like to find&nbsp;\n <b>markets where we're disrupting legacy competitors is kind of the - I think that's the perfect storm</b>. It doesn't mean we wouldn't go into a space where there is another cloud competitor, but it's easier and faster if that's not the case.\n</blockquote>\n<p><b>Declining Attrition</b></p>\n<p>The November 2019 Investor Day Presentation shows that attrition has declined significantly from about 21% in FY10 to less than 10% in FY20:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/019cb7b9807c53883ad0012c39d0c7c0\" tg-width=\"640\" tg-height=\"378\" width=\"100%\" height=\"auto\"><span>Image Source: November 2019 Investor Day Presentation</span></p>\n<p>One of the reasons for the declining attrition is that Salesforce is the first software company to provide CRM and other offerings in the cloud at scale. Another key factor is the AppExchange where increased innovation, utility and overall engagement lead to lower attrition. Acquisitions have led to today's multi-cloud environment which is also good for increasing engagement and lowering attrition.</p>\n<p><b>Revenue Growth</b></p>\n<p>Declining attrition has made it much easier for Salesforce to increase revenue. Looking at the last 7 years, subscription and support revenue growth has been prodigious, going from about $5 billion in FY15 all the way up to around $20 billion by FY21. Note that the Platform and Other offering includes the Integration and Analytics offerings. Professional services and other revenue is not shown here and it was up to $1.3 billion by 2021:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bdadcd43083d7826f9a1abaf444ebfc1\" tg-width=\"640\" tg-height=\"390\" width=\"100%\" height=\"auto\"><span>Image Source: author's spreadsheet from 10-K filings</span></p>\n<p>Revenue growth should continue as the total addressable market (\"TAM\") expands to $175 billion by fiscal '25 per the December 2020 Investor Day Presentation. Below we see key logos tied to offerings. Analytics has Tableau, Integration has MuleSoft, and Platform has Lightning from a slide in. Also, the Marketing offering favors the ExactTarget color scheme and Commerce offering favors the Demandware color scheme:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dbce8ec606b80ff1cdacdb4d7e0fa76a\" tg-width=\"640\" tg-height=\"458\" width=\"100%\" height=\"auto\"><span>Image Source: December 2020 Investor Day</span></p>\n<p><b>Valuation</b></p>\n<p>The December 2020 Investor Day Presentation shows annual revenue reaching $50 billion or more by FY26 and I like to think about what the overall valuation will be at that point. CFO Hawkins notes that this $50 billion target includes Slack revenue but not revenue from any upcoming acquisitions. The numbers in the actual income statement and cash flow statement are a key consideration as well as the numbers that would be in place if the business was run for more of a steady-state environment with annual revenue growth in the low-single digits.</p>\n<p>It's easier to articulate my FY26 thoughts by starting with current numbers and margins. We have the following margins for<b>FY21:</b></p>\n<p><b>GAAP operating margin: 2.1%</b></p>\n<p><b>non-GAAP operating margin: 17.7%</b></p>\n<p><b>unit economic margin: 39%</b>[December 2020 estimate]</p>\n<p>I also think about the operating cash flow (\"OCF\") yield in a similar manner as the margins above. Per the September 2018 Investor Day&nbsp;Presentation, it has been fairly consistent over the years at about 25%, even with the dilutive effect of acquisitions:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/16d5a744acc5b9127739e42a3a9be48e\" tg-width=\"600\" tg-height=\"319\" width=\"100%\" height=\"auto\"><span>Image Source: September 2018 Investor Day Presentation</span></p>\n<p><i>Filings show that OCF Yield and OCF were 26% &amp; $3.4 billion in FY19, 25% &amp; $4.3 billion in FY20 and 23% and $4.8 billion in FY21 such that the OCF yield consistency continues.</i></p>\n<p>Each margin tells us something different. GAAP and non-GAAP operating margins are in the financial statements for any given year. The third type of margin is the unit economic margin which is based on subscription economics such that the lifetime of a customer is included over multiple fiscal years instead of just a single year. The income statement on the FY21&nbsp;10-K&nbsp;shows GAAP operating income directly and the numbers in footnotes [1] and [2] are used for non-GAAP operating income:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9d9174613e9191243a04e9ff17b354c8\" tg-width=\"600\" tg-height=\"827\" width=\"100%\" height=\"auto\"><span>Image Source: FY21 10-K</span></p>\n<p>We see that in FY21, the GAAP operating margin was 2.1% based on operating income of $455 million divided by revenue of $21.3 billion and the non-GAAP operating margin was 17.7% based on operating income of nearly $3.8 billion divided by revenue of $21.3 billion per the 4Q21&nbsp;release. The difference between GAAP and non-GAAP in FY21 is the $1.1 billion in business combination amortization and $2.2 billion in stock-based compensation. In other words, the release adds the stock-based compensation and business combination amortization from the income statement footnotes such that we have a clearer picture of the non-GAAP operating income:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f97cbc39fedfc59780629f59593ea000\" tg-width=\"640\" tg-height=\"560\" width=\"100%\" height=\"auto\"><span>Image Source: 4Q21 release</span></p>\n<p>The 3rd type of margin is from subscription unit economics. In this case, estimates are made about the lifetime value of customers spanning multiple fiscal years in the future. In other words, when we look at subscription unit economic margins, they are apples and oranges to the margins based on current fiscal filings as subscription economics contain the lifetime revenue and expenses over many years as opposed to any single fiscal year. The first part of subscription unit economics is the lifetime revenue value. Suppose we have a company whose first-year revenue is $1 with a high attrition rate of 50%. The lifetime revenue value starts out as follows:</p>\n<p>year 1: $1.00</p>\n<p>year 2: $0.50</p>\n<p>year 3: $0.25</p>\n<p>After 3 years, we have $1.75 and if we keep going then eventually we get close to another $0.25. It's a geometric series that can be approximated as first-year revenue divided by attrition. $1 divided by 50% comes out to $2 of lifetime revenue.</p>\n<p>The September 2015 Investor Day Presentation has a simple example without incremental annual recurring revenue (\"ARR\") that shows how near-term profitability can be sacrificed when thinking about lifetime unit margins. We have Acme Cloud which has $1 in first-year revenue, 25% attrition, a cost to book (\"CTB\") of $0.50 and a cost to serve (\"CTS\") of 75%. The lifetime revenue approaches first-year revenue divided by attrition or $1 divided by 25% which is $4. The CTS is 75% of this or $3. The unit income is lifetime revenue less CTB less CTS which comes to $0.50 and the lifetime unit margin is 12.5% or $0.50/$4. Acme has several options available. Option 1 is a proposal that lowers attrition 5% by increasing the CTS 2%. Option 2 is a proposal that targets enterprise customers who have a longer selling cycle and an elevated CTB but they also have a lower attrition rate. Both proposals are good in the long run as the lifetime unit margin goes up from 12.5% to 13% but both proposals put pressure on near-term margins:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8ddd473c926ef80d67285c81023b1e88\" tg-width=\"640\" tg-height=\"348\" width=\"100%\" height=\"auto\"><span>Image Source: September 2015 Investor Day</span></p>\n<p>The December 2020 Investor Day&nbsp;transcript&nbsp;reveals what SVP Evan Goldstein thinks about subscription economics including incremental ARR:</p>\n<blockquote>\n Subscription economics relies on 3 metrics: attrition, cost to book and cost to serve. We calculate lifetime revenue by one divided by attrition. Our&nbsp;\n <b>cost of book is our sales and marketing expenses</b>&nbsp;divided by incremental ARR. And then our&nbsp;\n <b>cost to serve is all the other expenses</b>&nbsp;related to supporting that revenue divided by your lifetime revenue.\n</blockquote>\n<p>There are 4 major income statement lines that get us down from revenue towards operating income and in most years, adding/subtracting investment income, interest expense and taxes from operating income gets us close to net income, the first figure in the cash flow statement. These 4 major income statement lines are cost of revenue or cost of goods sold (\"COGS\"), research and development (\"R&amp;D\"), marketing and sales (\"S&amp;M\") and general and administrative (\"G&amp;A\"). CTB is S&amp;M while the other income statement lines are CTS per the subscription economics slide below from the November 2017 Investor Day Presentation:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7e110ea12c4d73e5eb9a5d1f2d39698f\" tg-width=\"500\" tg-height=\"379\" width=\"100%\" height=\"auto\"><span>Image Source: November 2017 Investor Day Presentation</span></p>\n<p>This slide from the December 2020 Investor Day Presentation is another way of visualizing the same concept. CTB is made of S&amp;M and both these labels favor beige whereas the CTS label and its profit and loss (\"P&amp;L\") statement lines are more of an aquamarine color:</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/20a25e426effbd54221726fde4321e20\" tg-width=\"600\" tg-height=\"346\" width=\"100%\" height=\"auto\"><span>Image Source: December 2020 Investor Day</span></p>\n<p>SVP Goldstein reveals that unit economics improved from FY17 to FY21 as declines in attrition more than offset the rise in CTB. CTS flattened and then declined as efficiencies in G&amp;A were found. CTB has increased as they are selling a wide variety of products and workflows in multiple countries such that the portfolio is now broader. This sophistication creates more engagement for customers and attrition falls as Salesforce becomes stickier. SVP Goldstein goes on to explain that unit lifetime economic margins have gone from the mid-30s all the way up to 40% now:</p>\n<blockquote>\n When we started talking to you, we talked about mid-30s. Last year, we updated you that we'd be at about 40%. Now we expect FY '21 to have some slight pressure as it relates to the pandemic. We shared with you earlier this year, we expect attrition to increase, but we believe this will be transitory over time and expect to get back to 40%. However, our decisions to maximize for subscription economics has created some impact on the short-term income statement.\n</blockquote>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c7fbc72952d7832066e0f2af720aed2\" tg-width=\"600\" tg-height=\"328\" width=\"100%\" height=\"auto\"><span>Image Source: December 2020 Investor Day</span></p>\n<p>I don't think unit economic margins will stop at 40%. There should be more upside in the next 5 years. This is what SVP Goldstein said about the ceiling at the December 2020 Investor Day Presentation:</p>\n<blockquote>\n We definitely think there's upside to that number, and it's about finding efficiencies in CTB, CTS and attrition. Obviously, in the short term, as I've mentioned in my presentation, we're focused on investing in CTB to sort of get every dollar of ARR, but there can potentially be upside as we think about those metrics.\n</blockquote>\n<p>The bridge between GAAP and non-GAAP margins is clear; acquisition based amortization and stock-based-compensation are straightforward. I don't have a clear bridge between non-GAAP margins and unit economic margins but we do know that both exclude the impact of stock-based compensation and acquisition amortization. It is definitely beneficial that the unit economic margin has been rising over the years. Net cash provided by operating activities on the cash flow statement has some similarities to non-GAAP operating income in that both can be calculated from existing financial statements and both do not subtract amortization and stock-based compensation from revenue. We know that some of the FY21 numbers between the revenue of $21.3 billion and the net cash provided by operating activities of $4.8 billion are tied to revenue growth investments. I often think about what the net cash provided by operating activities would be if revenue wasn't growing. Likewise, I think about what things will look like when revenue reaches $50 billion. Revenue should still be growing substantially at that point so the net cash provided by operating activities number on the cash flow statement will be different from the number we would see without revenue growth.</p>\n<p>Eventually the landscape should change such that investing aggressively for annual revenue growth doesn't make as much sense. At that point S&amp;M as a percentage of revenue should decline and the operating margin should rise. A November 2020writeupquotes Morgan Stanley analyst Keith Weiss talking about this tradeoff, saying operating margins can get to 28% in 5 years and 33% in 10 years:</p>\n<blockquote>\n \"The good news is our updated [software-as-a-service] X-ray suggests Salesforce currently has the unit economics to drive operating margins to 28% in 5 years (based on our growth estimates) and 33% in 10 years, as growth slows towards 10%,\" Weiss said.\n</blockquote>\n<p>The December 2020 Investor Day Presentation shows operating cash flow going from $1.6 billion in FY16 to what they then estimated to be $4.9 billion for FY21 which is a CAGR of over 25%. The actual operating cash flow number for FY21 turned out to be $4.8 billion. Cash flow discussions come in the 4Q calls and the growth has been enormous over the last 3 years. Capex as a percentage of revenue has fallen significantly over the years. The10-Kfor FY14 shows capex was 7.3% of revenue or $299 million/$4.07 billion. By FY21, the 10-K shows it was just 3.3% of revenue or $710 million/$21.25 billion.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c846999744311d81026f0e7ffd240fc\" tg-width=\"640\" tg-height=\"641\" width=\"100%\" height=\"auto\"><span>Image Source: FY21 10-K</span></p>\n<p>At the December 2020 Wells Fargo TMT&nbsp;Conference, CFO Hawkins noted that their acquisitions tend to dilute margins because they often acquire companies that are just getting started such that they are losing money on the revenue that is generated. The key point is that Salesforce knows how to take these assets that are dilutive at first and grow their revenue in such a way that profits come in the long run:</p>\n<blockquote>\n Our track record, our feedback on M&amp;A has been well. It's been good. Take a look at&nbsp;\n <b>ExactTarget, take a look at Demandware, take a look at MuleSoft, take a look at Tableau</b>, and you're going to -- I always tell people there's a test at the end, we need to perform. But when you look back on that, again, I want to underscore, why do I say that as the CFO? Well, in FY '14, we made 8.9% operating margin, where we just came off a $4 billion a year. Today, the guide is roughly $21 billion in a couple of weeks, and there'll be -- obviously, the next year, you're talking north of $25 billion. And what are we doing? Our operating margin this year, the guide is effectively 17.6%. Okay, progress, better, better never done. But here's the key point, you know the attributes of each of these assets that we took on board. They were smaller, right?\n <b>They lost money, most of them. They are getting started</b>.\n</blockquote>\n<p>In the 2Q22&nbsp;call, it was revealed that the FY22 operating cash flow guidance growth would be 21% to 22% were it not for the dilutive cash flow impact of Slack and Acumen. FY21 revenue was $21.3 billion. Getting to $50 billion in 4.5 years by FY26 implies a CAGR of a little over 20%. I think operating cash flow can grow at a CAGR of nearly 23% such that it goes from $4.8 billion to about $12 billion. If capex is 2.5% of revenue at that point then it should be around $1.25 billion such that FCF is around $10.75 billion.</p>\n<p>I treat stock-based compensation as a cash expense so my adjusted FCF number would normally be lower than this. However, growth investments in S&amp;M largely offset the stock-based compensation consideration. If the market values Salesforce at 35x FCF at this time then it should be worth about $375 billion. This is where I see things on the low end seeing as management can be circumspect with guidance. On the high end, I think revenue can be $55 billion in FY26 and operating cash flow can grow at a CAGR of nearly 27% to reach $14 billion. Capex could be as little as 2% of revenue for $1.1 billion such that FCF is $12.9 billion. 35x this amount is about $450 billion.</p>\n<p>Looking at the 2Q22 balance sheet in the 10-Q&nbsp;filing, the enterprise value is about $1.7 billion more than the market cap due to $10.6 billion in long-term debt, $2.9 billion in long-term leases, $0.7 billion in short-term leases and $1.3 billion in Slack notes, partially offset by $6.3 billion in cash and equivalents plus $3.4 billion in marketable securities plus $4.1 billion in strategic investments. But we are using a FCF framework for valuation where debt and leases are already accounted for as they lower FCF. In FY21, interest expense was the primary component of the $64 million \"other expense\" line. And in the cash flow statement we see that FY21 operating cash flow was lowered by $830 million due to operating lease liabilities. I just look at the market cap for the valuation framework. The 2Q22 10-Q says there were approximately 979 million shares outstanding as of August 25, 2021. The September 10th share price was $257.20 implying a market cap of nearly $252 billion.</p>\n<p>Again, today's market cap is almost $255 billion. If it grows to $375 billion in 4 and a half years at the end of FY26 then the 4.5 year CAGR is almost 9%. If it grows to $450 billion in 4 and a half years at the end of FY26 then the CAGR is a little over 13%. If there were no dilution then I think we'd see an outcome somewhere in between such that the stock has a CAGR between 9% and 13% over the next 4 and a half years. There will be some dilution so the CAGR range could be a bit lower, especially if the dilution comes from acquisitions that fail to speed up the $50 billion revenue target.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Salesforce: A Wonderful Company At A Reasonable Price</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSalesforce: A Wonderful Company At A Reasonable Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-13 20:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4454848-salesforce-a-wonderful-company-at-a-reasonable-price><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nThe flexible approach at Salesforce is a competitive advantage as they help companies shift to the cloud.\nThe AppExchange ecosystem increases engagement and lowers attrition.\nCapex as a ...</p>\n\n<a href=\"https://seekingalpha.com/article/4454848-salesforce-a-wonderful-company-at-a-reasonable-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRM":"赛富时"},"source_url":"https://seekingalpha.com/article/4454848-salesforce-a-wonderful-company-at-a-reasonable-price","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164835747","content_text":"Summary\n\nThe flexible approach at Salesforce is a competitive advantage as they help companies shift to the cloud.\nThe AppExchange ecosystem increases engagement and lowers attrition.\nCapex as a percentage of revenue fell from 7.3% in fiscal ‘14 to 3.3% in fiscal ‘21.\n\nStephen Lam/Getty Images News\nIntroduction\nMy thesis is that Salesforce (CRM) is a wonderful company at a reasonable price. We are still in the early days as software continues shifting to the cloud. Much of the profitability for Salesforce is obfuscated by growth investments. In the 4Q20 call, it was revealed that returns for shareholders reached 4,000% since going public in 2004.\nCEO Marc Benioff has said that the way to understand the future is to look at the past. Written in 2009,Behind the Cloudis an excellent resource that helps explain how Salesforce laid their foundation and it is cited throughout this article.\nSeeing as the fiscal year goes through January, I think of the fiscal year as being equal to the calendar year plus one for the first three quarters. The fourth quarter is an exception as it is the only quarter that closes within the calendar year. In other words, calendar '21 is fiscal '22 for the first three quarters.\nFlexibility\nSalesforce is flexible, both with the needs of their customers and their own needs. From the beginning, they recognized that it was time to adapt to a new world where buying software would be like buying products on Amazon without the need for upgrades and updates. Meanwhile rigid incumbents like Oracle (ORCL) and SAP (SAP) continued to develop software as if the internet didn't exist. Salesforce embraces APIs such that companies can adopt a wide array of technology options. They provide the right optionality for companies as the world moves to subscriptions and direct-to-consumer (\"D2C\") relationships. Salesforce is limber when it comes to looking at their own requirements such as their infrastructure needs.\nSalesforce makes it easy for companies to adopt the latest technology options. The importance of using APIs for integration was a giant step in their evolution per Behind the Cloud:\n\n We made a significant leap in the technology when we offered integration capabilities by providing an application programming interface (\"API\"), or a way for salesforce.com to communicate with other programs. This transformed our product and technology so that the data in salesforce.com were not isolated in Web silos, but could interact with other data that were behind the firewall or on other Web sites. The API, for example, allowed salesforce.com to interface with Google Maps, so salespeople could instantly access a map of where all their customers were located.\n\n\n [\n Behind the Cloud: Location: 1,881]\n\nAnswering a question at the September 2017 Deutsche Bank Conference, Product EVP Mike Rosenbaum notes that Tesla (TSLA) has a continual relationship with customers by providing software updates. He notes that this is the type of thinking companies need to embrace and that Salesforce helps companies be malleable such that they can maintain direct relationships with customers:\n\n You take for example a company like Dollar Shave Club where instead of selling razors, I'm going to sell a subscription model so that every period of time, you get some razors delivered to you. That's the idea, I think, is where you start to - I think, every company in the world, whether it's brand manufacturing or anyone, needs to start to think about their business model a little bit more like a subscription service. And I think that is the very, very powerful idea that is made possible by CRM systems like Salesforce. We make that -- we make the technology barrier to implementing a model like that go away, to a large degree.\n\nYears ago Salesforce started out with their own data centers in California, Virginia and Singapore but they kept an open mind and reevaluated infrastructure decisions as time went by. Rather than opening their own data centers in new markets like Canada and Australia, they opted to go with Amazon's (AMZN) AWS. In addition to the close relationship with AWS, a partnership with Google (GOOG) (GOOGL) was discussed at the November 2017 Investor Day. Having 3 parts to it, the Google partnership includes Google Analytics, G Suite and some infrastructure on Google Cloud Platform (\"GCP\").\nAppExchange Ecosystem\nAppExchange is the world's leading enterprise cloud ecosystem with over 3,000 apps and components. Per the faq, they have 117,000 customer reviews and 9 million installs. At the December 2020 Investor Day Presentation, President & COO Bret Taylor said AppExchange is one of the main competitive advantages for Salesforce, noting the million-plus weekly active developers on Slack. Back in 2005 CEO Benioff pointed out that AppExchange was groundbreaking.Behind the Cloudtalks about the significance of becoming a platform noting that traditional software companies like Siebel and SAP didn't make the right types of capital investments to empower their partners:\n\n One of the most pivotal decisions we made as a company was to make our code available to let other companies build their own complementary online services. This idea to become a platform, or an operating system for the Internet (similar to how Windows is an operating system for PCs), offered a way to allow everyone to create applications online and gave us an opportunity to attract and \n retain more customers.\n\n\n [\n Behind the Cloud: Location: 1,895]\n\nVeeva (VEEV) helps life science companies shift to the cloud and their payments to Salesforce are part of their cost of revenues line on the income statement. They were an early Independent Software Vendor (\"ISV\") and they have grown over the years such that their market cap is now close to $50 billion. Per their filings, Veeva has a value-added reseller agreement with Salesforce for a cumulative $500 million from March 2014 to September 2025 which they will fulfill easily as there is only $57 million remaining.\nIt was simple to see the potential for AWS years ago when Netflix (NFLX) announced they were using them for their media content. The same thing is happening in banking as old thought processes are shifting and resources are being allocated to AppExchange banking leader nCino (NCNO). At a June 2018 Evercore ISI event, nCino Executive Director of Global Market Strategy Jim Baxley talked about the way banks are moving to the cloud seeing as they don't want to build their own data centers anymore and they don't want to have armies of developers.\nDocuSign(NASDAQ:DOCU) COO Scott Olrich spoke about the relationship with Salesforce at DocuSign's March 2021 Virtual Financial Analyst Day. DocuSign Gen is a lightweight tool that allows reps to generate a contract from inside of Salesforce. The Salesforce sales team helps sell these products and there is a specialized version for quotes and billing.\nThe November 2017 Investor Day Presentation shows ISV with a revenue run rate of $310 million such that it was 17% of the Platform & Other Revenue at that time:\nImage Source: November 2017 Investor Day Presentation\nI value the AppExchange platform more for the way that it lowers attrition through increased innovation, utility and engagement than for the revenue it generates directly.\nSuccessful Acquisitions\nHaving a flexible and collaborative mindset, Salesforce has a history of giving subsidiaries the right environment to continue with innovation and revenue growth after being acquired. Other software giants have a more rigid mindset such that their acquisitions don't work out the right way. At the October 2006 Dreamforce Investor Summit, Worldwide Sales and Distribution President Jim Steele talked about the fact that Siebel's innovation stagnated after being acquired by Oracle.\nThe acquisitions of ExactTarget, ClickSoftware and Vlocity were very important for Salesforce despite the fact that there have been others at higher price tags. ExactTarget was acquired in 2013 to help Salesforce become number one in marketing. An August 2019 diginomica writeup notes that much of Salesforce's Field Service Lightning software was licensed and originally written by ClickSoftware developers. Bringing ClickSoftware in-house bolstered the Service and Platform offerings. Vlocity was built on the Salesforce platform and their acquisition was finalized in June 2020. They strengthen Salesforce's Service offering. At the September 2020 RBC Tour, Salesforce Industries Division CEO David Schmaier talked about Vlocity's approach noting that they serve regulated industries including communications, insurance, health, government, energy and media.\nA June 2021 article from Fortune mentions the biggest acquisitions as follows:\nDemandware: Price: $2.8 billion - June 2016\nMulesoft: Price: $6.5 billion - March 2018\nTableau: Price: $15.7 billion - June 2019\nSlack: Price: $27.7 billion - December 2020 (deal announced)\nDemandware is the key part of Salesforce's Commerce offering while Tableau is essential for the Analytics offering and MuleSoft powers the Integration offering. The importance of Tableau and MuleSoft was made evident in the 1Q22 cal lwhen it was revealed that Tableau was in 8 of the top 10 new deals and MuleSoft was in 5 of the 10.\nAt the June 2019 Tableau call, CEO Benioff talks about the fact that traditional enterprise software companies are unaccommodating when it comes to new technology. The reputation of flexibility at Salesforce is a big factor when it comes to acquisitions:\n\n There is a question of, well, gee, MuleSoft really is all about connecting to an ecosystem of data and connects to lots of different data sources like SAP, Microsoft and Amazon and Google and Workday and ServiceNow and so many companies, and how do you plan to address that? And it was kind of a shock to me actually because when I have the question, it was kind of like somehow people think that we wouldn't connect to those companies or wouldn't support all those companies or that we would do something to cut them off.\n\nThe November 2019 Investor Day Presentation notes the success of revenue growth with 3 prominent acquisitions. Acquired in July 2013 with annual revenue of $286 million, ExactTarget grew its revenue to $1,450 million in 6 years. Demandware was purchased in July 2016 and they had revenue of $227 million at the time which grew to $590 million in 3 years. MuleSoft was acquired in May 2018 when they had revenue of $284 million and this grew to $665 million in a short time.\nDisrupting Incumbents\nThe CRM market was fragmented before Salesforce entered the picture. Small companies often used ACT, medium sized companies used Microsoft (MSFT) and large companies went with Siebel, SAP or Peoplesoft.Behind the Cloudreveals that small, medium and large businesses have heterogeneous preferences and the dogma at the time was that they couldn't all be served by a single company:\n\n When we started salesforce.com, companies sold separate software systems to small, medium, and large companies. We wanted to change that and provide everyone with the same affordable and effective service. For as long as I can remember, people told us we couldn't serve all markets - they told us that it could not be done.\n\n\n [\n Behind the Cloud: Location: 1,643]\n\nSalesforce became a democratizing tool by using the internet to provide the same services to small companies that were only available to large enterprises in the past. Over time they began serving more of the large companies and this disrupted incumbents like Oracle and SAP. The September 2015 Investor Day Presentation shows that SAP had 14.3% CRM market share in FY11 followed by Oracle at 12.6% and Salesforce at 10.6%. It reveals that Salesforce passed both companies within a year or two of FY11 and had a comfortable lead by FY15. The December 2020 Investor Day Presentation shows Salesforce up to 19.8% CRM market share by 2020H1, well ahead of Oracle at just 5.3% and SAP at a mere 4.8%.\nAt the September 2006 Citigroup Global Technology Conference, CEO Benioff talks about SAP's obstinance:\n\n But SAP has not changed. They are basically just selling the same stuff that they had 10 years ago -- single-tenant architecture, license fees -- same business model, same technology model, running their business the same way. They talk about on-demand -- all on-demand to them is moving their database from one datacenter to another datacenter. It is not multitenancy. They don't even believe in multitenancy. They say they don't believe in multitenancy.\n\nUnlike incumbents who rely on maintenance contracts, Salesforce wanted to do away with packaged software and make things as easy as buying products on Amazon. This is well explained inBehind the Cloud:\n\n We wanted to take advantage of a new platform - the Internet - and deliver business applications cheaply through a Web site that was as easy to use as Amazon.com. We had to think out of the box. Literally, no more packaged software. And figuratively, as no one was then selling subscriptions for business applications and delivering them over the Web.\n\n\n [\n Behind the Cloud: Location: 3,702]\n\nCEO Benioff discusses inflexible thinking in the 2Q16callsaying that Oracle and SAP still sell old technology similar to the way that IBM still sells mainframes:\n\n And that's what you see with companies like Oracle and SAP. These are old technology bases that are meandering along like mainframes. And I think that is reflected exactly as you said, in their license revenue growth which has been poor. And in \n their movement to the cloud has been stunted because they don't want to shift those customers into new models, exactly why IBM lost the PC business because they were too afraid to let go of the mainframe. It's the past replaying itself, but instead of IBM you've got Oracle and SAP basically running the same playbook.\n\nPresident & Chief Product Officer David Schmaier cites The Innovator's Dilemma at the September 2020 RBC Tour saying Salesforce is here to disrupt on-premise competitors:\n\n And the very simple way to sell against those vendors is it's faster to deploy, it's easier to use. And oh, by the way, if you look at the total cost of ownership, it actually costs less money, too. So even I can sell that. Let me think about that again. It's faster, it's easier and it costs less money. And it's constantly refreshed in the cloud. And so it's just way better than that old on-premise world. And so we like to find \n markets where we're disrupting legacy competitors is kind of the - I think that's the perfect storm. It doesn't mean we wouldn't go into a space where there is another cloud competitor, but it's easier and faster if that's not the case.\n\nDeclining Attrition\nThe November 2019 Investor Day Presentation shows that attrition has declined significantly from about 21% in FY10 to less than 10% in FY20:\nImage Source: November 2019 Investor Day Presentation\nOne of the reasons for the declining attrition is that Salesforce is the first software company to provide CRM and other offerings in the cloud at scale. Another key factor is the AppExchange where increased innovation, utility and overall engagement lead to lower attrition. Acquisitions have led to today's multi-cloud environment which is also good for increasing engagement and lowering attrition.\nRevenue Growth\nDeclining attrition has made it much easier for Salesforce to increase revenue. Looking at the last 7 years, subscription and support revenue growth has been prodigious, going from about $5 billion in FY15 all the way up to around $20 billion by FY21. Note that the Platform and Other offering includes the Integration and Analytics offerings. Professional services and other revenue is not shown here and it was up to $1.3 billion by 2021:\nImage Source: author's spreadsheet from 10-K filings\nRevenue growth should continue as the total addressable market (\"TAM\") expands to $175 billion by fiscal '25 per the December 2020 Investor Day Presentation. Below we see key logos tied to offerings. Analytics has Tableau, Integration has MuleSoft, and Platform has Lightning from a slide in. Also, the Marketing offering favors the ExactTarget color scheme and Commerce offering favors the Demandware color scheme:\nImage Source: December 2020 Investor Day\nValuation\nThe December 2020 Investor Day Presentation shows annual revenue reaching $50 billion or more by FY26 and I like to think about what the overall valuation will be at that point. CFO Hawkins notes that this $50 billion target includes Slack revenue but not revenue from any upcoming acquisitions. The numbers in the actual income statement and cash flow statement are a key consideration as well as the numbers that would be in place if the business was run for more of a steady-state environment with annual revenue growth in the low-single digits.\nIt's easier to articulate my FY26 thoughts by starting with current numbers and margins. We have the following margins forFY21:\nGAAP operating margin: 2.1%\nnon-GAAP operating margin: 17.7%\nunit economic margin: 39%[December 2020 estimate]\nI also think about the operating cash flow (\"OCF\") yield in a similar manner as the margins above. Per the September 2018 Investor Day Presentation, it has been fairly consistent over the years at about 25%, even with the dilutive effect of acquisitions:\nImage Source: September 2018 Investor Day Presentation\nFilings show that OCF Yield and OCF were 26% & $3.4 billion in FY19, 25% & $4.3 billion in FY20 and 23% and $4.8 billion in FY21 such that the OCF yield consistency continues.\nEach margin tells us something different. GAAP and non-GAAP operating margins are in the financial statements for any given year. The third type of margin is the unit economic margin which is based on subscription economics such that the lifetime of a customer is included over multiple fiscal years instead of just a single year. The income statement on the FY21 10-K shows GAAP operating income directly and the numbers in footnotes [1] and [2] are used for non-GAAP operating income:\nImage Source: FY21 10-K\nWe see that in FY21, the GAAP operating margin was 2.1% based on operating income of $455 million divided by revenue of $21.3 billion and the non-GAAP operating margin was 17.7% based on operating income of nearly $3.8 billion divided by revenue of $21.3 billion per the 4Q21 release. The difference between GAAP and non-GAAP in FY21 is the $1.1 billion in business combination amortization and $2.2 billion in stock-based compensation. In other words, the release adds the stock-based compensation and business combination amortization from the income statement footnotes such that we have a clearer picture of the non-GAAP operating income:\nImage Source: 4Q21 release\nThe 3rd type of margin is from subscription unit economics. In this case, estimates are made about the lifetime value of customers spanning multiple fiscal years in the future. In other words, when we look at subscription unit economic margins, they are apples and oranges to the margins based on current fiscal filings as subscription economics contain the lifetime revenue and expenses over many years as opposed to any single fiscal year. The first part of subscription unit economics is the lifetime revenue value. Suppose we have a company whose first-year revenue is $1 with a high attrition rate of 50%. The lifetime revenue value starts out as follows:\nyear 1: $1.00\nyear 2: $0.50\nyear 3: $0.25\nAfter 3 years, we have $1.75 and if we keep going then eventually we get close to another $0.25. It's a geometric series that can be approximated as first-year revenue divided by attrition. $1 divided by 50% comes out to $2 of lifetime revenue.\nThe September 2015 Investor Day Presentation has a simple example without incremental annual recurring revenue (\"ARR\") that shows how near-term profitability can be sacrificed when thinking about lifetime unit margins. We have Acme Cloud which has $1 in first-year revenue, 25% attrition, a cost to book (\"CTB\") of $0.50 and a cost to serve (\"CTS\") of 75%. The lifetime revenue approaches first-year revenue divided by attrition or $1 divided by 25% which is $4. The CTS is 75% of this or $3. The unit income is lifetime revenue less CTB less CTS which comes to $0.50 and the lifetime unit margin is 12.5% or $0.50/$4. Acme has several options available. Option 1 is a proposal that lowers attrition 5% by increasing the CTS 2%. Option 2 is a proposal that targets enterprise customers who have a longer selling cycle and an elevated CTB but they also have a lower attrition rate. Both proposals are good in the long run as the lifetime unit margin goes up from 12.5% to 13% but both proposals put pressure on near-term margins:\nImage Source: September 2015 Investor Day\nThe December 2020 Investor Day transcript reveals what SVP Evan Goldstein thinks about subscription economics including incremental ARR:\n\n Subscription economics relies on 3 metrics: attrition, cost to book and cost to serve. We calculate lifetime revenue by one divided by attrition. Our \n cost of book is our sales and marketing expenses divided by incremental ARR. And then our \n cost to serve is all the other expenses related to supporting that revenue divided by your lifetime revenue.\n\nThere are 4 major income statement lines that get us down from revenue towards operating income and in most years, adding/subtracting investment income, interest expense and taxes from operating income gets us close to net income, the first figure in the cash flow statement. These 4 major income statement lines are cost of revenue or cost of goods sold (\"COGS\"), research and development (\"R&D\"), marketing and sales (\"S&M\") and general and administrative (\"G&A\"). CTB is S&M while the other income statement lines are CTS per the subscription economics slide below from the November 2017 Investor Day Presentation:\nImage Source: November 2017 Investor Day Presentation\nThis slide from the December 2020 Investor Day Presentation is another way of visualizing the same concept. CTB is made of S&M and both these labels favor beige whereas the CTS label and its profit and loss (\"P&L\") statement lines are more of an aquamarine color:\nImage Source: December 2020 Investor Day\nSVP Goldstein reveals that unit economics improved from FY17 to FY21 as declines in attrition more than offset the rise in CTB. CTS flattened and then declined as efficiencies in G&A were found. CTB has increased as they are selling a wide variety of products and workflows in multiple countries such that the portfolio is now broader. This sophistication creates more engagement for customers and attrition falls as Salesforce becomes stickier. SVP Goldstein goes on to explain that unit lifetime economic margins have gone from the mid-30s all the way up to 40% now:\n\n When we started talking to you, we talked about mid-30s. Last year, we updated you that we'd be at about 40%. Now we expect FY '21 to have some slight pressure as it relates to the pandemic. We shared with you earlier this year, we expect attrition to increase, but we believe this will be transitory over time and expect to get back to 40%. However, our decisions to maximize for subscription economics has created some impact on the short-term income statement.\n\nImage Source: December 2020 Investor Day\nI don't think unit economic margins will stop at 40%. There should be more upside in the next 5 years. This is what SVP Goldstein said about the ceiling at the December 2020 Investor Day Presentation:\n\n We definitely think there's upside to that number, and it's about finding efficiencies in CTB, CTS and attrition. Obviously, in the short term, as I've mentioned in my presentation, we're focused on investing in CTB to sort of get every dollar of ARR, but there can potentially be upside as we think about those metrics.\n\nThe bridge between GAAP and non-GAAP margins is clear; acquisition based amortization and stock-based-compensation are straightforward. I don't have a clear bridge between non-GAAP margins and unit economic margins but we do know that both exclude the impact of stock-based compensation and acquisition amortization. It is definitely beneficial that the unit economic margin has been rising over the years. Net cash provided by operating activities on the cash flow statement has some similarities to non-GAAP operating income in that both can be calculated from existing financial statements and both do not subtract amortization and stock-based compensation from revenue. We know that some of the FY21 numbers between the revenue of $21.3 billion and the net cash provided by operating activities of $4.8 billion are tied to revenue growth investments. I often think about what the net cash provided by operating activities would be if revenue wasn't growing. Likewise, I think about what things will look like when revenue reaches $50 billion. Revenue should still be growing substantially at that point so the net cash provided by operating activities number on the cash flow statement will be different from the number we would see without revenue growth.\nEventually the landscape should change such that investing aggressively for annual revenue growth doesn't make as much sense. At that point S&M as a percentage of revenue should decline and the operating margin should rise. A November 2020writeupquotes Morgan Stanley analyst Keith Weiss talking about this tradeoff, saying operating margins can get to 28% in 5 years and 33% in 10 years:\n\n \"The good news is our updated [software-as-a-service] X-ray suggests Salesforce currently has the unit economics to drive operating margins to 28% in 5 years (based on our growth estimates) and 33% in 10 years, as growth slows towards 10%,\" Weiss said.\n\nThe December 2020 Investor Day Presentation shows operating cash flow going from $1.6 billion in FY16 to what they then estimated to be $4.9 billion for FY21 which is a CAGR of over 25%. The actual operating cash flow number for FY21 turned out to be $4.8 billion. Cash flow discussions come in the 4Q calls and the growth has been enormous over the last 3 years. Capex as a percentage of revenue has fallen significantly over the years. The10-Kfor FY14 shows capex was 7.3% of revenue or $299 million/$4.07 billion. By FY21, the 10-K shows it was just 3.3% of revenue or $710 million/$21.25 billion.\nImage Source: FY21 10-K\nAt the December 2020 Wells Fargo TMT Conference, CFO Hawkins noted that their acquisitions tend to dilute margins because they often acquire companies that are just getting started such that they are losing money on the revenue that is generated. The key point is that Salesforce knows how to take these assets that are dilutive at first and grow their revenue in such a way that profits come in the long run:\n\n Our track record, our feedback on M&A has been well. It's been good. Take a look at \n ExactTarget, take a look at Demandware, take a look at MuleSoft, take a look at Tableau, and you're going to -- I always tell people there's a test at the end, we need to perform. But when you look back on that, again, I want to underscore, why do I say that as the CFO? Well, in FY '14, we made 8.9% operating margin, where we just came off a $4 billion a year. Today, the guide is roughly $21 billion in a couple of weeks, and there'll be -- obviously, the next year, you're talking north of $25 billion. And what are we doing? Our operating margin this year, the guide is effectively 17.6%. Okay, progress, better, better never done. But here's the key point, you know the attributes of each of these assets that we took on board. They were smaller, right?\n They lost money, most of them. They are getting started.\n\nIn the 2Q22 call, it was revealed that the FY22 operating cash flow guidance growth would be 21% to 22% were it not for the dilutive cash flow impact of Slack and Acumen. FY21 revenue was $21.3 billion. Getting to $50 billion in 4.5 years by FY26 implies a CAGR of a little over 20%. I think operating cash flow can grow at a CAGR of nearly 23% such that it goes from $4.8 billion to about $12 billion. If capex is 2.5% of revenue at that point then it should be around $1.25 billion such that FCF is around $10.75 billion.\nI treat stock-based compensation as a cash expense so my adjusted FCF number would normally be lower than this. However, growth investments in S&M largely offset the stock-based compensation consideration. If the market values Salesforce at 35x FCF at this time then it should be worth about $375 billion. This is where I see things on the low end seeing as management can be circumspect with guidance. On the high end, I think revenue can be $55 billion in FY26 and operating cash flow can grow at a CAGR of nearly 27% to reach $14 billion. Capex could be as little as 2% of revenue for $1.1 billion such that FCF is $12.9 billion. 35x this amount is about $450 billion.\nLooking at the 2Q22 balance sheet in the 10-Q filing, the enterprise value is about $1.7 billion more than the market cap due to $10.6 billion in long-term debt, $2.9 billion in long-term leases, $0.7 billion in short-term leases and $1.3 billion in Slack notes, partially offset by $6.3 billion in cash and equivalents plus $3.4 billion in marketable securities plus $4.1 billion in strategic investments. But we are using a FCF framework for valuation where debt and leases are already accounted for as they lower FCF. In FY21, interest expense was the primary component of the $64 million \"other expense\" line. And in the cash flow statement we see that FY21 operating cash flow was lowered by $830 million due to operating lease liabilities. I just look at the market cap for the valuation framework. The 2Q22 10-Q says there were approximately 979 million shares outstanding as of August 25, 2021. The September 10th share price was $257.20 implying a market cap of nearly $252 billion.\nAgain, today's market cap is almost $255 billion. If it grows to $375 billion in 4 and a half years at the end of FY26 then the 4.5 year CAGR is almost 9%. If it grows to $450 billion in 4 and a half years at the end of FY26 then the CAGR is a little over 13%. If there were no dilution then I think we'd see an outcome somewhere in between such that the stock has a CAGR between 9% and 13% over the next 4 and a half years. There will be some dilution so the CAGR range could be a bit lower, especially if the dilution comes from acquisitions that fail to speed up the $50 billion revenue target.","news_type":1},"isVote":1,"tweetType":1,"viewCount":359,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157029069,"gmtCreate":1625555500851,"gmtModify":1631893992359,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Greatt","listText":"Greatt","text":"Greatt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157029069","repostId":"1170571531","repostType":4,"repost":{"id":"1170571531","kind":"news","pubTimestamp":1625554310,"share":"https://www.laohu8.com/m/news/1170571531?lang=&edition=full","pubTime":"2021-07-06 14:51","market":"us","language":"en","title":"Qatar fund holds 6% Credit Suisse stake due to convertible notes","url":"https://stock-news.laohu8.com/highlight/detail?id=1170571531","media":"Reuters","summary":"DUBAI, July 6 (Reuters) - Qatar Investment Authority (QIA) stake in Credit Suisse is 6%, higher than","content":"<p>DUBAI, July 6 (Reuters) - Qatar Investment Authority (QIA) stake in Credit Suisse is 6%, higher than earlier estimated, after it subscribed to two convertible notes, which will be converted into shares later this year, according to a regulatory filing.</p>\n<p>The new filing with the U.S. Securities and Exchange Commission shows the Qatari fund was among the investors who subscribed to Credit Suisse’s capital raising in April when the Swiss lender issued mandatory convertible notes.</p>\n<p>Stock exchange data still shows QIA’s stake of 4.84%, however the stake rises to 6.01% if the convertibles are taken into account, the new filing shows.</p>\n<p>Credit Suisse in April said the mandatory convertible notes will be converted upon six month maturity, but they could be subject to early conversion upon the occurrence of certain events.</p>\n<p>Credit Suisse has raised capital, halted share buybacks, cut its dividend and revamped management after losing more than $5 billion from the collapse of family office Archegos and suspending funds linked to Greensill.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Qatar fund holds 6% Credit Suisse stake due to convertible notes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQatar fund holds 6% Credit Suisse stake due to convertible notes\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 14:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/qatar-credit-suisse-gp/qatar-fund-holds-6-credit-suisse-stake-due-to-convertible-notes-filing-idUSL2N2OI0E2><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>DUBAI, July 6 (Reuters) - Qatar Investment Authority (QIA) stake in Credit Suisse is 6%, higher than earlier estimated, after it subscribed to two convertible notes, which will be converted into ...</p>\n\n<a href=\"https://www.reuters.com/article/qatar-credit-suisse-gp/qatar-fund-holds-6-credit-suisse-stake-due-to-convertible-notes-filing-idUSL2N2OI0E2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.reuters.com/article/qatar-credit-suisse-gp/qatar-fund-holds-6-credit-suisse-stake-due-to-convertible-notes-filing-idUSL2N2OI0E2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170571531","content_text":"DUBAI, July 6 (Reuters) - Qatar Investment Authority (QIA) stake in Credit Suisse is 6%, higher than earlier estimated, after it subscribed to two convertible notes, which will be converted into shares later this year, according to a regulatory filing.\nThe new filing with the U.S. Securities and Exchange Commission shows the Qatari fund was among the investors who subscribed to Credit Suisse’s capital raising in April when the Swiss lender issued mandatory convertible notes.\nStock exchange data still shows QIA’s stake of 4.84%, however the stake rises to 6.01% if the convertibles are taken into account, the new filing shows.\nCredit Suisse in April said the mandatory convertible notes will be converted upon six month maturity, but they could be subject to early conversion upon the occurrence of certain events.\nCredit Suisse has raised capital, halted share buybacks, cut its dividend and revamped management after losing more than $5 billion from the collapse of family office Archegos and suspending funds linked to Greensill.","news_type":1},"isVote":1,"tweetType":1,"viewCount":55,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157020118,"gmtCreate":1625555418134,"gmtModify":1631884103778,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/MZH.SI\">$Nanofilm(MZH.SI)$</a>upppp","listText":"<a href=\"https://laohu8.com/S/MZH.SI\">$Nanofilm(MZH.SI)$</a>upppp","text":"$Nanofilm(MZH.SI)$upppp","images":[{"img":"https://static.tigerbbs.com/805adcc728736f9eb80663b8735dc1bd","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157020118","isVote":1,"tweetType":1,"viewCount":152,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":826020846,"gmtCreate":1633959959557,"gmtModify":1634004681618,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"G8","listText":"G8","text":"G8","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/826020846","repostId":"2174901386","repostType":4,"isVote":1,"tweetType":1,"viewCount":732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":886054567,"gmtCreate":1631540807559,"gmtModify":1631890134463,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"G8","listText":"G8","text":"G8","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/886054567","repostId":"2167898295","repostType":4,"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126631180,"gmtCreate":1624556910740,"gmtModify":1631893992364,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/126631180","repostId":"1169202537","repostType":4,"repost":{"id":"1169202537","kind":"news","pubTimestamp":1624549071,"share":"https://www.laohu8.com/m/news/1169202537?lang=&edition=full","pubTime":"2021-06-24 23:37","market":"us","language":"en","title":"Confluent Prepares For $713 Million IPO","url":"https://stock-news.laohu8.com/highlight/detail?id=1169202537","media":"seekingalpha","summary":"Summary\n\nConfluent has filed proposed terms for its $713 million IPO.\nThe firm provides an IT infras","content":"<p><b>Summary</b></p>\n<ul>\n <li>Confluent has filed proposed terms for its $713 million IPO.</li>\n <li>The firm provides an IT infrastructure as a service platform to enterprises globally.</li>\n <li>CFLT has grown revenue and gross profit but is generating high operating losses and the IPO appears expensive, so I'll watch it from the sidelines.</li>\n</ul>\n<p><b>Quick Take</b></p>\n<p>Confluent (CFLT) has filed to raise $713 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.</p>\n<p>The firm provides data infrastructure as a service to enterprises with complex requirements.</p>\n<p>CFLT is generating high operating losses with no credible path to operating breakeven and the IPO appears expensive, so I'll pass on it.</p>\n<p><b>Company &amp; Technology</b></p>\n<p>Mountain View, California-based Confluent was founded to create a platform enabling companies to more easily build and deploy data-driven applications for real-time use.</p>\n<p>Management is headed by co-founder and CEO Jay Kreps, who was previously a software architect at LinkedIn and was one of the creators of Apache Kafka which Confluent uses as the basis for its system.</p>\n<p>Kafka is used by many companies for high-performance data streaming applications, among other uses.</p>\n<p>The company’s primary offerings include:</p>\n<ul>\n <li>Confluent Cloud - SaaS platform</li>\n <li>Confluent Platform - Self-managed system</li>\n</ul>\n<p>Confluent has received at least $574 million in equity investment from investors including Benchmark Capital, Index Ventures, Jun Rao, and Sequoia Capital.</p>\n<p><b>Customer/User Acquisition</b></p>\n<p>The firm pursues relationships primarily with large and medium-sized companies through a direct sales and marketing approach.</p>\n<p>As of March 31, 2021, Confluent had over 560 customers with $100,000 or more in annual recurring revenue across numerous industries including financial services, retail and e-commerce, manufacturing, and media &amp; entertainment.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased, as the figures below indicate:</p>\n<p><img src=\"https://static.tigerbbs.com/e5cc76d07fa184ab25908af34e003253\" tg-width=\"627\" tg-height=\"315\"></p>\n<p>The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 0.4x in the most recent reporting period, as shown in the table below:</p>\n<p><img src=\"https://static.tigerbbs.com/ade4d8d84c15ad5b405df3eb76062e01\" tg-width=\"620\" tg-height=\"247\"></p>\n<p>The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p>\n<p>CFLT’s most recent calculation was negative (7%) as of March 31, 2021, so the firm needs significant improvement in this regard, per the table below:</p>\n<p><img src=\"https://static.tigerbbs.com/c4cb9e1ff077aaab8fda94762c10a6dd\" tg-width=\"617\" tg-height=\"249\"></p>\n<p>The firm’s dollar-based net revenue retention rate for Q1 2021 was 117% and for all of 2020 was 125%, which are both good results.</p>\n<p>The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p>\n<p>Market &amp; Competition</p>\n<p>According to a 2020 marketresearch reportby Allied Market Research, the global market for big data as a service was an estimated $5 billion in 2018 and is forecast to exceed $61 billion by 2026.</p>\n<p>This represents a forecast very strong CAGR of 36.9% from 2019 to 2026.</p>\n<p>The main drivers for this expected growth are the continued transition of enterprises to cloud applications and the need to drive efficiencies across all aspects of the enterprise.</p>\n<p>Also, as companies transition to cloud infrastructures, their systems are becoming more complex and there is a substantial need for vendor reduction to improve integration and lower complexity.</p>\n<p>The infrastructure as a service market [IaaS] is expected to grow by $136 billion from 2021 to 2025, representing a CAGR of 27%, according toResearchAndMarkets.</p>\n<p>Major competitive or other industry participants include:</p>\n<ul>\n <li><p>Microsoft(NASDAQ:MSFT)</p></li>\n <li><p>Amazon(NASDAQ:AMZN)</p></li>\n <li><p>Google (GOOG,GOOGL)</p></li>\n <li><p>TIBCO Streaming</p></li>\n <li><p>Cloudera(NYSE:CLDR)</p></li>\n <li><p>Red Hat</p></li>\n <li><p>Oracle(NYSE:ORCL)</p></li>\n</ul>\n<p>Financial Performance</p>\n<p>Confluent’s recent financial results can be summarized as follows:</p>\n<ul>\n <li><p>Growing top line revenue</p></li>\n <li><p>Increasing gross profit and gross margin</p></li>\n <li><p>High and increasing operating losses</p></li>\n <li><p>High cash used in operations</p></li>\n</ul>\n<p>Below are relevant financial results derived from the firm’s registration statement:</p>\n<p><img src=\"https://static.tigerbbs.com/5194e46029ac9b822d272939057e2cdf\" tg-width=\"629\" tg-height=\"624\"><img src=\"https://static.tigerbbs.com/07fa0bff438bb98cc5b56772e6af6d7f\" tg-width=\"621\" tg-height=\"621\"><img src=\"https://static.tigerbbs.com/d0e045562404b8ffa6569881a2b62d59\" tg-width=\"620\" tg-height=\"620\">As of March 31, 2021, Confluent had $44.1 million in cash and $274.4 million in total liabilities.</p>\n<p>Free cash flow during the twelve months ended March 31, 2021, was negative ($74.2 million).</p>\n<p><b>IPO Details</b></p>\n<p>Confluent intends to raise $713 million in gross proceeds from an IPO of its Class A common stock, offering 23 million shares at a proposed midpoint price of $31.00.</p>\n<p>Class A common stockholders will receive one vote per share and Class shareholders will be entitled to ten votes per share.</p>\n<p>The S&amp;P 500 Index no longer admits firms with multiple classes of stock into its index.</p>\n<p>Certain existing shareholders have indicated an interest to purchase shares of up to $112 million in the aggregate at the IPO price.</p>\n<p>Assuming a successful IPO, the company’s enterprise value at IPO would approximate $6.9 billion, excluding the effects of underwriter over-allotment options.</p>\n<p>Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.11%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p>\n<p>Management says it will use the net proceeds from the IPO as follows:</p>\n<blockquote>\n The principal purposes of this offering are to increase our capitalization and financial flexibility and create a public market for our Class A common stock. We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. We cannot specify with certainty all of the particular uses for the remaining net proceeds to us from this offering. We may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, we do not have any agreements or commitments to enter into any material acquisitions or investments at this time. (Source)\n</blockquote>\n<p>Management’s presentation of the company roadshow isavailable here.</p>\n<p>Listed bookrunners of the IPO are Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, Citigroup, Barclays, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Wells Fargo Securities, Cowen, D.A. Davidson &amp; Co., JMP Securities, KeyBanc Capital Markets and Piper Sandler.</p>\n<p><b>Valuation Metrics</b></p>\n<p>Below is a table of relevant capitalization and valuation figures for the company:</p>\n<p><img src=\"https://static.tigerbbs.com/e716bb31dd4f9850fb6b2d45ab87f7b3\" tg-width=\"621\" tg-height=\"711\"></p>\n<p>As a reference, a potential partial public comparable to Confluent would be Cloudera; below is a comparison of their primary valuation metrics:</p>\n<p><img src=\"https://static.tigerbbs.com/0c053081dcc6ad74cba10a936cd27571\" tg-width=\"614\" tg-height=\"419\"></p>\n<p>The firm’s last private market valuation was $4.5 billion in April, 2020, so the IPO will represent an increase in valuation of approximately 53% from that valuation.</p>\n<p>Commentary</p>\n<p>Confluent is seeking public investment capital for its general corporate expansion plans and to provide an ultimate exit for its venture capital firm investors.</p>\n<p>Those investors include top tier firms Benchmark and Sequoia Capital.</p>\n<p>The firm’s financials show strong top line revenue growth and gross profit growth, but high operating losses which are a distinct negative in the current IPO market environment.</p>\n<p>Free cash flow for the twelve months ended March 31, 2021, was negative ($74.2 million), so the company is burning through a lot of cash.</p>\n<p>Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenue has increased; its Sales and Marketing efficiency rate dropped to 0.4x in the most recent reporting period.</p>\n<p>The market opportunity for providing data/infrastructure as a service is very large and expected to grow at a high rate of growth over the coming years, so the firm has strong industry growth dynamics in its favor.</p>\n<p>Morgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 26.6% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p>\n<p>The primary risk to the company’s outlook is if one or more of its major platform competitors bundles competing offerings into its existing pricing structure, putting substantial pricing pressure and integration complexity pressure onto Confluent.</p>\n<p>As for valuation, compared to already public and larger partial competitor Cloudera, Confluent is seeking a big premium at IPO.</p>\n<p>Of course, CFLT is growing revenue at a far higher rate of growth, so some of that premium is justified.</p>\n<p>Still, the firm has made no credible progress toward operating breakeven and is producing enormous operating losses.</p>\n<p>Since the IPO valuation is not cheap and the firm is generating high operating losses and cash burn, I'll watch the IPO from the sidelines.</p>\n<p>Expected IPO Pricing Date: June 23, 2021</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Confluent Prepares For $713 Million IPO</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nConfluent Prepares For $713 Million IPO\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 23:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4435355-confluent-prepares-for-713-million-ipo><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nConfluent has filed proposed terms for its $713 million IPO.\nThe firm provides an IT infrastructure as a service platform to enterprises globally.\nCFLT has grown revenue and gross profit but ...</p>\n\n<a href=\"https://seekingalpha.com/article/4435355-confluent-prepares-for-713-million-ipo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CFLT":"Confluent, Inc."},"source_url":"https://seekingalpha.com/article/4435355-confluent-prepares-for-713-million-ipo","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1169202537","content_text":"Summary\n\nConfluent has filed proposed terms for its $713 million IPO.\nThe firm provides an IT infrastructure as a service platform to enterprises globally.\nCFLT has grown revenue and gross profit but is generating high operating losses and the IPO appears expensive, so I'll watch it from the sidelines.\n\nQuick Take\nConfluent (CFLT) has filed to raise $713 million in an IPO of its Class A common stock, according to an S-1/Aregistration statement.\nThe firm provides data infrastructure as a service to enterprises with complex requirements.\nCFLT is generating high operating losses with no credible path to operating breakeven and the IPO appears expensive, so I'll pass on it.\nCompany & Technology\nMountain View, California-based Confluent was founded to create a platform enabling companies to more easily build and deploy data-driven applications for real-time use.\nManagement is headed by co-founder and CEO Jay Kreps, who was previously a software architect at LinkedIn and was one of the creators of Apache Kafka which Confluent uses as the basis for its system.\nKafka is used by many companies for high-performance data streaming applications, among other uses.\nThe company’s primary offerings include:\n\nConfluent Cloud - SaaS platform\nConfluent Platform - Self-managed system\n\nConfluent has received at least $574 million in equity investment from investors including Benchmark Capital, Index Ventures, Jun Rao, and Sequoia Capital.\nCustomer/User Acquisition\nThe firm pursues relationships primarily with large and medium-sized companies through a direct sales and marketing approach.\nAs of March 31, 2021, Confluent had over 560 customers with $100,000 or more in annual recurring revenue across numerous industries including financial services, retail and e-commerce, manufacturing, and media & entertainment.\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased, as the figures below indicate:\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 0.4x in the most recent reporting period, as shown in the table below:\n\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nCFLT’s most recent calculation was negative (7%) as of March 31, 2021, so the firm needs significant improvement in this regard, per the table below:\n\nThe firm’s dollar-based net revenue retention rate for Q1 2021 was 117% and for all of 2020 was 125%, which are both good results.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2020 marketresearch reportby Allied Market Research, the global market for big data as a service was an estimated $5 billion in 2018 and is forecast to exceed $61 billion by 2026.\nThis represents a forecast very strong CAGR of 36.9% from 2019 to 2026.\nThe main drivers for this expected growth are the continued transition of enterprises to cloud applications and the need to drive efficiencies across all aspects of the enterprise.\nAlso, as companies transition to cloud infrastructures, their systems are becoming more complex and there is a substantial need for vendor reduction to improve integration and lower complexity.\nThe infrastructure as a service market [IaaS] is expected to grow by $136 billion from 2021 to 2025, representing a CAGR of 27%, according toResearchAndMarkets.\nMajor competitive or other industry participants include:\n\nMicrosoft(NASDAQ:MSFT)\nAmazon(NASDAQ:AMZN)\nGoogle (GOOG,GOOGL)\nTIBCO Streaming\nCloudera(NYSE:CLDR)\nRed Hat\nOracle(NYSE:ORCL)\n\nFinancial Performance\nConfluent’s recent financial results can be summarized as follows:\n\nGrowing top line revenue\nIncreasing gross profit and gross margin\nHigh and increasing operating losses\nHigh cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\nAs of March 31, 2021, Confluent had $44.1 million in cash and $274.4 million in total liabilities.\nFree cash flow during the twelve months ended March 31, 2021, was negative ($74.2 million).\nIPO Details\nConfluent intends to raise $713 million in gross proceeds from an IPO of its Class A common stock, offering 23 million shares at a proposed midpoint price of $31.00.\nClass A common stockholders will receive one vote per share and Class shareholders will be entitled to ten votes per share.\nThe S&P 500 Index no longer admits firms with multiple classes of stock into its index.\nCertain existing shareholders have indicated an interest to purchase shares of up to $112 million in the aggregate at the IPO price.\nAssuming a successful IPO, the company’s enterprise value at IPO would approximate $6.9 billion, excluding the effects of underwriter over-allotment options.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.11%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.\nManagement says it will use the net proceeds from the IPO as follows:\n\n The principal purposes of this offering are to increase our capitalization and financial flexibility and create a public market for our Class A common stock. We intend to use the net proceeds we receive from this offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. We cannot specify with certainty all of the particular uses for the remaining net proceeds to us from this offering. We may also use a portion of the net proceeds for acquisitions of, or strategic investments in, complementary businesses, products, services, or technologies. However, we do not have any agreements or commitments to enter into any material acquisitions or investments at this time. (Source)\n\nManagement’s presentation of the company roadshow isavailable here.\nListed bookrunners of the IPO are Morgan Stanley, J.P. Morgan, Goldman Sachs, BofA Securities, Citigroup, Barclays, Credit Suisse, Deutsche Bank Securities, UBS Investment Bank, Wells Fargo Securities, Cowen, D.A. Davidson & Co., JMP Securities, KeyBanc Capital Markets and Piper Sandler.\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\nAs a reference, a potential partial public comparable to Confluent would be Cloudera; below is a comparison of their primary valuation metrics:\n\nThe firm’s last private market valuation was $4.5 billion in April, 2020, so the IPO will represent an increase in valuation of approximately 53% from that valuation.\nCommentary\nConfluent is seeking public investment capital for its general corporate expansion plans and to provide an ultimate exit for its venture capital firm investors.\nThose investors include top tier firms Benchmark and Sequoia Capital.\nThe firm’s financials show strong top line revenue growth and gross profit growth, but high operating losses which are a distinct negative in the current IPO market environment.\nFree cash flow for the twelve months ended March 31, 2021, was negative ($74.2 million), so the company is burning through a lot of cash.\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenue has increased; its Sales and Marketing efficiency rate dropped to 0.4x in the most recent reporting period.\nThe market opportunity for providing data/infrastructure as a service is very large and expected to grow at a high rate of growth over the coming years, so the firm has strong industry growth dynamics in its favor.\nMorgan Stanley is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 26.6% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is if one or more of its major platform competitors bundles competing offerings into its existing pricing structure, putting substantial pricing pressure and integration complexity pressure onto Confluent.\nAs for valuation, compared to already public and larger partial competitor Cloudera, Confluent is seeking a big premium at IPO.\nOf course, CFLT is growing revenue at a far higher rate of growth, so some of that premium is justified.\nStill, the firm has made no credible progress toward operating breakeven and is producing enormous operating losses.\nSince the IPO valuation is not cheap and the firm is generating high operating losses and cash burn, I'll watch the IPO from the sidelines.\nExpected IPO Pricing Date: June 23, 2021","news_type":1},"isVote":1,"tweetType":1,"viewCount":225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365371846,"gmtCreate":1614698824685,"gmtModify":1703480104153,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/ETSY\">$Etsy(ETSY)$</a>moon","listText":"<a href=\"https://laohu8.com/S/ETSY\">$Etsy(ETSY)$</a>moon","text":"$Etsy(ETSY)$moon","images":[{"img":"https://static.tigerbbs.com/640fab85a44214ba67f90b9e00e4005d","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365371846","isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":881051985,"gmtCreate":1631282592847,"gmtModify":1631890134491,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Ooo","listText":"Ooo","text":"Ooo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/881051985","repostId":"883298049","repostType":1,"repost":{"id":883298049,"gmtCreate":1631241533075,"gmtModify":1631253890936,"author":{"id":"3510558082622800","authorId":"3510558082622800","name":"胖虎哒哒","avatar":"https://static.tigerbbs.com/75b95d9326c02813b7b87ba8c1eccb5a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3510558082622800","authorIdStr":"3510558082622800"},"themes":[],"title":"小调查：iPhone13秘密泄露，你想换新机吗？","htmlText":"随着9月15日的苹果特别活动日一天天的临近，近期网上也涌现出诸多关于iPhone 13的信息。除了有新机的配置、价格爆料之外，最近还有媒体对iPhone用户是否有升级iPhone 13的愿意做了一期调查。据悉，该调查是由Savings开展，收集1500名iPhone用户的意向。 根据调查结果显示：其中仅有10%的用户计划入手iPhone 13，有着64%的用户没有升级计划，此外，还有26%的用户表示还没做好决定。 对于这一调查结果，个人倒不会感到太大的意外。毕竟就目前的爆料的信息来看，iPhone 13相较于上一代并不会太多的提升，很可能只是将后置模组中的镜头改变了摆放位置，刘海屏缩小一些，并上全新的A15芯片。至于大家尤为关心的120Hz高刷屏和大电池，大概率也只会在iPhone 13 Pro/ Pro Max身上出现。 此外，据乌克兰人称，iPhone 13系列将提供新的粉红色、黑色和青铜色，存储选项将与iPhone 12相同，除了 5.4 英寸和 6.1 英寸标准型号没有 256GB 存储选项之外被91mobiles发现的电子商务网站“KTC”声称已经透露了即将推出的设备的配置选项。 MacRumors 对黑色、青铜色和粉红色 iPhone 13 型号的渲染。在iPhone 13迷你和iPhone 13显然将继续在六个颜色可供选择：黑色，蓝色，紫色，粉色，白色，和PRODUCT（RED）。这意味着粉红色将取代 iPhone 12 阵容中的绿色。 另一方面，据称iPhone 13 Pro和iPhone 13 Pro Max将继续提供四种颜色选择：黑色、银色、金色和青铜色。这意味着黑色将取代iPhone 12 Pro系列中的石墨，而青铜色将取代太平洋蓝。 再加上目前iPhone 12已经支持了5G网络，所以对于iPhone 12用户而言，新机确实谈不上有太大的吸引力。下面","listText":"随着9月15日的苹果特别活动日一天天的临近，近期网上也涌现出诸多关于iPhone 13的信息。除了有新机的配置、价格爆料之外，最近还有媒体对iPhone用户是否有升级iPhone 13的愿意做了一期调查。据悉，该调查是由Savings开展，收集1500名iPhone用户的意向。 根据调查结果显示：其中仅有10%的用户计划入手iPhone 13，有着64%的用户没有升级计划，此外，还有26%的用户表示还没做好决定。 对于这一调查结果，个人倒不会感到太大的意外。毕竟就目前的爆料的信息来看，iPhone 13相较于上一代并不会太多的提升，很可能只是将后置模组中的镜头改变了摆放位置，刘海屏缩小一些，并上全新的A15芯片。至于大家尤为关心的120Hz高刷屏和大电池，大概率也只会在iPhone 13 Pro/ Pro Max身上出现。 此外，据乌克兰人称，iPhone 13系列将提供新的粉红色、黑色和青铜色，存储选项将与iPhone 12相同，除了 5.4 英寸和 6.1 英寸标准型号没有 256GB 存储选项之外被91mobiles发现的电子商务网站“KTC”声称已经透露了即将推出的设备的配置选项。 MacRumors 对黑色、青铜色和粉红色 iPhone 13 型号的渲染。在iPhone 13迷你和iPhone 13显然将继续在六个颜色可供选择：黑色，蓝色，紫色，粉色，白色，和PRODUCT（RED）。这意味着粉红色将取代 iPhone 12 阵容中的绿色。 另一方面，据称iPhone 13 Pro和iPhone 13 Pro Max将继续提供四种颜色选择：黑色、银色、金色和青铜色。这意味着黑色将取代iPhone 12 Pro系列中的石墨，而青铜色将取代太平洋蓝。 再加上目前iPhone 12已经支持了5G网络，所以对于iPhone 12用户而言，新机确实谈不上有太大的吸引力。下面","text":"随着9月15日的苹果特别活动日一天天的临近，近期网上也涌现出诸多关于iPhone 13的信息。除了有新机的配置、价格爆料之外，最近还有媒体对iPhone用户是否有升级iPhone 13的愿意做了一期调查。据悉，该调查是由Savings开展，收集1500名iPhone用户的意向。 根据调查结果显示：其中仅有10%的用户计划入手iPhone 13，有着64%的用户没有升级计划，此外，还有26%的用户表示还没做好决定。 对于这一调查结果，个人倒不会感到太大的意外。毕竟就目前的爆料的信息来看，iPhone 13相较于上一代并不会太多的提升，很可能只是将后置模组中的镜头改变了摆放位置，刘海屏缩小一些，并上全新的A15芯片。至于大家尤为关心的120Hz高刷屏和大电池，大概率也只会在iPhone 13 Pro/ Pro Max身上出现。 此外，据乌克兰人称，iPhone 13系列将提供新的粉红色、黑色和青铜色，存储选项将与iPhone 12相同，除了 5.4 英寸和 6.1 英寸标准型号没有 256GB 存储选项之外被91mobiles发现的电子商务网站“KTC”声称已经透露了即将推出的设备的配置选项。 MacRumors 对黑色、青铜色和粉红色 iPhone 13 型号的渲染。在iPhone 13迷你和iPhone 13显然将继续在六个颜色可供选择：黑色，蓝色，紫色，粉色，白色，和PRODUCT（RED）。这意味着粉红色将取代 iPhone 12 阵容中的绿色。 另一方面，据称iPhone 13 Pro和iPhone 13 Pro Max将继续提供四种颜色选择：黑色、银色、金色和青铜色。这意味着黑色将取代iPhone 12 Pro系列中的石墨，而青铜色将取代太平洋蓝。 再加上目前iPhone 12已经支持了5G网络，所以对于iPhone 12用户而言，新机确实谈不上有太大的吸引力。下面","images":[{"img":"https://static.tigerbbs.com/439a10342ff65ee248adad23544bb2bd","width":"640","height":"950"},{"img":"https://static.tigerbbs.com/3be3145812aabd30a8e638523e3e3ef3","width":"640","height":"599"},{"img":"https://static.tigerbbs.com/2fe570d3643c505741c38c94d03cd853","width":"400","height":"225"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/883298049","isVote":2,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"vote":{"id":1542,"gmtBegin":1631241605737,"gmtEnd":1631759961831,"type":1,"upper":1,"title":"发布会之后，你会换iPhone 13吗？","choices":[{"id":5693,"sort":1,"name":"Yes！","userSize":136,"voted":false},{"id":5694,"sort":2,"name":"No！","userSize":234,"voted":false}]},"comments":[],"imageCount":3,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":138,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809780576,"gmtCreate":1627393168095,"gmtModify":1631890134557,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Siao","listText":"Siao","text":"Siao","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809780576","repostId":"2154499207","repostType":4,"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809780045,"gmtCreate":1627393133887,"gmtModify":1631890134571,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809780045","repostId":"1128428316","repostType":4,"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157023333,"gmtCreate":1625555613122,"gmtModify":1631890134581,"author":{"id":"3569323320302810","authorId":"3569323320302810","name":"Kimfatt","avatar":"https://static.tigerbbs.com/42c08b995a955b3c83a657bdc9c15fbe","crmLevel":7,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3569323320302810","authorIdStr":"3569323320302810"},"themes":[],"htmlText":"Good stock","listText":"Good stock","text":"Good stock","images":[{"img":"https://static.tigerbbs.com/110c8c86ea86cbd1d901c41ec112f531","width":"1080","height":"2233"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/157023333","isVote":1,"tweetType":1,"viewCount":285,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}