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- Alice2114Alice2114
  ·2021-07-10
  gogo
  US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week
  Italian drug container supplier Stevanato Group plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.Shopping center REIT Phillips Edison & Company plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on l
  US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week
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- Alice2114Alice2114
  ·2021-06-28
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- Alice2114Alice2114
  ·2021-06-28
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  BlackBerry Revenue Struggle Continues
  Summary While top line beats, core business basically stagnating. Operating losses don't seem to be
  BlackBerry Revenue Struggle Continues
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- Alice2114Alice2114
  ·2021-06-28
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Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.Shopping center REIT Phillips Edison & Company plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on l","content":"<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.</p>\n<p>Italian drug container supplier&nbsp;<b>Stevanato Group</b>(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.</p>\n<p>Shopping center REIT&nbsp;<b>Phillips Edison &amp; Company</b>(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.</p>\n<p>Known for its member-only luxury hotel brand Soho House,<b>Membership Collective Group</b>(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.</p>\n<p>Mark Wahlberg-backed fitness franchise&nbsp;<b>F45 Training</b>(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.</p>\n<p>Mortgage software provider&nbsp;<b>Blend Labs</b>(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&amp;D and S&amp;M spend.</p>\n<p><b>Bridge Investment Group</b>(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.</p>\n<p>Ocular medical device provider&nbsp;<b>Sight Sciences</b>(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.</p>\n<p>Pregnancy diagnostics company&nbsp;<b>Sera Prognostics</b>(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.</p>\n<p>A hold-over from last week, early-stage kidney disease biotech&nbsp;<b>Unicycive Therapeutics</b>(UNCY) plans to raise $25 million at a $79 million market cap.</p>\n<p><img src=\"https://static.tigerbbs.com/ad3dc9b07583a28aad047e44802c899e\" tg-width=\"942\" tg-height=\"732\"></p>\n<p><b>IPO Market Snapshot</b></p>\n<p>The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&amp;P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.</p>","source":"lsy1603787993745","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>US IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week</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\">\nUS IPO Week Ahead: Real estate, post-pandemic plays and more in an 9 IPO week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-10 08:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week><strong>Renaissance Capital</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.\nItalian drug container supplier Stevanato Group(STVN) plans to raise $900 million at a $6.8 billion ...</p>\n\n<a href=\"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRDG":"Bridge Investment Group Holdings Inc.",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SERA":"Sera Prognostics, Inc.","PECO":"Phillips Edison & Company, Inc.","STVN":"Stevanato Group S.p.A.","BLND":"Blend Labs, Inc.",".SPX":"S&P 500 Index","SGHT":"Sight Sciences, Inc.","FXLV":"F45 Training Holdings Inc."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/83879/US-IPO-Week-Ahead-Real-estate-post-pandemic-plays-and-more-in-an-9-IPO-week","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195812364","content_text":"After a slow holiday week, nine IPOs are scheduled to raise over $3 billion in the week ahead.\nItalian drug container supplier Stevanato Group(STVN) plans to raise $900 million at a $6.8 billion market cap. Controlled by its founding family, the profitable company supplies glass vials, syringes, and other medical-grade containers to more than 700 customers, including 41 of the top 50 pharmaceutical companies.\nShopping center REIT Phillips Edison & Company(PECO) plans to raise $502 million at a $3.7 billion market cap. This REIT owns equity interests in 300 shopping centers across the US, focusing on locations that are anchored by grocers like Kroger and Public. It targets a 3.5% annualized yield at the midpoint.\nKnown for its member-only luxury hotel brand Soho House,Membership Collective Group(MCG) plans to raise $450 at a $3.2 billion market cap. The company boasts a large and loyal member base, though it has no track record of profitability and saw revenue fall by almost half in the 1Q21.\nMark Wahlberg-backed fitness franchise F45 Training(FXLV) plans to raise $325 million at a $1.5 billion market cap. Specializing in 45-minute workouts, F45 has over 1,500 studios worldwide. The company managed a 37% EBITDA in the trailing 12 months, though the company’s expected post-pandemic growth has yet to show through in the numbers.\nMortgage software provider Blend Labs(BLND) plans to raise $340 million at a $4.5 billion market cap. Blend Labs provides a digital platform to financial services firms that improves the consumer experience when applying for mortgages and loans. Despite doubling revenue in 2020, the core software business is highly unprofitable due to R&D and S&M spend.\nBridge Investment Group(BRDG) plans to raise $300 million at a $1.8 billion market cap. This investment manager specializes in real estate equity and debt across multiple sectors. As of 3/31/2021, Bridge Investment Group has approximately $26 billion of AUM with more than 6,500 individual investors across 25 investment vehicles.\nOcular medical device provider Sight Sciences(SGHT) plans to raise $150 million at a $1 billion market cap. The company develops and sells medical and surgical devices that present new treatment options for eye diseases. The highly unprofitable company showed signs of re-accelerating growth in the 1Q21 (+32%) after the pandemic delayed elective procedures in 2020.\nPregnancy diagnostics company Sera Prognostics(SERA) plans to raise $75 million at a $564 million market cap. The company uses its proteomics and bioinformatics platform to develop biomarker tests aimed at improving pregnancy outcomes. Sera Prognostics’ sole commercial product, the PreTRM test, predicts the risk of a premature delivery, though it has yet to generate meaningful revenue.\nA hold-over from last week, early-stage kidney disease biotech Unicycive Therapeutics(UNCY) plans to raise $25 million at a $79 million market cap.\n\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/8/21, the Renaissance IPO Index was down 0.8% year-to-date, while the S&P 500 was up 15.0%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 5.2% year-to-date, while the ACWX was up 7.3%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Smoore International and EQT Partners.","news_type":1},"isVote":1,"tweetType":1,"viewCount":189,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127704029,"gmtCreate":1624867785161,"gmtModify":1631891437209,"author":{"id":"4087783035773380","authorId":"4087783035773380","name":"Alice2114","avatar":"https://static.tigerbbs.com/cc12a9967e89ce49e85bc9481a9b3310","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087783035773380","idStr":"4087783035773380"},"themes":[],"htmlText":"Liked and comment","listText":"Liked and comment","text":"Liked and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/127704029","repostId":"2146881441","repostType":4,"isVote":1,"tweetType":1,"viewCount":175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127705345,"gmtCreate":1624867747787,"gmtModify":1631891437221,"author":{"id":"4087783035773380","authorId":"4087783035773380","name":"Alice2114","avatar":"https://static.tigerbbs.com/cc12a9967e89ce49e85bc9481a9b3310","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087783035773380","idStr":"4087783035773380"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127705345","repostId":"1114821094","repostType":4,"repost":{"id":"1114821094","pubTimestamp":1624866948,"share":"https://www.laohu8.com/m/news/1114821094?lang=&edition=full","pubTime":"2021-06-28 15:55","market":"us","language":"en","title":"BlackBerry Revenue Struggle Continues","url":"https://stock-news.laohu8.com/highlight/detail?id=1114821094","media":"seekingalpha","summary":"Summary\n\nWhile top line beats, core business basically stagnating.\nOperating losses don't seem to be","content":"<p><b>Summary</b></p>\n<ul>\n <li>While top line beats, core business basically stagnating.</li>\n <li>Operating losses don't seem to be going away anytime soon.</li>\n <li>Recent rally won't hold if stock valued on fundamentals.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/edb0094dfdedbde038d5b19e46b477f1\" tg-width=\"768\" tg-height=\"597\"><span>Guirong Hao/iStock via Getty Images</span></p>\n<p>After the bell last Thursday, we received&nbsp;fiscal Q1 earnings results&nbsp;from BlackBerry (BB). While the company's shares have rallied at times recently, thanks to the retail trading mania, results have been rather poor. For the first quarter of its fiscal 2022 year, BlackBerry announced its lowest three-month revenue number under CEO John Chen. If this name loses the reddit fans that have propped up the stock, shares are likely to head lower as results just aren't there yet.</p>\n<p>If you remember&nbsp;the company's previous earnings report, management discussed back in late March that it had entered negotiations for a potential sale of its patent portfolio. Thus, the revenue forecast for the Licensing segment was essentially reduced for the year, with the following commentary from management&nbsp;on that earnings call:</p>\n<blockquote>\n However, appreciating that it will be useful to have an outlook for modeling purpose, the most conservative scenario in which sales, we modeled that sales does not happen or does not complete, full year licensing revenue will be in the region of $100 million. In this scenario, we assume that negotiation and regulatory review continue for the first half and therefore we expect revenue to be limited in the range of maybe $10 million to $15 million per quarter.\n</blockquote>\n<p>For the quarter, total revenues of $174 million came in about $3 million ahead of Street estimates. However, the composition of the revenue generated was not what many were hoping for. Licensing actually came in at $24 million, much higher than what estimates called for. As management stated&nbsp;on the conference call, some business came in earlier than expected. Just like many recent quarters that we've seen, the pull-forward in this segment made the overall quarter look less bad, and without this extra business, the top line would have easily missed estimates.</p>\n<p>That revenue upside meant that the newly called Cyber Security and IoT segments only represented $150 million. The total on those two business lines was up a paltry $2 million over the prior year period, and down $18 million from Q1 2020. On the call, management said it expects cyber security revenue to come in at the low end of its previous guidance range for the full fiscal year. A good portion of BlackBerry's key metrics also weakened over the prior year period, as detailed in the graphic below.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/82ba0e5502df8810761def4deddeb053\" tg-width=\"570\" tg-height=\"145\"><span>(Source: Q1 2021 earnings release, linked above)</span></p>\n<p>The year-over-year numbers certainly aren't good, with annual recurring revenue down by $23 million. The dollar-based net retention rate has also dipped by 7 percentage points. Supporters will talk about the growth in the QNX backlog, and BlackBerry management said in the earnings release that this was a 9% year-over-year increase. That seems to be what the graphic is saying, but take a look at what was said in previous press releases (bold emphasis added). The following statements make that year-over-year growth rate seem not true, that this is actually a 5 quarter increase, taking a good chunk of that growth rate away.</p>\n<blockquote>\n Fiscal Q1 2021 Document,linked here:\n</blockquote>\n<blockquote>\n The Company's QNX royalty revenue backlog was approximately $450 million at&nbsp;\n <b>the beginning of the first quarterof fiscal 2021</b>.\n</blockquote>\n<blockquote>\n Recent QNX release,linked here:\n</blockquote>\n<blockquote>\n BlackBerry also announced that BlackBerry QNX royalty revenue backlog has increased to $490 million at the&nbsp;\n <b>end of its first quarter of fiscal year2022</b>.\n</blockquote>\n<p>With the company's revenue base shrinking to a new low under this CEO, the rest of the income statement didn't look much better. Gross margins fell nearly 4 percentage points, while the operating loss excluding items jumped from $50 million to $62 million. The company matched Street non-GAAP loss estimates at a nickel per share. However, this was again due to a number of items that management excludes that are traditional expenses for companies like this, including stock-based compensation and intangibles amortization.</p>\n<p>For the quarter, cash burn came in at $35 million, $3 million more than the year-ago period. The value of equity on the balance sheet dropped another $48 million, and there is a larger holding value of intangibles and goodwill combined than there is equity. Total deferred revenue dropped again from $294 million to $265 million, which will further impact the company's ability for the top line to grow moving forward. Billings were also down on a year-over-year and sequential basis.</p>\n<p>I mentioned in&nbsp;my previous article&nbsp;that the biggest argument against the name right now is valuation. I compared BlackBerry to IBM (IBM), which itself has had revenue troubles as it transitions its legacy businesses to more current ones. Even if BlackBerry were worth three times IBM on a price to sales basis, BlackBerry would be worth about $10.51 more than a year out. I don't see anything in last week's report that really changes that number, and one could argue my previous revenue growth hope for the following fiscal year now needs to come down a bit. The recent \"reddit rally\" has also pushed the name well above its key technical levels as seen in the chart below (50-day in purple, 200-day in red).</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e0060206489ea2bfe405eae34646358\" tg-width=\"640\" tg-height=\"275\"><span>(Source: Yahoo! Finance)</span></p>\n<p>In the end, last week's earnings report showed that the revenue struggles at BlackBerry have not subsided. Another licensing pull-forward helped the overall numbers look okay, but the core business is not doing well overall. Management reduced its guidance for both the Cyber Security and IoT segments, signaling that this latest turnaround will take longer than expected. If the stock cannot hold on to its reddit crowd base, shares will likely continue to pull back to where the valuation should realistically be.</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>BlackBerry Revenue Struggle Continues</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\">\nBlackBerry Revenue Struggle Continues\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 15:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436862-blackberry-revenue-struggle-continues><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nWhile top line beats, core business basically stagnating.\nOperating losses don't seem to be going away anytime soon.\nRecent rally won't hold if stock valued on fundamentals.\n\nGuirong Hao/...</p>\n\n<a href=\"https://seekingalpha.com/article/4436862-blackberry-revenue-struggle-continues\">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://seekingalpha.com/article/4436862-blackberry-revenue-struggle-continues","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114821094","content_text":"Summary\n\nWhile top line beats, core business basically stagnating.\nOperating losses don't seem to be going away anytime soon.\nRecent rally won't hold if stock valued on fundamentals.\n\nGuirong Hao/iStock via Getty Images\nAfter the bell last Thursday, we received fiscal Q1 earnings results from BlackBerry (BB). While the company's shares have rallied at times recently, thanks to the retail trading mania, results have been rather poor. For the first quarter of its fiscal 2022 year, BlackBerry announced its lowest three-month revenue number under CEO John Chen. If this name loses the reddit fans that have propped up the stock, shares are likely to head lower as results just aren't there yet.\nIf you remember the company's previous earnings report, management discussed back in late March that it had entered negotiations for a potential sale of its patent portfolio. Thus, the revenue forecast for the Licensing segment was essentially reduced for the year, with the following commentary from management on that earnings call:\n\n However, appreciating that it will be useful to have an outlook for modeling purpose, the most conservative scenario in which sales, we modeled that sales does not happen or does not complete, full year licensing revenue will be in the region of $100 million. In this scenario, we assume that negotiation and regulatory review continue for the first half and therefore we expect revenue to be limited in the range of maybe $10 million to $15 million per quarter.\n\nFor the quarter, total revenues of $174 million came in about $3 million ahead of Street estimates. However, the composition of the revenue generated was not what many were hoping for. Licensing actually came in at $24 million, much higher than what estimates called for. As management stated on the conference call, some business came in earlier than expected. Just like many recent quarters that we've seen, the pull-forward in this segment made the overall quarter look less bad, and without this extra business, the top line would have easily missed estimates.\nThat revenue upside meant that the newly called Cyber Security and IoT segments only represented $150 million. The total on those two business lines was up a paltry $2 million over the prior year period, and down $18 million from Q1 2020. On the call, management said it expects cyber security revenue to come in at the low end of its previous guidance range for the full fiscal year. A good portion of BlackBerry's key metrics also weakened over the prior year period, as detailed in the graphic below.\n(Source: Q1 2021 earnings release, linked above)\nThe year-over-year numbers certainly aren't good, with annual recurring revenue down by $23 million. The dollar-based net retention rate has also dipped by 7 percentage points. Supporters will talk about the growth in the QNX backlog, and BlackBerry management said in the earnings release that this was a 9% year-over-year increase. That seems to be what the graphic is saying, but take a look at what was said in previous press releases (bold emphasis added). The following statements make that year-over-year growth rate seem not true, that this is actually a 5 quarter increase, taking a good chunk of that growth rate away.\n\n Fiscal Q1 2021 Document,linked here:\n\n\n The Company's QNX royalty revenue backlog was approximately $450 million at \n the beginning of the first quarterof fiscal 2021.\n\n\n Recent QNX release,linked here:\n\n\n BlackBerry also announced that BlackBerry QNX royalty revenue backlog has increased to $490 million at the \n end of its first quarter of fiscal year2022.\n\nWith the company's revenue base shrinking to a new low under this CEO, the rest of the income statement didn't look much better. Gross margins fell nearly 4 percentage points, while the operating loss excluding items jumped from $50 million to $62 million. The company matched Street non-GAAP loss estimates at a nickel per share. However, this was again due to a number of items that management excludes that are traditional expenses for companies like this, including stock-based compensation and intangibles amortization.\nFor the quarter, cash burn came in at $35 million, $3 million more than the year-ago period. The value of equity on the balance sheet dropped another $48 million, and there is a larger holding value of intangibles and goodwill combined than there is equity. Total deferred revenue dropped again from $294 million to $265 million, which will further impact the company's ability for the top line to grow moving forward. Billings were also down on a year-over-year and sequential basis.\nI mentioned in my previous article that the biggest argument against the name right now is valuation. I compared BlackBerry to IBM (IBM), which itself has had revenue troubles as it transitions its legacy businesses to more current ones. Even if BlackBerry were worth three times IBM on a price to sales basis, BlackBerry would be worth about $10.51 more than a year out. I don't see anything in last week's report that really changes that number, and one could argue my previous revenue growth hope for the following fiscal year now needs to come down a bit. The recent \"reddit rally\" has also pushed the name well above its key technical levels as seen in the chart below (50-day in purple, 200-day in red).\n(Source: Yahoo! Finance)\nIn the end, last week's earnings report showed that the revenue struggles at BlackBerry have not subsided. Another licensing pull-forward helped the overall numbers look okay, but the core business is not doing well overall. Management reduced its guidance for both the Cyber Security and IoT segments, signaling that this latest turnaround will take longer than expected. If the stock cannot hold on to its reddit crowd base, shares will likely continue to pull back to where the valuation should realistically be.","news_type":1},"isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127701787,"gmtCreate":1624867608549,"gmtModify":1631891437233,"author":{"id":"4087783035773380","authorId":"4087783035773380","name":"Alice2114","avatar":"https://static.tigerbbs.com/cc12a9967e89ce49e85bc9481a9b3310","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087783035773380","idStr":"4087783035773380"},"themes":[],"htmlText":"liked","listText":"liked","text":"liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127701787","repostId":"1114821094","repostType":4,"isVote":1,"tweetType":1,"viewCount":80,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}