===Ambarella (AMBA) reported earnings on Tue 30 May 23 (a/h)

 

Ambarella beats by $0.05, reports revs in-line; guides Q2 revs below consensus

• Reports Q1 (Apr) loss of $0.15 per share, $0.05 better than the FactSet Consensus of ($0.20); revenues fell 31.2% year/year to $62.1 mln vs the $61.99 mln FactSet Consensus.
• Gross margin under U.S. generally accepted accounting principles (GAAP) for the first quarter of fiscal 2024 was 60.4%, compared with 62.6% for the same period in fiscal 2023.
• Co issues downside guidance for Q2, sees Q2 revs of $60.0-$64.0 mln vs. $66.79 mln FactSet Consensus. Gross margin on a non-GAAP basis is expected to be between 62.5% and 64.5%.

Ambarella makes processors for computer vision systems and video surveillance cameras. Its products are used for video security, advanced driver-assistance systems, autonomous driving and robotic applications. Ambarella describes itself as "an edge AI semiconductor company."

For the current quarter, Ambarella predicted sales of $60 million to $64 million. The midpoint of $62 million was well below Wall Street's consensus estimate of $66.9 million for the fiscal second quarter ending July 31. In the year-ago period, Ambarella generated sales of $80.9 million.

"The cyclical headwinds persist and continue to pressure our financial results," Chief Executive Fermi Wang said in a news release. "But we are taking our inference AI strategy to the next level with our R&D investment focused on the build-out of our CV3 platform as well as new derivatives of our third-generation AI technology."

Kornit Digital Ltd. (KRNT) reported earnings on Wed 11 May 22 (b/o)

•  Posted upside results for Q1 EPS and revs. Co noted that while it macro-economic headwinds and near-term volatility are impacting its Q2 growth, it continues to expect to deliver, ahead of plan, on the $125 mln run-rate business originally targeted for Q4 of 2023. Sees Q2 revs of $85-95 mln and EBITDA margins of 0-4%. Falls to 52-week lows.

 

 

 

-=Palantir Technologies (PLTR) reported earnings on Mon 9 May 22 (b/o)

 

Palantir Technologies misses by $0.02, reports revs in-line; guides Q2 revs below consensus

• Reports Q1 (Mar) earnings of $0.02 per share, $0.02 worse than the S&P Capital IQ Consensus of $0.04; revenues rose 30.8% year/year to $446.36 mln vs the $443.51 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q2, sees Q2 revs of $470 mln vs. $483.76 mln S&P Capital IQ Consensus.
  • Expects adjusted operating margin of 20%.
• For FY22 expects adj. operating margin of 27%.
• Continues to expect annual revenue growth of 30% of greater through 2025.

-=Walgreens Boots Alliance (WBA) reported earnings on Thur 31 March 22 (b/o)

 

The Deerfield, Ill., drugstore chain posted net income attributable to Walgreens of $883 million, compared with $1.03 billion a year earlier. Earnings from continuing operations were $1.02 a share, compared with $1.06 in the year-ago period. Adjusted for one-time items, earnings were $1.59 a share. Analysts surveyed by FactSet were looking for adjusted earnings of $1.37.

An Omicron-led surge in COVID-19 cases during the second quarter had boosted demand for vaccines and testing at Walgreens. But testing has slowed since January, Walgreens executives said, adding it remains a steady source of business as travel resumes.

Despite the rise of the highly transmissible Omicron sub-variant BA.2, health experts in the United States believe a new wave of infections appears unlikely as overall cases are declining from January's record highs.

Walgreens expects low-single digit growth in profit for 2022, implying it would earn between $1.69 and $1.79 per share in the second half of the year versus consensus estimates of $1.97, according to Evercore ISI.

The company said its cautious forecast was due to increasing investments in its Walgreens Health unit, which it created earlier in fiscal year 2022.

"These new investments, paired with tough sales and profit comparisons from last year's COVID-19 activities, could keep sales and profit growth muted for a while, assuming no pandemic resurgence," said Edward Jones analyst John Boylan.

Walgreens has forecast 30 million vaccinations this year at its sites. In the second quarter ended Feb. 28, it administered about 11.8 million doses of vaccine and sold 6.6 million tests.

====Honest Company (HNST) reported earnings on Thur 24 March 22 (a/h)

 

Honest Company misses by $0.03, misses on revs; guides Q1 revs below consensus; guides FY22 revs below consensus

• Reports Q4 (Dec) loss of $(0.10) per share, $0.03 worse than the S&P Capital IQ Consensus of ($0.07); revenues rose 3.2% year/year to $80.38 mln vs the $84.59 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q1, sees Q1 revs being down 15% yr/yr, which we calculate as approx $69 mln vs. $91.39 mln S&P Capital IQ Consensus.
  • Co notes that growth in its core product categories - Diapers and Wipes, and Skin and Personal Care -- is expected to be in the mid-single digits following Q1, driven by product innovation and distribution gains with a number of new strategic retail partners.
  • The Household and Wellness product category is expected to face continued headwinds due to reduced consumer demand for COVID-related sanitizing and disinfecting products. Co plans to pivot toward new margin-accretive innovation in the wellness category, which is expected to be in market mid-year.
• Co guides to revenue for Q2-Q4 being up mid-single digits yr/yr. 
• Co issues downside guidance for FY22, sees FY22 revs being flat yr/yr, which means guidance of approx $319 mln vs. $366.81 mln S&P Capital IQ Consensus.

-=Ambarella (AMBA) reported earnings on Mon 28 Feb 22 (a/h)

 

Co warns for near-term headwinds such as kitting shortages and supply constraints, notably at Samsung for 14nm video processors ($5M impact starting JulQ)

Ambarella beats by $0.03, reports revs in-line; guides Q1 revs in-line

• Reports Q4 (Jan) earnings of $0.45 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.42; revenues rose 45.2% year/year to $90.23 mln vs the $90.18 mln S&P Capital IQ Consensus.
• Co issues in-line guidance for Q1, sees Q1 revs of $88.5-$91.5 mln vs. $90.86 mln S&P Capital IQ Consensus.

-=Vroom (VRM) reported earnings on Mon 28 Feb 22 (a/h)

• Ticker: VRM

 

Vroom misses by $0.17, beats on revs; guides Q1 revs below consensus

• Reports Q4 (Dec) loss of $(0.94) per share, excluding non-recurring items, $0.17 worse than the S&P Capital IQ Consensus of $(0.77); revenues rose 130.3% year/year to $934.49 mln vs the $901.73 mln S&P Capital IQ Consensus.
  • 21,243 ecommerce units sold, up 93% YoY.
• Co issues downside guidance for Q1, sees Q1 revs of $875 mln vs. $1.04 bln S&P Capital IQ Consensus.

-=Lordstown Motors (RIDE) reported earnings on Mon 28 Feb 22 (b/o)

 

Lordstown Motors disclosed a widened loss of $81.2 million, or 42 cents a share, for the fourth quarter. Analysts had projected a 77-cent loss, FactSet shows.

The startup expects to make and sell its first 500 Endurance electric pickup trucks in the third quarter of this year, with a fivefold increase in 2023 despite parts and supply-chain challenges. China's Foxconn will build the $55,000 Endurance electric truck in Ohio.

Unlike Lucid stock, Lordstown stock tumbled 20%, below 3 per share, even as other EV makers gained ground Monday. Shares of Lordstown Motors have never recovered from March 2021 accusations of fake orders by short seller Hindenburg Research.

On Monday, Lordstown management warned of hurdles in the Foxconn manufacturing deal. The production target for the end of 2023 may also have spooked investors.

Last week, Nikola also reported better-than-feared losses for the fourth quarter. It, too, expects to start generating revenue from sales of its Tre electric semi rigs this year. EV startup Nikola, too, hasn't recovered after being targeted by Hindenburg Research in September 2020.

=Shopify (SHOP) reported earnings on Wed 16 Feb 22 (b/o)

 

Shopify beats by $0.05, beats on revs 

• Reports Q4 (Dec) earnings of $1.36 per share, excluding non-recurring items, $0.05 better than the S&P Capital IQ Consensus of $1.31; revenues rose 41.1% year/year to $1.38 bln vs the $1.34 bln S&P Capital IQ Consensus.
• FY22 outlook:
  • Year-over-year revenue growth to be lower in the first quarter of 2022 and highest in the fourth quarter of 2022 due to three factors. First, we do not expect the COVID-triggered acceleration of ecommerce in the first half of 2021 from lockdowns and government stimulus to repeat in the first half of 2022. Second, our new terms with apps and theme developers cause two differences from last year's first quarter: the elimination of Shopify's rev share on partners' first million dollars of revenue annually reset on January 1st, and the shift from gross to net revenue recognition for the sale of themes as a result of revised contract terms with our theme partners. Since these terms didn't come into play until the second half of last year, these will be a headwind to Subscriptions Solutions revenue in the first half of 2022, particularly in the first quarter. And third, we expect certain commercial initiatives and sales and marketing investments will gain momentum over the course of 2022.
  • Subscriptions Solutions revenue growth to be driven by more merchants around the world joining the platform than in 2021, as we introduce new commercial initiatives and aggressively invest in sales and marketing to expand our addressable market and more deeply penetrate existing markets. Our objective in 2022 will be to optimize our efforts around getting more merchants on the platform and to success.
  • Merchant Solutions revenue growth to be more than twice the rate of subscription solutions revenue growth year-over-year, as merchants make greater use of our offerings, and as we expand existing products into new geographies and roll out newer features like Shopify Markets. The increase of Merchant Solutions in our overall revenue mix means gross profit dollar growth will trail revenue growth.
  • Lastly, for 2022, we anticipate capital expenditures of $200 million, stock-based compensation expenses and related payroll taxes of $800 million and amortization of acquired intangibles of $28 million.
    
• "We are leveraging our learnings to date to continue building simple and fast fulfillment. We are consolidating our network into larger facilities; we are shifting to operate more of them ourselves to better control quality and cost; and we are unifying the network by operationalizing our warehouse management system to highly integrate with Shopify's back office and checkout so merchants can seamlessly offer and achieve delivery promises. In conjunction with our updated, more direct approach, our expectations for Shopify Fulfillment Network revenue, operating expenses and capital expenditures will be incorporated in our overall Shopify outlook, as they are for 2022."

Fidelity Nat'l Info (FIS) reported earnings on Tue 15 Feb 22 (b/o)

 ** charts after earnings **

 

 

 

 

 

Fidelity Nat'l Info beats by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs in-line

• Reports Q4 (Dec) earnings of $1.92 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $1.90; revenues rose 10.7% year/year to $3.67 bln vs the $3.7 bln S&P Capital IQ Consensus.
• Co issues downside guidance for Q1, sees EPS of $1.44 to $1.47, excluding non-recurring items, vs. $1.56 S&P Capital IQ Consensus; sees Q1 revs of $3.420 bln to $3.450 bln vs. $3.49 bln S&P Capital IQ Consensus.
• Co issues in-line guidance for FY22, sees EPS of $7.25 to $7.37, excluding non-recurring items, vs. $7.29 S&P Capital IQ Consensus; sees FY22 revs of $14.780 bln to $14.925 bln vs. $14.91 bln S&P Capital IQ Consensus.

==Clorox (CLX) reported earnings on Thur 3 Feb 22 (a/h)

• Clorox benefited from elevated demand for cleaning products earlier in the pandemic, but higher costs and supply disruptions are now squeezing growth and profitability. In response, the company is cutting costs and raising prices on 85% of its products. 
• The stock has declined 18.7% in 2022 and has dropped 25.9% for the past one year.

Clorox misses by $0.19, beats on revs; guides FY22 EPS below consensus

• Reports Q2 (Dec) earnings of $0.66 per share, excluding non-recurring items, $0.19 worse than the S&P Capital IQ Consensus of $0.85; revenues fell 8.2% year/year to $1.69 bln vs the $1.66 bln S&P Capital IQ Consensus.
  • The decline in net sales reflects a 10-point decline in volume and 2 points of favorable price mix. Foreign exchange was flat, and organic sales for the quarter declined 8%.
• "Although we expect cost pressures will continue through fiscal year 2022, we're confident we have the right strategy and are taking the right actions to strengthen our competitive position, build a stronger, more resilient company, and create long-term shareholder value." 
• Co issues downside guidance for FY22, sees EPS of $4.25-4.50, excluding non-recurring items, vs. $5.44 S&P Capital IQ Consensus.
  • Sees net sales decline of 1% to 4% (organic sales decline of 1% to 4%). Reflects a sales decline of 7% in the first half of fiscal year 2022, or an increase of 19% on a two-year stack basis, compared to 27% sales growth in the first half of fiscal year 2021. By the fourth quarter, the company expects sales to return to its long-term sales growth target of 3% to 5%.
  • Gross margin decline of about 750 basis points, primarily due to higher than previously anticipated commodity and manufacturing & logistics costs, with the assumption of a return to gross margin expansion in the fourth quarter.

Dolby Labs (DLB) reported earnings on Thur 3 Feb 22 (a/h)

 

 

 

Dolby Labs misses by $0.05, misses on revs; guides MarQ EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs in-line

• Reports Q1 (Dec) earnings of $1.01 per share, excluding non-recurring items, $0.05 worse than the S&P Capital IQ Consensus of $1.06; revenues fell 9.8% year/year to $351.63 mln vs the $362.22 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q2 (Mar), sees EPS of $0.72-0.87, excluding non-recurring items, vs. $1.00 S&P Capital IQ Consensus; sees Q2 revs of $315.0-345.0 mln vs. $355.84 mln S&P Capital IQ Consensus.
• Co issues in-line guidance for FY22, sees EPS of $3.52-4.02, excluding non-recurring items, vs. $3.78 S&P Capital IQ Consensus; sees FY22 revs of $1.34-1.40 bln vs. $1.38 bln S&P Capital IQ Consensus.
• Co noted that the volume of shipments, aggregated across various end markets and devices, continues to be impacted and difficult to predict because of economic uncertainty due to COVID-19.
  • The global cinema market has been adversely impacted by COVID-19, and it remains uncertain when and where cinemas will resume operating at full capacity.

Qorvo (QRVO) reported earnings on Wed 2 Feb 22 (a/h)

 

 

 

 

Qorvo beats by $0.22, reports revs in-line; guides Q4 EPS above consensus, revs in-line

• Reports Q3 (Dec) earnings of $2.98 per share, $0.22 better than the S&P Capital IQ Consensus of $2.76; revenues rose 1.8% year/year to $1.11 bln vs the $1.11 bln S&P Capital IQ Consensus.
• Co issues guidance for Q4, sees EPS of $2.94 at the midpoint vs. $2.86 S&P Capital IQ Consensus; sees Q4 revs of $1.135-$1.165 bln vs. $1.15 bln S&P Capital IQ Consensus. Sees Non-GAAP gross margin of approximately 52%.
• Qorvo outperformed the midpoint of our guidance in the December quarter on revenue, gross margin and EPS. Sustained year-over-year revenue growth was supported by multiyear secular growth drivers in 5G, IoT connectivity, defense and power. Qorvo is operating well and expanding the markets we serve while investing to extend product and technology leadership across our portfolio."

==Spotify (SPOT) reported earnings on Wed 2 Feb 22 (a/h)

 

Spotify beats by 0.15, beats on revs; guides Q1 revs in-line

• Reports Q4 (Dec) loss of 0.21 per share, excluding non-recurring items, 0.15 better than the S&P Capital IQ Consensus of (0.36); revenues rose 24.0% year/year to 2.69 bln vs the 2.65 bln S&P Capital IQ Consensus.
• Co issues in-line guidance for Q1, sees Q1 revs of 2.60 bln vs. 2.6 bln S&P Capital IQ Consensus.

PayPal (PYPL) reported earnings on Tue 1 Feb 22 (a/h)

 ** charts before earnings **

 

 

 

 ** charts after earnings **

 

 

 

 

 

PayPal misses by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

• Reports Q4 (Dec) earnings of $1.11 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $1.12; revenues rose 13.1% year/year to $6.92 bln vs the $6.89 bln S&P Capital IQ Consensus.
• Co issues downside guidance for Q1, sees EPS of approx $0.87, excluding non-recurring items, vs. $1.16 S&P Capital IQ Consensus; sees Q1 revs of +6% yr/yr or approx $6.395 bln vs. $6.73 bln S&P Capital IQ Consensus.
• Co issues downside guidance for FY22, sees EPS of approx $4.60 to $4.75, excluding non-recurring items, vs. $5.26 S&P Capital IQ Consensus; sees FY22 revs of +15-17% yr/yr or approx $29.177 bln to $29.684 bln vs. $30.03 bln S&P Capital IQ Consensus.

=F5 Networks (FFIV) reported earnings on Tue 25 Jan 22 (a/h)

 

F5 Networks beats by $0.11, beats on revs; guides Q2 revs below consensus; guides FY22 revs below consensus 

• Reports Q1 (Dec) earnings of $2.89 per share, excluding non-recurring items, $0.11 better than the S&P Capital IQ Consensus of $2.78; revenues rose 9.8% year/year to $687.1 mln vs the $678.08 mln S&P Capital IQ Consensus.
• Co issues downside guidance for Q2, sees Q2 revs of $610-$650 mln vs. $694.19 mln S&P Capital IQ Consensus.
• Co issues downside guidance for FY22, sees FY22 revs +4.5% to +8% (down from prior +8% to +9%) which equates to about $2.72-$2.81 bln vs. $2.82 bln S&P Capital IQ Consensus.
  • "While demand for its solutions remains robust, the Company expects that its ability to meet customers' continued strong demand for systems will be restricted by supply chain constraints for the remainder of fiscal year 2022. As a result, it expects fiscal second quarter revenue in a range of $610 to $650 million. It further expects fiscal year 2022 revenue growth in a range of 4.5% to 8%, down from its prior expectation of 8% to 9% growth. The Company expects fiscal year 2022 software revenue growth near the top end of its previously provided 35% to 40% guidance range, and fiscal year 2022 global services revenue growth of 1% to 2%."

-=Rivian Automotive (RIVN) reported earnings on Thur 16 Dec 21 (a/h)

 

Rivian Automotive misses by $0.84, reports 71K net preorders of R1 in U.S. and Canada

• Reports Q3 (Sep) adjusted net loss of $(776) mln, which translates into a loss of $(7.68) per share when using weighted average common shares outstanding of 101 mln, $0.84 worse than the S&P Capital IQ Consensus of ($6.84).
• Reports revenue of $1.0 mln.
• 71,000 R1 net preorders in the U.S. and Canada as of December 15, 2021.
• 100K initial order from Amazon (AMZN).
• Planned annual capacity of ~200K units for its Normal, IL factory; ~400K estimated annual capacity planned for Georgia facility.

Adobe (ADBE) reported earnings on Thur 16 Dec 21 (b/o)

 ** charts after earnings **

 

 

 

Adobe reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY22 EPS below consensus, revs below consensus

• Reports Q4 (Nov) earnings of $3.20 per share, excluding non-recurring items, in-line with the S&P Capital IQ Consensus of $3.20; revenues rose 20.0% year/year to $4.11 bln vs the $4.09 bln S&P Capital IQ Consensus.
• Digital Media Annualized Recurring Revenue ("ARR") increased $571 million quarter over quarter to $12.24 billion exiting the quarter, including the addition of enterprise ARR of Frame.io, which closed on October 7, 2021.
• Creative ARR grew to $10.30 billion.
• Total enterprise ARR for Frame.io, including business closed by Adobe, exiting the quarter was approximately $29 million. Document Cloud ARR grew to $1.93 billion.
• Digital Experience segment revenue was $1.01 billion, representing 23 percent year-over-year growth. Digital Experience subscription revenue was $886 million, representing 27 percent year-over-year growth.
• Co issues downside guidance for Q1, sees EPS of $3.35, excluding non-recurring items, vs. $3.39 S&P Capital IQ Consensus; sees Q1 revs of $4.23 bln vs. $4.34 bln S&P Capital IQ Consensus.
• Co issues downside guidance for FY22, sees EPS of $13.70, excluding non-recurring items, vs. $14.24 S&P Capital IQ Consensus; sees FY22 revs of $17.9 bln vs. $18.16 bln S&P Capital IQ Consensus.

-=Lennar (LEN) reported earnings on Wed 15 Dec 21 (a/h)

  ** charts after earnings **

Lennar misses by $0.24, reports revs in-line 

• Reports Q4 (Nov) earnings of $3.91 per share, $0.24 worse than the S&P Capital IQ Consensus of $4.15; revenues rose 23.6% year/year to $8.43 bln vs the $8.51 bln S&P Capital IQ Consensus.
  • Deliveries increased 11% to 17,819 homes; New orders increased 2% to 15,539 homes; new orders dollar value increased 16% to $7.3 billion.
  • Backlog increased 26% to 23,771 homes; backlog dollar value increased 45% to $11.4 bln.
• Co guides to Q1 (Feb) new orders of 14,800-15,100 homes; guides to about 12,500 deliveries; guides to average sales price of $460K.
• Co guides to FY22 deliveries of about 12,500; guides to average sales price of $460K.
• "Our record fourth quarter results reflect both continued strength in the housing market across the country, and continued housing supply shortage driven by limited entitled land, labor and supply chain constraints, and 10 years of production shortfall. While our new orders grew a controlled 2% compared to last year's seasonally strong fourth quarter, we achieved a homebuilding gross margin of 28.0%...The housing industry continues to exhibit strong demand, outweighing supply, and we are confident that we will continue to generate solid growth and enhance our current market position."

-=nCino (NCNO) reported earnings on Wed 1 Dec 2021 (a/h)

 

nCino beats by $0.02, beats on revs; guides JanQ EPS in-line, revs in-line 

• Reports Q3 (Oct) loss of $(0.04) per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $(0.06); revenues rose 29.1% year/year to $70.04 mln vs the $66.62 mln S&P Capital IQ Consensus.
• Co issues in-line guidance for Q4 (Jan), sees EPS of $(0.09)-$(0.10), excluding non-recurring items, vs. $(0.09) S&P Capital IQ Consensus; sees Q4 revs of $68.5-69.5 mln vs. $68.29 mln S&P Capital IQ Consensus.