AlvinCWC
2021-09-24
Looks like a better buy than First Resources
Sterling Check opens for trading at $27.1, up about 18% from IPO price<blockquote>英镑支票开盘价为 27.1 美元，较 IPO 价格上涨约 18%</blockquote>
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Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>22.8%</p><p><blockquote><td>22.8%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>27.0%</p><p><blockquote><td>27.0%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>29.6%</p><p><blockquote><td>29.6%</td></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> The Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, rebounded to 1.3x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售、G&A 效率率（定义为每 1 美元销售、G&A 支出产生多少美元额外新收入）在最近的报告期内反弹至 1.3 倍，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling, G&A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&A</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>-0.4</p><p><blockquote><td>-0.4</td></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><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><p><blockquote>40法则是软件行业的一条经验法则，即只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> STER’s most recent calculation was 51% for the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>STER 的最新计算结果是截至 2021 年 6 月 30 日的六个月内为 51%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td> </tr> <tr> <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期修订版增长率%</td></tr></blockquote></p><p></td> <td>44%</p><p><blockquote><td>44%</td></blockquote></p><p></td> </tr> <tr> <td>EBITDA %</p><p><blockquote><tr><td>息税折旧摊销前利润百分比</td></tr></blockquote></p><p></td> <td>8%</p><p><blockquote><td>8%</td></blockquote></p><p></td> </tr> <tr> <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td> <td>51%</p><p><blockquote><td>51%</td></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> <b>Market & Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby The Insight Partners, the global employment screening market, one of the firm's focus areas, was an estimated $4.2 billion in 2020 and is forecast to reach $6.4 billion by 2028.</p><p><blockquote>根据Insight Partners 2021年的市场研究报告，该公司的重点领域之一全球就业筛选市场在2020年估计为42亿美元，预计到2028年将达到64亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.5% from 2021 to 2028.</p><p><blockquote>这意味着2021年至2028年的预测CAGR为5.5%。</blockquote></p><p> The main drivers for this expected growth are increased populations in urban areas resulting in greater job opportunities and employee demand and a growing incidence of application fraud or inflation.</p><p><blockquote>这一预期增长的主要驱动力是城市地区人口的增加，导致更多的就业机会和员工需求，以及申请欺诈或通货膨胀的发生率不断增加。</blockquote></p><p> Also, the number of applicants for each job opening has increased along with a larger number of contract, temporary and 'gig economy' workers.</p><p><blockquote>此外，随着合同工、临时工和“零工经济”工人数量的增加，每个职位空缺的申请人数也有所增加。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争或其他行业参与者包括：</blockquote></p><p> <ul> <li>First Advantage</p><p><blockquote><ul><li>第一优势</li></ul></blockquote></p><p></li> <li>HireRight</p><p><blockquote><li>雇佣权</li></blockquote></p><p></li> <li>Accurate Background</p><p><blockquote><li>准确背景</li></blockquote></p><p></li> <li>ADP</p><p><blockquote><li>ADP</li></blockquote></p><p></li> <li>Cisive</p><p><blockquote><li>西西夫</li></blockquote></p><p></li> <li>Checkr</p><p><blockquote><li>检查</li></blockquote></p><p></li> <li>DISA</p><p><blockquote><li>迪萨</li></blockquote></p><p></li> <li>Triton</p><p><blockquote><li>海卫一</li></blockquote></p><p></li> <li>Other smaller players</p><p><blockquote><li>其他较小的玩家</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Sterling’s recent financial results can be summarized as follows:</p><p><blockquote>Sterling 近期的财务业绩可概括如下：</blockquote></p><p> <ul> <li>Rebounding topline revenue growth</p><p><blockquote><ul><li>营收增长反弹</li></ul></blockquote></p><p></li> <li>Variable gross profit growth</p><p><blockquote><li>可变毛利增长</li></blockquote></p><p></li> <li>Slightly reduced gross margin</p><p><blockquote><li>毛利率略有下降</li></blockquote></p><p></li> <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润波动</li></blockquote></p><p></li> <li>Growing cash flow from operations in 2021</p><p><blockquote><li>2021年经营现金流增长</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是公司注册声明中的相关财务业绩：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>总收入</b></td></tr></tbody></table></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Total Revenue</p><p><blockquote><td>总收入</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 298,698,000</p><p><blockquote><td>$298,698,000</td></blockquote></p><p></td> <td>43.6%</p><p><blockquote><td>43.6%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 454,053,000</p><p><blockquote><td>$454,053,000</td></blockquote></p><p></p><p></td> <td>-8.7%</p><p><blockquote><td>-8.7%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 497,116,000</p><p><blockquote><td>$497,116,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 155,539,000</p><p><blockquote><td>$155,539,000</td></blockquote></p><p></td> <td>41.9%</p><p><blockquote><td>41.9%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 236,743,000</p><p><blockquote><td>$236,743,000</td></blockquote></p><p></td> <td>-14.2%</p><p><blockquote><td>-14.2%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 275,769,000</p><p><blockquote><td>$275,769,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>52.07%</p><p><blockquote><td>52.07%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>52.14%</p><p><blockquote><td>52.14%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>55.47%</p><p><blockquote><td>55.47%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>营业溢利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Operating Profit (Loss)</p><p><blockquote><td>营业溢利（亏损）</td></blockquote></p><p></td> <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 23,204,000</p><p><blockquote><td>$23,204,000</td></blockquote></p><p></td> <td>7.8%</p><p><blockquote><td>7.8%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (23,103,000)</p><p><blockquote><td>$(23,103,000)</td></blockquote></p><p></td> <td>-5.1%</p><p><blockquote><td>-5.1%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (13,374,000)</p><p><blockquote><td>$(13,374,000)</td></blockquote></p><p></td> <td>-2.7%</p><p><blockquote><td>-2.7%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净收入（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Net Income (Loss)</p><p><blockquote><td>净收入（亏损）</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 4,025,000</p><p><blockquote><td>$4,025,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (52,293,000)</p><p><blockquote><td>$(52,293,000)</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (46,682,000)</p><p><blockquote><td>$(46,682,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营现金流量</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Cash Flow From Operations</p><p><blockquote><td>经营现金流量</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 45,290,000</p><p><blockquote><td>$45,290,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 36,185,000</p><p><blockquote><td>$36,185,000</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 36,204,000</p><p><blockquote><td>$36,204,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr></tr><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> As of June 30, 2021, Sterling had $94.3 million in cash and $744.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，斯特林拥有9430万美元现金和7.448亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $45 million.</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为4500万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> STER intends to sell 4.76 million shares and selling shareholders will offer 9.525 million shares of common stock at a proposed midpoint price of $21.00 per share for gross proceeds of approximately $300 million, not including the sale of customary underwriter options.</p><p><blockquote>STER 打算出售 476 万股股票，出售股东将以每股 21.00 美元的拟议中点价格发售 952.5 万股普通股，总收益约为 3 亿美元，不包括出售惯例承销商期权。</blockquote></p><p> No existing shareholders have indicated an interest to purchase shares at the IPO price.</p><p><blockquote>没有现有股东表示有兴趣以IPO价格购买股份。</blockquote></p><p> Assuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO (ex- underwriter options) would approximate $2.4 billion.</p><p><blockquote>假设在拟议价格范围的中点成功进行首次公开募股，公司在首次公开募股时的企业价值（不包括承销商期权）将约为 24 亿美元。</blockquote></p><p> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 15.2%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p><p><blockquote>撇除包销商购股权及私募股份或限制性股票（如有）的影响，流通股与流通股的比率将约为15.2%。低于 10% 的数字通常被认为是 “低流通量 ”股票，可能会受到大幅价格波动的影响。</blockquote></p><p> Per the firm’s most recent regulatory filing, it plans to use the net proceeds as follows:</p><p><blockquote>根据该公司最新提交的监管文件，该公司计划将净收益用于以下用途：</blockquote></p><p> We currently intend to use the net proceeds to us from this offering, together with cash on hand, to repay approximately $100.0 million outstanding under our Term loan. We intend to use the remainder, if any, of the net proceeds to us from this offering for general corporate purposes. Management’s presentation of the company roadshow isavailable here.</p><p><blockquote>我们目前打算使用本次发行的净收益以及手头现金来偿还我们定期贷款下约 1 亿美元的未偿还款项。我们打算将本次发售所得款项净额的剩余部分（如有）用于一般公司用途。管理层对公司路演的介绍可在此处查看。</blockquote></p><p> Regarding outstanding legal proceedings, management said the firm is not a party to any legal proceedings that it believes would be material to its operations or financial condition.</p><p><blockquote>关于未决法律诉讼，管理层表示，该公司不是其认为对其运营或财务状况有重大影响的任何法律诉讼的一方。</blockquote></p><p> Listed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Morgan Stanley and other investment banks.</p><p><blockquote>此次IPO的上市账簿管理人包括高盛、摩根大通、摩根士丹利等投资银行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司首次公开募股时的相关资本和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td> </tr> <tr> <td>Market Capitalization at IPO</p><p><blockquote><tr><td>首次公开发售时的市值</td></tr></blockquote></p><p></td> <td>$1,973,227,914</p><p><blockquote><td>$1,973,227,914</td></blockquote></p><p></td> </tr> <tr> <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td> <td>$2,401,254,914</p><p><blockquote><td>$2,401,254,914</td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售</td></tr></blockquote></p><p></td> <td>3.62</p><p><blockquote><td>3.62</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>电动汽车/收入</td></tr></blockquote></p><p></td> <td>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></p><p></td> <td>122.06</p><p><blockquote><td>122.06</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>-$0.08</p><p><blockquote><td>-$0.08</td></blockquote></p><p></td> </tr> <tr> <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td> <td>15.20%</p><p><blockquote><td>15.20%</td></blockquote></p><p></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td> <td>$21.00</p><p><blockquote><td>$21.00</td></blockquote></p><p></td> </tr> <tr> <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流量</td></tr></blockquote></p><p></td> <td>$44,998,000</p><p><blockquote><td>$44,998,000</td></blockquote></p><p></p><p></td> </tr> <tr> <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td> <td>2.28%</p><p><blockquote><td>2.28%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td> </tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> As a reference, a potential public comparable would be First Advantage(NASDAQ:FA); shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，潜在的公开可比股票是 First Advantage（纳斯达克股票代码：FA）；以下是其主要估值指标的比较：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>度量</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>First Advantage</b></p><p><blockquote><td><b>第一优势</b></td></blockquote></p><p></td> <td><b>Sterling Check</b></p><p><blockquote><td><b>英镑支票</b></td></blockquote></p><p></td> <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售</td></tr></blockquote></p><p></td> <td>5.76</p><p><blockquote><td>5.76</td></blockquote></p><p></td> <td>3.62</p><p><blockquote><td>3.62</td></blockquote></p><p></td> <td>-37.1%</p><p><blockquote><td>-37.1%</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>电动汽车/收入</td></tr></blockquote></p><p></td> <td>6.53</p><p><blockquote><td>6.53</td></blockquote></p><p></td> <td>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td> <td>-32.5%</p><p><blockquote><td>-32.5%</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></p><p></td> <td>23.41</p><p><blockquote><td>23.41</td></blockquote></p><p></td> <td>122.06</p><p><blockquote><td>122.06</td></blockquote></p><p></td> <td>421.4%</p><p><blockquote><td>421.4%</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$0.04</p><p><blockquote><td>$0.04</td></blockquote></p><p></td> <td>-$0.08</p><p><blockquote><td>-$0.08</td></blockquote></p><p></td> <td>-293.0%</p><p><blockquote><td>-293.0%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td> <td>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td> <td>127.89%</p><p><blockquote><td>127.89%</td></blockquote></p><p></td> </tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> (S-1/AandSeeking Alpha)</p><p><blockquote>（S-1/夜探阿尔法）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> STER is going public to obtain investment to pay down some of its debt and for its corporate expansion initiatives.</p><p><blockquote>STER 将上市以获得投资，以偿还部分债务并用于公司扩张计划。</blockquote></p><p> The firm’s financials show rebounding topline revenue growth, uneven gross profit growth, a swing to operating profit and net income and growing cash flow from operations in 2021.</p><p><blockquote>该公司的财务数据显示，2021 年营收增长反弹，毛利润增长不均衡，营业利润和净利润出现波动，运营现金流不断增长。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an impressive $45 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流达到了令人印象深刻的4500万美元。</blockquote></p><p> Selling, G&A expenses as a percentage of total revenue have trended lower as revenue has varied and its Selling, G&A efficiency rate rebounded to 1.3x in the most recent six-month reporting period.</p><p><blockquote>随着收入的变化，销售、G&A费用占总收入的百分比呈下降趋势，其销售、G&A效率在最近六个月的报告期内反弹至1.3倍。</blockquote></p><p> The market opportunity for providing background checks and related services is large and expected to grow at a moderate CAGR Of 5.5% in the coming years, although the continued transition to a decentralized workforce may increase demand a bit above this estimate.</p><p><blockquote>提供背景调查和相关服务的市场机会很大，预计未来几年将以5.5%的适度复合年增长率增长，尽管向分散劳动力的持续过渡可能会增加略高于这一估计的需求。</blockquote></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 37.3% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来的平均回报率为 37.3%。这是期内所有主要承销商的中级表现。</blockquote></p><p> The general business cycle - when companies hire fewer workers during down economic periods, demand for the company’s services will decline.</p><p><blockquote>一般商业周期--当公司在经济低迷时期雇佣的工人减少时，对公司服务的需求就会下降。</blockquote></p><p> While Sterling is not immune to the ups and downs of the business cycle and potential future pandemic variant effects on economic activity, the firm has rebounded impressively and appears positioned to compete in a growing market.</p><p><blockquote>尽管英镑也不能幸免于商业周期的起伏以及未来大流行变体对经济活动的潜在影响，但该公司已经出现了令人印象深刻的反弹，似乎有能力在不断增长的市场上竞争。</blockquote></p><p> As for valuation, compared to First Advantage, which went public earlier in 2021 and performed since its debut, STER appears reasonably valued on a revenue multiple basis as the firm is growing revenue at a faster rate. STER is nearing EPS breakeven.</p><p><blockquote>至于估值，与 2021 年初上市并自首次亮相以来一直表现良好的 First Advantage 相比，STER 在收入倍数基础上的估值似乎合理，因为该公司的收入增长速度更快。STER 的每股收益接近盈亏平衡。</blockquote></p><p> Given the company’s strong rebound after the 2020 pandemic period and reasonable IPO valuation, the IPO is worth a close look.</p><p><blockquote>鉴于该公司在 2020 年大流行期后的强劲反弹以及合理的 IPO 估值，此次 IPO 值得密切关注。</blockquote></p><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>Sterling Check opens for trading at $27.1, up about 18% from IPO price<blockquote>英镑支票开盘价为 27.1 美元，较 IPO 价格上涨约 18%</blockquote></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; 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}\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: 12.5px; color: #7E829C; margin: 0;}\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\">\nSterling Check opens for trading at $27.1, up about 18% from IPO price<blockquote>英镑支票开盘价为 27.1 美元，较 IPO 价格上涨约 18%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\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 smaller\">2021-09-23 23:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23) <a href=\"https://laohu8.com/S/STER\">Sterling Check Corp.</a> opens for trading at $27.1, up about 18% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/STER\">斯特林支票公司</a>开盘价为 27.1 美元，较 IPO 价格上涨约 18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc3f51dd719989f02bf56c538ce17c72\" tg-width=\"904\" tg-height=\"560\" referrerpolicy=\"no-referrer\"><b>Company & Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> New York-based Sterling was founded to develop a full suite of background screening, verifications and ongoing monitoring services for businesses.</p><p><blockquote>总部位于纽约的Sterling成立的目的是为企业开发一整套背景筛选、验证和持续监控服务。</blockquote></p><p> Management is headed by Chief Executive Officer Joshua Peirez, who has been with the firm since July 2018 and was previously president and COO of Dun & Bradstreet and held senior roles at Mastercard prior to that.</p><p><blockquote>管理层由首席执行官约书亚·佩雷斯 (Joshua Peirez) 领导，他自 2018 年 7 月起加入该公司，此前曾担任邓白氏总裁兼首席运营官，在此之前曾在万事达卡担任高级职务。</blockquote></p><p> The company’s primary offering categories include:</p><p><blockquote>公司的主要发行类别包括：</blockquote></p><p> <ul> <li>Identity verification</p><p><blockquote><ul><li>身份验证</li></ul></blockquote></p><p></li> <li>Background screening</p><p><blockquote><li>背景筛选</li></blockquote></p><p></li> <li>Credential verifications</p><p><blockquote><li>凭证验证</li></blockquote></p><p></li> <li>Onboarding</p><p><blockquote><li>入职</li></blockquote></p><p></li> <li>Ongoing monitoring</p><p><blockquote><li>持续监测</li></blockquote></p><p></li> </ul> Sterling has received at least $775 million in equity investment from investors including Goldman Sachs and The Greenblatt Trusts.</p><p><blockquote>英镑已从高盛和格林布拉特信托等投资者那里获得了至少 7.75 亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues large clients through a direct sales team approach organized by industry vertical and region.</p><p><blockquote>该公司通过按行业垂直和地区组织的直销团队方法来追求大客户。</blockquote></p><p> For the 12 months ended June 30, 2021, the firm's platform performed over 75 million searches for over 40,000 clients.</p><p><blockquote>在截至2021年6月30日的12个月中，该公司的平台为超过40,000个客户进行了超过7500万次搜索。</blockquote></p><p> Selling, G&A expenses as a percentage of total revenue have dropped as revenues have fluctuated, as the figures below indicate:</p><p><blockquote>销售、G&A费用占总收入的百分比随着收入的波动而下降，如下图所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling, G&A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&A</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>22.8%</p><p><blockquote><td>22.8%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>27.0%</p><p><blockquote><td>27.0%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>29.6%</p><p><blockquote><td>29.6%</td></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> The Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, rebounded to 1.3x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售、G&A 效率率（定义为每 1 美元销售、G&A 支出产生多少美元额外新收入）在最近的报告期内反弹至 1.3 倍，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling, G&A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&A</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>-0.4</p><p><blockquote><td>-0.4</td></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><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><p><blockquote>40法则是软件行业的一条经验法则，即只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> STER’s most recent calculation was 51% for the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>STER 的最新计算结果是截至 2021 年 6 月 30 日的六个月内为 51%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td> </tr> <tr> <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期修订版增长率%</td></tr></blockquote></p><p></td> <td>44%</p><p><blockquote><td>44%</td></blockquote></p><p></td> </tr> <tr> <td>EBITDA %</p><p><blockquote><tr><td>息税折旧摊销前利润百分比</td></tr></blockquote></p><p></td> <td>8%</p><p><blockquote><td>8%</td></blockquote></p><p></td> </tr> <tr> <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td> <td>51%</p><p><blockquote><td>51%</td></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> <b>Market & Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby The Insight Partners, the global employment screening market, one of the firm's focus areas, was an estimated $4.2 billion in 2020 and is forecast to reach $6.4 billion by 2028.</p><p><blockquote>根据Insight Partners 2021年的市场研究报告，该公司的重点领域之一全球就业筛选市场在2020年估计为42亿美元，预计到2028年将达到64亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.5% from 2021 to 2028.</p><p><blockquote>这意味着2021年至2028年的预测CAGR为5.5%。</blockquote></p><p> The main drivers for this expected growth are increased populations in urban areas resulting in greater job opportunities and employee demand and a growing incidence of application fraud or inflation.</p><p><blockquote>这一预期增长的主要驱动力是城市地区人口的增加，导致更多的就业机会和员工需求，以及申请欺诈或通货膨胀的发生率不断增加。</blockquote></p><p> Also, the number of applicants for each job opening has increased along with a larger number of contract, temporary and 'gig economy' workers.</p><p><blockquote>此外，随着合同工、临时工和“零工经济”工人数量的增加，每个职位空缺的申请人数也有所增加。</blockquote></p><p> Major competitive or other industry participants include:</p><p><blockquote>主要竞争或其他行业参与者包括：</blockquote></p><p> <ul> <li>First Advantage</p><p><blockquote><ul><li>第一优势</li></ul></blockquote></p><p></li> <li>HireRight</p><p><blockquote><li>雇佣权</li></blockquote></p><p></li> <li>Accurate Background</p><p><blockquote><li>准确背景</li></blockquote></p><p></li> <li>ADP</p><p><blockquote><li>ADP</li></blockquote></p><p></li> <li>Cisive</p><p><blockquote><li>西西夫</li></blockquote></p><p></li> <li>Checkr</p><p><blockquote><li>检查</li></blockquote></p><p></li> <li>DISA</p><p><blockquote><li>迪萨</li></blockquote></p><p></li> <li>Triton</p><p><blockquote><li>海卫一</li></blockquote></p><p></li> <li>Other smaller players</p><p><blockquote><li>其他较小的玩家</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Sterling’s recent financial results can be summarized as follows:</p><p><blockquote>Sterling 近期的财务业绩可概括如下：</blockquote></p><p> <ul> <li>Rebounding topline revenue growth</p><p><blockquote><ul><li>营收增长反弹</li></ul></blockquote></p><p></li> <li>Variable gross profit growth</p><p><blockquote><li>可变毛利增长</li></blockquote></p><p></li> <li>Slightly reduced gross margin</p><p><blockquote><li>毛利率略有下降</li></blockquote></p><p></li> <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润波动</li></blockquote></p><p></li> <li>Growing cash flow from operations in 2021</p><p><blockquote><li>2021年经营现金流增长</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm’s registration statement:</p><p><blockquote>以下是公司注册声明中的相关财务业绩：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>总收入</b></td></tr></tbody></table></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Total Revenue</p><p><blockquote><td>总收入</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 298,698,000</p><p><blockquote><td>$298,698,000</td></blockquote></p><p></td> <td>43.6%</p><p><blockquote><td>43.6%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 454,053,000</p><p><blockquote><td>$454,053,000</td></blockquote></p><p></p><p></td> <td>-8.7%</p><p><blockquote><td>-8.7%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 497,116,000</p><p><blockquote><td>$497,116,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与先前相比的%方差</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 155,539,000</p><p><blockquote><td>$155,539,000</td></blockquote></p><p></td> <td>41.9%</p><p><blockquote><td>41.9%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 236,743,000</p><p><blockquote><td>$236,743,000</td></blockquote></p><p></td> <td>-14.2%</p><p><blockquote><td>-14.2%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 275,769,000</p><p><blockquote><td>$275,769,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>52.07%</p><p><blockquote><td>52.07%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>52.14%</p><p><blockquote><td>52.14%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>55.47%</p><p><blockquote><td>55.47%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>营业溢利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Operating Profit (Loss)</p><p><blockquote><td>营业溢利（亏损）</td></blockquote></p><p></td> <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 23,204,000</p><p><blockquote><td>$23,204,000</td></blockquote></p><p></td> <td>7.8%</p><p><blockquote><td>7.8%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (23,103,000)</p><p><blockquote><td>$(23,103,000)</td></blockquote></p><p></td> <td>-5.1%</p><p><blockquote><td>-5.1%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (13,374,000)</p><p><blockquote><td>$(13,374,000)</td></blockquote></p><p></td> <td>-2.7%</p><p><blockquote><td>-2.7%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净收入（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Net Income (Loss)</p><p><blockquote><td>净收入（亏损）</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 4,025,000</p><p><blockquote><td>$4,025,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (52,293,000)</p><p><blockquote><td>$(52,293,000)</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (46,682,000)</p><p><blockquote><td>$(46,682,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营现金流量</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Cash Flow From Operations</p><p><blockquote><td>经营现金流量</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日</td></tr></blockquote></p><p></td> <td>$ 45,290,000</p><p><blockquote><td>$45,290,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 36,185,000</p><p><blockquote><td>$36,185,000</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 36,204,000</p><p><blockquote><td>$36,204,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr></tr><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> As of June 30, 2021, Sterling had $94.3 million in cash and $744.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，斯特林拥有9430万美元现金和7.448亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $45 million.</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为4500万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> STER intends to sell 4.76 million shares and selling shareholders will offer 9.525 million shares of common stock at a proposed midpoint price of $21.00 per share for gross proceeds of approximately $300 million, not including the sale of customary underwriter options.</p><p><blockquote>STER 打算出售 476 万股股票，出售股东将以每股 21.00 美元的拟议中点价格发售 952.5 万股普通股，总收益约为 3 亿美元，不包括出售惯例承销商期权。</blockquote></p><p> No existing shareholders have indicated an interest to purchase shares at the IPO price.</p><p><blockquote>没有现有股东表示有兴趣以IPO价格购买股份。</blockquote></p><p> Assuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO (ex- underwriter options) would approximate $2.4 billion.</p><p><blockquote>假设在拟议价格范围的中点成功进行首次公开募股，公司在首次公开募股时的企业价值（不包括承销商期权）将约为 24 亿美元。</blockquote></p><p> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 15.2%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.</p><p><blockquote>撇除包销商购股权及私募股份或限制性股票（如有）的影响，流通股与流通股的比率将约为15.2%。低于 10% 的数字通常被认为是 “低流通量 ”股票，可能会受到大幅价格波动的影响。</blockquote></p><p> Per the firm’s most recent regulatory filing, it plans to use the net proceeds as follows:</p><p><blockquote>根据该公司最新提交的监管文件，该公司计划将净收益用于以下用途：</blockquote></p><p> We currently intend to use the net proceeds to us from this offering, together with cash on hand, to repay approximately $100.0 million outstanding under our Term loan. We intend to use the remainder, if any, of the net proceeds to us from this offering for general corporate purposes. Management’s presentation of the company roadshow isavailable here.</p><p><blockquote>我们目前打算使用本次发行的净收益以及手头现金来偿还我们定期贷款下约 1 亿美元的未偿还款项。我们打算将本次发售所得款项净额的剩余部分（如有）用于一般公司用途。管理层对公司路演的介绍可在此处查看。</blockquote></p><p> Regarding outstanding legal proceedings, management said the firm is not a party to any legal proceedings that it believes would be material to its operations or financial condition.</p><p><blockquote>关于未决法律诉讼，管理层表示，该公司不是其认为对其运营或财务状况有重大影响的任何法律诉讼的一方。</blockquote></p><p> Listed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Morgan Stanley and other investment banks.</p><p><blockquote>此次IPO的上市账簿管理人包括高盛、摩根大通、摩根士丹利等投资银行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司首次公开募股时的相关资本和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td> </tr> <tr> <td>Market Capitalization at IPO</p><p><blockquote><tr><td>首次公开发售时的市值</td></tr></blockquote></p><p></td> <td>$1,973,227,914</p><p><blockquote><td>$1,973,227,914</td></blockquote></p><p></td> </tr> <tr> <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td> <td>$2,401,254,914</p><p><blockquote><td>$2,401,254,914</td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售</td></tr></blockquote></p><p></td> <td>3.62</p><p><blockquote><td>3.62</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>电动汽车/收入</td></tr></blockquote></p><p></td> <td>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></p><p></td> <td>122.06</p><p><blockquote><td>122.06</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>-$0.08</p><p><blockquote><td>-$0.08</td></blockquote></p><p></td> </tr> <tr> <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td> <td>15.20%</p><p><blockquote><td>15.20%</td></blockquote></p><p></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td> <td>$21.00</p><p><blockquote><td>$21.00</td></blockquote></p><p></td> </tr> <tr> <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流量</td></tr></blockquote></p><p></td> <td>$44,998,000</p><p><blockquote><td>$44,998,000</td></blockquote></p><p></p><p></td> </tr> <tr> <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td> <td>2.28%</p><p><blockquote><td>2.28%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td> </tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> (Source)</p><p><blockquote>（来源）</blockquote></p><p> As a reference, a potential public comparable would be First Advantage(NASDAQ:FA); shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，潜在的公开可比股票是 First Advantage（纳斯达克股票代码：FA）；以下是其主要估值指标的比较：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>度量</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>First Advantage</b></p><p><blockquote><td><b>第一优势</b></td></blockquote></p><p></td> <td><b>Sterling Check</b></p><p><blockquote><td><b>英镑支票</b></td></blockquote></p><p></td> <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售</td></tr></blockquote></p><p></td> <td>5.76</p><p><blockquote><td>5.76</td></blockquote></p><p></td> <td>3.62</p><p><blockquote><td>3.62</td></blockquote></p><p></td> <td>-37.1%</p><p><blockquote><td>-37.1%</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>电动汽车/收入</td></tr></blockquote></p><p></td> <td>6.53</p><p><blockquote><td>6.53</td></blockquote></p><p></td> <td>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td> <td>-32.5%</p><p><blockquote><td>-32.5%</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>首页 / EBITDA</td></tr></blockquote></p><p></td> <td>23.41</p><p><blockquote><td>23.41</td></blockquote></p><p></td> <td>122.06</p><p><blockquote><td>122.06</td></blockquote></p><p></td> <td>421.4%</p><p><blockquote><td>421.4%</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$0.04</p><p><blockquote><td>$0.04</td></blockquote></p><p></td> <td>-$0.08</p><p><blockquote><td>-$0.08</td></blockquote></p><p></td> <td>-293.0%</p><p><blockquote><td>-293.0%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td> <td>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td> <td>127.89%</p><p><blockquote><td>127.89%</td></blockquote></p><p></td> </tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> (S-1/AandSeeking Alpha)</p><p><blockquote>（S-1/夜探阿尔法）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> STER is going public to obtain investment to pay down some of its debt and for its corporate expansion initiatives.</p><p><blockquote>STER 将上市以获得投资，以偿还部分债务并用于公司扩张计划。</blockquote></p><p> The firm’s financials show rebounding topline revenue growth, uneven gross profit growth, a swing to operating profit and net income and growing cash flow from operations in 2021.</p><p><blockquote>该公司的财务数据显示，2021 年营收增长反弹，毛利润增长不均衡，营业利润和净利润出现波动，运营现金流不断增长。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an impressive $45 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流达到了令人印象深刻的4500万美元。</blockquote></p><p> Selling, G&A expenses as a percentage of total revenue have trended lower as revenue has varied and its Selling, G&A efficiency rate rebounded to 1.3x in the most recent six-month reporting period.</p><p><blockquote>随着收入的变化，销售、G&A费用占总收入的百分比呈下降趋势，其销售、G&A效率在最近六个月的报告期内反弹至1.3倍。</blockquote></p><p> The market opportunity for providing background checks and related services is large and expected to grow at a moderate CAGR Of 5.5% in the coming years, although the continued transition to a decentralized workforce may increase demand a bit above this estimate.</p><p><blockquote>提供背景调查和相关服务的市场机会很大，预计未来几年将以5.5%的适度复合年增长率增长，尽管向分散劳动力的持续过渡可能会增加略高于这一估计的需求。</blockquote></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 37.3% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是主承销商，该公司在过去 12 个月内牵头的 IPO 自 IPO 以来的平均回报率为 37.3%。这是期内所有主要承销商的中级表现。</blockquote></p><p> The general business cycle - when companies hire fewer workers during down economic periods, demand for the company’s services will decline.</p><p><blockquote>一般商业周期--当公司在经济低迷时期雇佣的工人减少时，对公司服务的需求就会下降。</blockquote></p><p> While Sterling is not immune to the ups and downs of the business cycle and potential future pandemic variant effects on economic activity, the firm has rebounded impressively and appears positioned to compete in a growing market.</p><p><blockquote>尽管英镑也不能幸免于商业周期的起伏以及未来大流行变体对经济活动的潜在影响，但该公司已经出现了令人印象深刻的反弹，似乎有能力在不断增长的市场上竞争。</blockquote></p><p> As for valuation, compared to First Advantage, which went public earlier in 2021 and performed since its debut, STER appears reasonably valued on a revenue multiple basis as the firm is growing revenue at a faster rate. STER is nearing EPS breakeven.</p><p><blockquote>至于估值，与 2021 年初上市并自首次亮相以来一直表现良好的 First Advantage 相比，STER 在收入倍数基础上的估值似乎合理，因为该公司的收入增长速度更快。STER 的每股收益接近盈亏平衡。</blockquote></p><p> Given the company’s strong rebound after the 2020 pandemic period and reasonable IPO valuation, the IPO is worth a close look.</p><p><blockquote>鉴于该公司在 2020 年大流行期后的强劲反弹以及合理的 IPO 估值，此次 IPO 值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148130438","content_text":"(Sept 23) Sterling Check Corp. opens for trading at $27.1, up about 18% from IPO price.\nCompany & Technology\nNew York-based Sterling was founded to develop a full suite of background screening, verifications and ongoing monitoring services for businesses.\nManagement is headed by Chief Executive Officer Joshua Peirez, who has been with the firm since July 2018 and was previously president and COO of Dun & Bradstreet and held senior roles at Mastercard prior to that.\nThe company’s primary offering categories include:\n\nIdentity verification\nBackground screening\nCredential verifications\nOnboarding\nOngoing monitoring\n\nSterling has received at least $775 million in equity investment from investors including Goldman Sachs and The Greenblatt Trusts.\nCustomer Acquisition\nThe firm pursues large clients through a direct sales team approach organized by industry vertical and region.\nFor the 12 months ended June 30, 2021, the firm's platform performed over 75 million searches for over 40,000 clients.\nSelling, G&A expenses as a percentage of total revenue have dropped as revenues have fluctuated, as the figures below indicate:\n\n\n\n\nSelling, G&A\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n22.8%\n\n\n2020\n27.0%\n\n\n2019\n29.6%\n\n\n\n(Source)\nThe Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, rebounded to 1.3x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSelling, G&A\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.3\n\n\n2020\n-0.4\n\n\n\n(Source)\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.\nSTER’s most recent calculation was 51% for the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n44%\n\n\nEBITDA %\n8%\n\n\nTotal\n51%\n\n\n\n(Source)\nMarket & Competition\nAccording to a 2021 marketresearch reportby The Insight Partners, the global employment screening market, one of the firm's focus areas, was an estimated $4.2 billion in 2020 and is forecast to reach $6.4 billion by 2028.\nThis represents a forecast CAGR of 5.5% from 2021 to 2028.\nThe main drivers for this expected growth are increased populations in urban areas resulting in greater job opportunities and employee demand and a growing incidence of application fraud or inflation.\nAlso, the number of applicants for each job opening has increased along with a larger number of contract, temporary and 'gig economy' workers.\nMajor competitive or other industry participants include:\n\nFirst Advantage\nHireRight\nAccurate Background\nADP\nCisive\nCheckr\nDISA\nTriton\nOther smaller players\n\nFinancial Performance\nSterling’s recent financial results can be summarized as follows:\n\nRebounding topline revenue growth\nVariable gross profit growth\nSlightly reduced gross margin\nA swing to operating profit and net income\nGrowing cash flow from operations in 2021\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 298,698,000\n43.6%\n\n\n2020\n$ 454,053,000\n-8.7%\n\n\n2019\n$ 497,116,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 155,539,000\n41.9%\n\n\n2020\n$ 236,743,000\n-14.2%\n\n\n2019\n$ 275,769,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n52.07%\n\n\n2020\n52.14%\n\n\n2019\n55.47%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 23,204,000\n7.8%\n\n\n2020\n$ (23,103,000)\n-5.1%\n\n\n2019\n$ (13,374,000)\n-2.7%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 4,025,000\n\n\n2020\n$ (52,293,000)\n\n\n2019\n$ (46,682,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ 45,290,000\n\n\n2020\n$ 36,185,000\n\n\n2019\n$ 36,204,000\n\n\n\n(Glossary Of Terms)\n\n\n\n(Source)\nAs of June 30, 2021, Sterling had $94.3 million in cash and $744.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $45 million.\nIPO Details\nSTER intends to sell 4.76 million shares and selling shareholders will offer 9.525 million shares of common stock at a proposed midpoint price of $21.00 per share for gross proceeds of approximately $300 million, not including the sale of customary underwriter options.\nNo existing shareholders have indicated an interest to purchase shares at the IPO price.\nAssuming a successful IPO at the midpoint of the proposed price range, the company’s enterprise value at IPO (ex- underwriter options) would approximate $2.4 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 15.2%. A figure under 10% is generally considered a ‘low float’ stock which can be subject to significant price volatility.\nPer the firm’s most recent regulatory filing, it plans to use the net proceeds as follows:\n\n We currently intend to use the net proceeds to us from this offering, together with cash on hand, to repay approximately $100.0 million outstanding under our Term loan. We intend to use the remainder, if any, of the net proceeds to us from this offering for general corporate purposes.\n\nManagement’s presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management said the firm is not a party to any legal proceedings that it believes would be material to its operations or financial condition.\nListed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Morgan Stanley and other investment banks.\nValuation Metrics\nBelow is a table of the firm’s relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$1,973,227,914\n\n\nEnterprise Value\n$2,401,254,914\n\n\nPrice / Sales\n3.62\n\n\nEV / Revenue\n4.41\n\n\nEV / EBITDA\n122.06\n\n\nEarnings Per Share\n-$0.08\n\n\nFloat To Outstanding Shares Ratio\n15.20%\n\n\nProposed IPO Midpoint Price per Share\n$21.00\n\n\nNet Free Cash Flow\n$44,998,000\n\n\nFree Cash Flow Yield Per Share\n2.28%\n\n\nRevenue Growth Rate\n43.64%\n\n\n(Glossary Of Terms)\n\n\n\n(Source)\nAs a reference, a potential public comparable would be First Advantage(NASDAQ:FA); shown below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nFirst Advantage\nSterling Check\nVariance\n\n\nPrice / Sales\n5.76\n3.62\n-37.1%\n\n\nEV / Revenue\n6.53\n4.41\n-32.5%\n\n\nEV / EBITDA\n23.41\n122.06\n421.4%\n\n\nEarnings Per Share\n$0.04\n-$0.08\n-293.0%\n\n\nRevenue Growth Rate\n19.2%\n43.64%\n127.89%\n\n\n(Glossary Of Terms)\n\n\n\n(S-1/AandSeeking Alpha)\nCommentary\nSTER is going public to obtain investment to pay down some of its debt and for its corporate expansion initiatives.\nThe firm’s financials show rebounding topline revenue growth, uneven gross profit growth, a swing to operating profit and net income and growing cash flow from operations in 2021.\nFree cash flow for the twelve months ended June 30, 2021, was an impressive $45 million.\nSelling, G&A expenses as a percentage of total revenue have trended lower as revenue has varied and its Selling, G&A efficiency rate rebounded to 1.3x in the most recent six-month reporting period.\nThe market opportunity for providing background checks and related services is large and expected to grow at a moderate CAGR Of 5.5% in the coming years, although the continued transition to a decentralized workforce may increase demand a bit above this estimate.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 37.3% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe general business cycle - when companies hire fewer workers during down economic periods, demand for the company’s services will decline.\nWhile Sterling is not immune to the ups and downs of the business cycle and potential future pandemic variant effects on economic activity, the firm has rebounded impressively and appears positioned to compete in a growing market.\nAs for valuation, compared to First Advantage, which went public earlier in 2021 and performed since its debut, STER appears reasonably valued on a revenue multiple basis as the firm is growing revenue at a faster rate. STER is nearing EPS breakeven.\nGiven the company’s strong rebound after the 2020 pandemic period and reasonable IPO valuation, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"STER":0.9}},"isVote":1,"tweetType":1,"viewCount":2928,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["EB5.SI"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":37,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/861068706"}
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