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RichardChan

RichardChan

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2021-06-20

Feature me please

2021-06-05

Ok

Shopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</blockquote>

2021-05-27

Ok

Cathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</blockquote>

2021-05-24

Yo

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2021-05-10

Ok

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2021-05-10

Like

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2021-05-10

Like

Weibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</blockquote>

2021-05-10

Like

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2021-05-05

$Asia Broadband, Inc.(AABB)$Where is the dividend?

2021-04-22

Commend

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2021-04-22

Ok

Is Square the Long-Term Stock for You?<blockquote>Square是您的长期股票吗？</blockquote>

2021-04-19

Ok

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2021-04-19

Lollll

$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>

去老虎APP查看更多动态

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me please&nbsp;","listText":"Feature me please&nbsp;","text":"Feature me please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165200245","isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112085113,"gmtCreate":1622824975232,"gmtModify":1634097599970,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112085113","repostId":"1167651093","repostType":4,"repost":{"id":"1167651093","kind":"news","pubTimestamp":1622820402,"share":"https://www.laohu8.com/m/news/1167651093?lang=zh_CN&edition=full","pubTime":"2021-06-04 23:26","market":"us","language":"en","title":"Shopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167651093","media":"seekingalpha","summary":"Summary\n\nShopify has consistently delivered for long-term investors who have kept faith with the com","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shopify has consistently delivered for long-term investors who have kept faith with the company despite its high valuations.</li>  <li>The company has multiple growth drivers in Payments, and International markets to further drive its growth story.</li>  <li>Its technical picture also shows a stock that has always been strongly supported along its long-term uptrend.</li>  <li>I attempt to discuss the key aspects of its operating performances and why investors should also focus on international expansion as a key aspect of e-commerce growth.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52317e0f54753da09429856ece6bc6b5\" tg-width=\"768\" tg-height=\"512\"><span>Photo by JHVEPhoto/iStock Editorial via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>Shopify始终为长期投资者提供服务，尽管该公司估值很高，但他们仍对该公司保持信心。</li><li>该公司在支付和国际市场方面拥有多种增长动力，以进一步推动其增长故事。</li><li>其技术图还显示了一只在长期上升趋势中始终受到强有力支撑的股票。</li><li>我试图讨论其经营业绩的关键方面，以及为什么投资者也应该将国际扩张作为电子商务增长的关键方面。</li></ul><p class=\"t-img-caption\"><span>摄影：JHVEPhoto/iStock社论来自Getty Images投资论文</span></p></blockquote></p><p> Shopify (SHOP) is one of the most hotly debated e-commerce stocks because of its explosive revenue growth rates and its high valuations. The company continues to demonstrate both stellar topline and bottomline growth while also improving its cash flow margins. The management’s ability to monetize its merchants through Shopify Payments and its suite of merchant solutions is a masterstroke that shows the capability of the management to be able to continue executing its high growth strategies with aplomb moving forward. Despite its relatively high valuation levels, it also remains a very strong stock from the technical point of view, so bullish investors may consider adding it at the next dip.</p><p><blockquote>Shopify(SHOP)因其爆炸性的收入增长率和高估值而成为最受争议的电子商务股票之一。该公司继续表现出出色的营收和利润增长，同时现金流利润率也有所提高。管理层通过Shopify Payments及其商户解决方案套件为商户货币化的能力是一个绝妙之举，表明管理层有能力继续泰然自若地执行其高增长战略。尽管其估值水平相对较高，但从技术角度来看，它仍然是一只非常强劲的股票，因此看涨的投资者可能会考虑在下一次下跌时添加它。</blockquote></p><p> <b>Shopify: Defying Amazon’s Valuation Logic</b></p><p><blockquote><b>Shopify：挑战亚马逊的估值逻辑</b></blockquote></p><p> Shopify’s critics have often questioned the logic of investing in Shopify when you can invest in Amazon (AMZN) for a fraction of its expensive valuation. Yet, investors in SHOP continue to defy “common valuation logic” by pointing to Shopify’s incredible growth rates.</p><p><blockquote>Shopify的批评者经常质疑投资Shopify的逻辑，因为你可以以其昂贵估值的一小部分投资亚马逊(AMZN)。然而，SHOP的投资者继续无视“常见估值逻辑”，指出Shopify令人难以置信的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2dcffad535b32122075c2b0af38ff14\" tg-width=\"1280\" tg-height=\"818\"><span>SHOP and AMZN LTM Revenue Growth Trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP和AMZN LTM收入增长趋势。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d799fb8dc581602cf953723e8439b3\" tg-width=\"1280\" tg-height=\"710\"><span>AMZN and SHOP LTM Revenue YoY Growth &amp; Revenue 3Y CAGR. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN和SHOP LTM收入同比增长和收入3年复合年增长率。数据来源：标普资本智商</span></p></blockquote></p><p> Over the last 5 years, SHOP’s revenue growth has easily surpassed AMZN at every reporting quarter, and the pandemic fueled e-commerce tailwind also drove higher growth to SHOP as its LTM revenue YoY growth read 99.6% as compared to AMZN’s “meagre” 41.5%. Moreover, SHOP’s revenue 3Y CAGR of 63.3% also easily bested AMZN’s 3Y CAGR of 29.5%. So clearly, SHOP’s growth has been truly phenomenal.</p><p><blockquote>在过去的5年里，SHOP的收入增长在每个报告季度都轻松超过了AMZN，而疫情推动的电子商务顺风也推动了SHOP的更高增长，其LTM收入同比增长99.6%，而AMZN的“微薄”41.5%。此外，SHOP的收入3年复合年增长率为63.3%，也轻松超过了AMZN的3年复合年增长率29.5%。显然，SHOP的增长确实是惊人的。</blockquote></p><p> <b>Shopify's Compelling Merchant Solutions Growth Drivers</b></p><p><blockquote><b>Shopify引人注目的商家解决方案增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530e31580ddf7319700509d7bb77eadf\" tg-width=\"979\" tg-height=\"605\"><span>Shopify Revenue Segments. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify收入细分。数据来源：公司备案</span></p></blockquote></p><p> In recent years, we could see that even though Shopify’s revenue growth has been pretty much broad-based, its merchant solutions segment has been taking up an increasingly large contribution in the company’s revenue base and have transformed itself into Shopify’s most important revenue driver, accounting for 67.6% of Q1’21 revenue. The shift towards increasing the revenue base of merchant solutions has seen the company continuing to roll out multiple new merchant solutions initiatives and services to further monetize the company’s merchant base and improve the strength of its ecosystem, therefore enhancing its “stickiness” and retention over time.</p><p><blockquote>近年来，我们可以看到，尽管Shopify的收入增长基础相当广泛，但其商家解决方案部门对公司收入基础的贡献越来越大，并已转变为Shopify最重要的收入驱动力，占21年第一季度收入的67.6%。向增加商户解决方案收入基础的转变使该公司继续推出多项新的商户解决方案计划和服务，以进一步将公司的商户基础货币化并提高其生态系统的实力，从而随着时间的推移增强其“粘性”和保留率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e25591146598f17356e29c09b22ee48a\" tg-width=\"873\" tg-height=\"540\"><span>Shopify Subscription Solutions and Merchant Solutions YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify订阅解决方案和商家解决方案同比增长。数据来源：公司备案</span></p></blockquote></p><p> Investors should be careful not to get too excited with the pulled forward growth as a result of the COVID-19 pandemic that we observed in FY 20 as seen above. The management has already strongly emphasized in their guidance that they do not expect this to repeat, and&nbsp;expects YoY growth to normalize&nbsp;to levels seen before the pandemic, which in this case is estimated to be somewhere north of 50%. Even though growth is expected to normalize moving forward, it’s not as if SHOP has been growing slowly and more importantly the pulled forward growth last year has allowed SHOP to dramatically increase its merchants growth onto its platform for future monetization within Shopify’s robust ecosystem.</p><p><blockquote>投资者应小心，不要对我们在20财年观察到的COVID-19大流行导致的增长过于兴奋。管理层已经在指导中强烈强调，他们预计这种情况不会重演，并预计同比增长将恢复到大流行之前的水平，在这种情况下，估计超过50%。尽管未来的增长预计将正常化，但SHOP的增长并不缓慢，更重要的是，去年的增长使SHOP能够大幅增加其平台上的商户增长，以便在Shopify强大的生态系统中实现未来的货币化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a81297d610a91d9faaac76cab97c2a46\" tg-width=\"914\" tg-height=\"566\"><span>Shopify Segment Gross Margins. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify部门毛利率。数据来源：公司备案</span></p></blockquote></p><p></p><p> Although Q1’21’s gross margin was higher than recent historical trends, we should not expect this to carry on moving forward. The management pointed out clearly that the company is focusing its efforts to continue improving its robust ecosystem for its merchants such as developing the Shopify Fulfillment Network [SFN], as it expects that the&nbsp;merchant solutions segment to continue driving its revenue growth&nbsp;even if it means lesser gross margins moving forward.</p><p><blockquote>尽管21年第一季度的毛利率高于近期历史趋势，但我们不应指望这种情况会持续下去。管理层明确指出，公司正在集中精力继续为商家改善其强大的生态系统，例如开发Shopify履行网络[SFN]，因为它预计商家解决方案部门将继续推动其收入增长，即使这意味着未来的毛利率会下降。</blockquote></p><p> <b>Shopify Payments is the Key to Unlock the Benefits from GMV Growth</b></p><p><blockquote><b>Shopify Payments是释放GMV增长优势的关键</b></blockquote></p><p> Despite that, the company clarified that as Shopify Payments continue to see increased adoption and usage among its merchants, the company expects to see significant improvement to its SG&amp;A efficiencies as Shopify Payments has a much lesser impact on SG&amp;A margins, therefore leading to improvement on operating efficiencies as Shopify Payments scale up further.</p><p><blockquote>尽管如此，该公司澄清说，随着Shopify Payments在其商家中的采用和使用量继续增加，该公司预计其SG&amp;A效率将显着提高，因为Shopify Payments对SG&amp;A利润率的影响要小得多，因此导致运营效率的提高随着Shopify支付规模的进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f95af102893b8aa172d3bbb38e04e5\" tg-width=\"1280\" tg-height=\"724\"><span>SHOP EBIT Margin, SG&amp;A Margin, R&amp;D Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店息税前利润率、SG&amp;A利润率、R&amp;D利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Clearly, investors could see that despite posting a relatively high LTM gross margin profile in Q1’21: 53.5%, it has only recently turned LTM EBIT profitable (Q1’21: 10.5%), thanks to the company’s solid improvement with its operating efficiencies even though the gross margin profile has remained stable over time, even with the pulled forward growth from COVID-19 last year.</p><p><blockquote>显然，投资者可以看到，尽管21年第一季度的LTM毛利率相对较高：53.5%，但由于该公司运营效率的稳步改善，它直到最近才实现LTM息税前利润（21年第一季度：10.5%）尽管毛利率状况随着时间的推移保持稳定，尽管去年COVID-19带来了增长。</blockquote></p><p> We could see a consistently declining LTM SG&amp;A margin trend reaching 24.8% in Q1’21 from a high of 44.1% in Q4’16, signifying a huge improvement. Therefore, I’m confident that SHOP would continue to deliver improved operating efficiencies as it scales up its SFN to further strengthen its ecosystem, creating even more value and synergies for its merchants and their customers.</p><p><blockquote>我们可以看到LTM SG&amp;A利润率持续下降，从16年第4季度44.1%的高点达到21年第1季度的24.8%，这意味着巨大的改善。因此，我相信SHOP将继续提高运营效率，扩大SFN规模，进一步加强其生态系统，为商家及其客户创造更多价值和协同效应。</blockquote></p><p> <b>SHOP’s GMV and GPV Analysis. Data Source: Company Filings</b></p><p><blockquote><b>商店的GMV和GPV分析。数据来源：公司备案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f6f4cabe3fd5b28627f459fb7c38d30d\" tg-width=\"600\" tg-height=\"371\"><span>SHOP’s GMV and GPV YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP的GMV和GPV同比增长。数据来源：公司备案</span></p></blockquote></p><p> We could clearly see the increasingly important role of Shopify Payments for its merchants as more and more merchants are using Shopify Payments over time as GPV growth has outpaced GMV growth consistently, with Q1’21 reading coming in at 137% YoY growth and 114.4% YoY growth, respectively.</p><p><blockquote>我们可以清楚地看到Shopify支付对其商家越来越重要的作用，随着时间的推移，越来越多的商家使用Shopify支付，GPV增长持续超过GMV增长，21年第一季度的读数分别为同比增长137%和114.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2221628cdde154ad2c8a97a321036aa9\" tg-width=\"600\" tg-height=\"371\"><span>SHOP GPV as a % of GMV. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店GPV占GMV的百分比。数据来源：公司备案</span></p></blockquote></p><p> With the increased adoption and usage of Shopify Payments, in Q1’21 GPV formed 46.4% of GMV, from a low of 37.5% of GMV just 3 years ago. I believe Shopify is moving in the right direction to continue driving more and more merchants towards Shopify Payments as it creates a powerful flywheel to unlock even more and more of the expected massive GMV growth moving forward.</p><p><blockquote>随着Shopify支付的采用和使用不断增加，21年第一季度GPV占GMV的46.4%，而3年前仅占GMV的37.5%。我相信Shopify正在朝着正确的方向前进，继续推动越来越多的商家转向Shopify支付，因为它创造了一个强大的飞轮，可以释放越来越多预期的大规模GMV增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0258ae827634f290dfe0d7d81fd92809\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify先生。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2376f5f19c5f4a4cb9e4f4bb797fcb64\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify MRR同比增长。数据来源：公司备案</span></p></blockquote></p><p> The sustained improvement in GPV growth has come at an important juncture as SHOP had already been experiencing slower MRR growth pre-pandemic (from 36% in Q1’19 to 21% in Q2’20). Therefore, by strategically being able to monetize its merchants in other areas has helped to manage this slowdown, while at the same time opened up many new revenue opportunities for Merchant Solutions to help drive the company’s future growth.</p><p><blockquote>GPV增长的持续改善正值一个重要时刻，因为SHOP在大流行之前就已经经历了MRR增长放缓（从19年第一季度的36%到20年第二季度的21%）。因此，通过战略性地将其他领域的商家货币化，有助于应对这种放缓，同时为商家解决方案开辟了许多新的收入机会，以帮助推动公司未来的增长。</blockquote></p><p> <b>The Importance of International Expansion</b></p><p><blockquote><b>国际扩张的重要性</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26d7cd04a66b877c2669945d4f9a68ef\" tg-width=\"1280\" tg-height=\"775\"><span>Shopify Revenue by Merchant Location. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31774ad4abd47199de636274620d5302\" tg-width=\"807\" tg-height=\"499\"><span>Shopify Revenue by Merchant Location YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入同比增长。数据来源：公司备案</span></p></blockquote></p><p> Although U.S. merchants continue to be SHOP’s most important revenue driver (66.7% of FY 20 revenue), the company has also experienced rapid growth in other geographical markets, particularly in its Rest of World segment. As we can observe from the above chart, U.S. growth has already been trending down pre-pandemic, while Rest of World growth has continued to grow rapidly and consistently.</p><p><blockquote>尽管美国商家仍然是SHOP最重要的收入驱动力（占20财年收入的66.7%），但该公司在其他地理市场也经历了快速增长，特别是在世界其他地区。从上图可以看出，美国的经济增长在大流行前就已经呈下降趋势，而世界其他地区的经济增长则继续快速持续增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39fd8a089cc64ae41da56ef8a8ddafe3\" tg-width=\"966\" tg-height=\"597\"><span>Amazon Revenue Segments YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>亚马逊收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p></p><p> We also observed this from AMZN’s International segment growth where although it has been somewhat of a laggard in previous quarters, it has started to outpace North America’s growth for the last 2 quarters, culminating in Q1’21 YoY growth of 60.4% for the International segment against 39.5% for the North America segment.</p><p><blockquote>我们还从AMZN的国际业务增长中观察到了这一点，尽管前几个季度有些落后，但过去两个季度已开始超过北美的增长，最终国际业务在21年第一季度同比增长60.4%。北美市场为39.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7909e7fdd6bf5972121d1a9a70f75a46\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue 2017 to 2025. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>2017年至2025年美国零售电子商务收入。数据来源：Statista</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c99e9a30fb46d3d1f22e77b72c40740\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue YoY Growth. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国零售电商收入同比增长。数据来源：Statista</span></p></blockquote></p><p> We could see from the above why ramping up growth internationally is so important for Shopify to continue delivering its expected spectacular growth rates. Even though Shopify merchants sell internationally, the fact that the SFN currently serves only businesses whosell to U.S. customersindicates the significance of the U.S. consumers to Shopify’s ecommerce revenues. However, as the growth of U.S. retail e-commerce revenue is expected to slow down over time (from 8.7% YoY in 2021 to 2.7% YoY by 2025), companies like Shopify who rely on high growth to justify its valuation must either take market share away from its key competitors or look for growth outside of the United States.</p><p><blockquote>从上面我们可以看出，为什么加快国际增长对于Shopify继续实现其预期的惊人增长率如此重要。尽管Shopify商家在国际上销售，但SFN目前仅为向美国客户销售的企业提供服务，这一事实表明了美国消费者对Shopify电子商务收入的重要性。然而，由于美国零售电子商务收入的增长预计将随着时间的推移而放缓（从2021年的同比8.7%降至2025年的同比2.7%），像Shopify这样依靠高增长来证明其估值合理性的公司必须要么从主要竞争对手那里获得市场份额，要么在美国以外寻求增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e60f4fcd9254552bdd46a6d9c613384d\" tg-width=\"600\" tg-height=\"371\"><span>Value of Southeast Asia e-commerce market. Data Source: Google, Temasek Holdings, Bain &amp; Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>东南亚电子商务市场的价值。数据来源：谷歌、淡马锡控股、贝恩公司</span></p></blockquote></p><p> For example, if we look across to Southeast Asia, and compare the growth rates of the Southeast Asian market (expected 5Y CAGR for 2020 to 2025: 22.6%) and the United States market (expected 5Y CAGR for 2020 to 2025: 3.73%), it’s easy to see which market will be the key driver of e-commerce growth in the near future. There’s no doubt that the U.S. market remains an extremely important market given its size, however much of the future growth will likely come from overseas markets. Therefore, it’s important that Shopify continues to drive growth across other geographical markets.</p><p><blockquote>例如，如果我们放眼东南亚，比较东南亚市场（2020年至2025年的预期5年CAGR：22.6%）和美国市场（2020年至2025年的预期5年CAGR：3.73%）的增长率，很容易看出哪个市场将是不久的将来电子商务增长的主要驱动力。毫无疑问，鉴于美国市场的规模，其仍然是一个极其重要的市场，但未来的大部分增长可能来自海外市场。因此，Shopify继续推动其他地理市场的增长非常重要。</blockquote></p><p> <b>Let's Bring in Sea Limited</b></p><p><blockquote><b>让我们引入Sea Limited</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d40fe31435cdc50217df4172982b7354\" tg-width=\"1280\" tg-height=\"821\"><span>Sea Limited &amp; SHOP EBIT Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited&amp;商店息税前利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> In order to look at Shopify’s growth opportunities in the Southeast Asian market, I thought it would be important to first consider the most important e-commerce player in that region: Sea Limited (SE), which I had previouslycovered in detail in an article hererecently.</p><p><blockquote>为了了解Shopify在东南亚市场的增长机会，我认为首先考虑该地区最重要的电子商务参与者是很重要的：Sea Limited(SE)，我之前在一篇文章中详细介绍过它最近。</blockquote></p><p> It’s easy to see how SHOP’s more profitable business model on relying on subscriptions and merchant solutions drove a much higher EBIT margin as compared to SE’s online marketplace platform: Shopee, which is currently being supported by the company’s profitable Garena gaming segment.</p><p><blockquote>很容易看出，与SE的在线市场平台Shopee相比，SHOP依靠订阅和商家解决方案的利润更高的商业模式如何推动了更高的息税前利润率，Shopee目前由该公司盈利的Garena游戏部门提供支持。</blockquote></p><p> Despite that, Sea has still been able to drive significant revenue growth and operating efficiencies such that its EBIT margins have seen remarkable improvement.</p><p><blockquote>尽管如此，Sea仍然能够推动显着的收入增长和运营效率，使其息税前利润率显着提高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/788d4d4399cbdeb497792a1f90868e47\" tg-width=\"1280\" tg-height=\"714\"><span>EBIT Margin Forecast. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> When we modelled SE and SHOP’s EBIT margins moving forward, we could see how both companies’ improving cost efficiencies, notably from the reduction in SG&amp;A margins, would help both companies to continue improving their operating margins over time.</p><p><blockquote>当我们对SE和SHOP未来的息税前利润率进行建模时，我们可以看到两家公司成本效率的提高，特别是SG&amp;A利润率的降低，将如何帮助两家公司随着时间的推移继续提高营业利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f94e62035fe5fc04eaeb95b7d760df28\" tg-width=\"1280\" tg-height=\"703\"><span>SE and SHOP Projected Unlevered FCF Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计无杠杆自由现金流利润率。数据来源：标普资本智商</span></p></blockquote></p><p> This is where their SE is expected to pull ahead. In modelling their FCF, SE is expected to generate so much FCF from its revenue growth and operating profits that the company looks increasingly like a massive cash flow machine moving forward. It’s not as if SHOP looks sloppy, but when compared to SE’s FCF margins, they certainly don’t look as impressive though.</p><p><blockquote>这是他们的SE有望领先的地方。在模拟自由现金流时，SE预计将从其收入增长和营业利润中产生如此多的自由现金流，以至于该公司看起来越来越像一台向前发展的巨大现金流机器。SHOP看起来并不马虎，但与SE的自由现金流利润率相比，它们看起来肯定没有那么令人印象深刻。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa625e12090dfc0f64e439c278b5b9d0\" tg-width=\"1280\" tg-height=\"649\"><span>SE and SHOP Projected Revenue CAGR (5Y, 10Y), 10Y Projected Av. Unlevered FCF Margin, EV / FY+1 Rev. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计收入CAGR（5年、10年）、10年预计Av。无杠杆自由现金流利润率，EV/FY+1修订版数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> More importantly, when we bring their current valuation levels into the picture (EV / FY+1 Rev), we could see that SE’s current valuation (16.3x) looks so much more attractive than SHOP’s (32.7x), while being able to convert that rapid revenue growth into higher FCF margins. It should also be noted that I have modelled both companies to continue their blockbuster performances: SE (5Y CAGR of 44.3%, 10Y CAGR of 26.7%), SHOP (5Y CAGR 41.4%, 10Y CAGR 32.3%).</p><p><blockquote>更重要的是，当我们考虑到他们当前的估值水平（EV/FY+1 Rev）时，我们可以看到SE当前的估值（16.3倍）看起来比SHOP的（32.7倍）更具吸引力，同时能够将快速的收入增长转化为更高的自由现金流利润率。还应该指出的是，我对这两家公司进行了建模，以继续其出色的表现：SE（5年复合年增长率为44.3%，10年复合年增长率为26.7%）、SHOP（5年复合年增长率为41.4%，10年复合年增长率为32.3%）。</blockquote></p><p> Therefore, for investors who would like a share of that rapid international growth in the Southeast Asian market coupled with a leading cash flow generating gaming segment, you should look no further than SE.</p><p><blockquote>因此，对于想要分享东南亚市场快速国际增长以及领先的现金流产生游戏领域的投资者来说，您应该看看SE。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4df93eabc2cf51bdca0056071317076a\" tg-width=\"600\" tg-height=\"371\"><span>Market share of e-commerce software platforms in the U.S. in 2021 Data Source: Builtwith</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年美国电商软件平台市场份额数据来源：Builtwith</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2485bbbc639e9512e106f6dd1ab48ff\" tg-width=\"600\" tg-height=\"371\"><span>Unique visitors to the most popular online retailers in SEA in 2020. Data Source: iPrice Group, SimilarWeb, Marketing in Asia</span></p><p><blockquote><p class=\"t-img-caption\"><span>2020年SEA最受欢迎在线零售商的独立访客。数据来源：iPrice Group、SimilarWeb、亚洲市场营销</span></p></blockquote></p><p> When we consider the competitive economics in the U.S. against Southeast Asia, it becomes very clear. Shopify faces strong competition within its software platform segment, without accounting for Amazon’s prowess as well. Even though I expect Shopify to continue its rapid expansion, I believe that it faces more intensive competitive threats than Sea Limited as the pie in the U.S. is expected to grow slower over time. SHOP needs almost perfect execution every quarter to justify its lofty valuations.</p><p><blockquote>当我们考虑美国与东南亚的竞争经济学时，这一点就变得非常清楚了。Shopify在其软件平台领域面临着激烈的竞争，但也没有考虑到亚马逊的实力。尽管我预计Shopify将继续快速扩张，但我相信它比Sea Limited面临更激烈的竞争威胁，因为随着时间的推移，美国的市场增长预计会放缓。SHOP每个季度都需要近乎完美的执行才能证明其高估值的合理性。</blockquote></p><p> As compared to SE, it is clearly the dominant online marketplace now in Southeast Asia by a fairly large margin, and its prowess and scale is also growing, further stretching the distance from its competitors. Coupled with its ShopeePay payments platform, it also creates a flywheel effect similar to what Shopify Payments does for Shopify. The leadership in Southeast Asia is surely Sea’s to lose, and there’s so much potential growth that the company can capture in this region as the undisputed leader. When we consider Shopify’s valuations against SE’s it looks quite clear SE’s valuation looks more attractive now, with stronger market leadership and arguably higher potential growth.</p><p><blockquote>与SE相比，它显然是东南亚在线市场的主导者，其实力和规模也在增长，进一步拉开了与竞争对手的距离。再加上其ShopeePay支付平台，它还创造了类似于Shopify Payments为Shopify所做的飞轮效应。东南亚的领导地位肯定是Sea失去的，而且该公司作为无可争议的领导者可以在该地区抓住巨大的增长潜力。当我们将Shopify的估值与SE的估值进行比较时，很明显SE的估值现在看起来更具吸引力，具有更强的市场领导地位和可以说更高的潜在增长。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a9782afa86bafbd3d2e54e41e0c1d13\" tg-width=\"1280\" tg-height=\"794\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> SHOP’s price action has been stuck somewhat in a large consolidation phase since Oct 20, with the bull trap set in Feb 21 at around the $1500 level. Support was found at around the $1000 level, with further support at around the $835 level for investors who wish to add further into SHOP. It’s important to note that despite SHOP’s lofty valuations, its long term uptrend bias has never been threatened, and I expect this to carry on moving forward.</p><p><blockquote>自10月20日以来，SHOP的价格走势一直陷入大幅盘整阶段，牛市陷阱于2月21日设定在1500美元左右。对于希望进一步增持的投资者来说，支撑位在1000美元左右，进一步支撑位在835美元左右。值得注意的是，尽管SHOP的估值很高，但其长期上升趋势偏见从未受到威胁，我预计这种情况将继续下去。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Although Shopify is one of the most expensive high quality e-commerce stocks right now, it’s also expected to generate rapid growth ahead with its ever improving ecosystem for its merchants. Coupled with one of the strongest long term uptrend biases that I have seen for stocks (It didn’t lose its key support levels even during the COVID-19 bear market), I believe this puts SHOP in a strong position as a stock to add aggressively at the next big dip.</p><p><blockquote>尽管Shopify是目前最昂贵的优质电子商务股票之一，但随着其商家生态系统的不断改善，预计它也将在未来实现快速增长。再加上我所见过的股票最强烈的长期上升趋势偏差之一（即使在COVID-19熊市期间，它也没有失去关键支撑位），我相信这使SHOP作为一只股票处于有利地位，可以在下一次大幅下跌时积极增加。</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>Shopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</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\">\nShopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 23:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shopify has consistently delivered for long-term investors who have kept faith with the company despite its high valuations.</li>  <li>The company has multiple growth drivers in Payments, and International markets to further drive its growth story.</li>  <li>Its technical picture also shows a stock that has always been strongly supported along its long-term uptrend.</li>  <li>I attempt to discuss the key aspects of its operating performances and why investors should also focus on international expansion as a key aspect of e-commerce growth.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52317e0f54753da09429856ece6bc6b5\" tg-width=\"768\" tg-height=\"512\"><span>Photo by JHVEPhoto/iStock Editorial via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>Shopify始终为长期投资者提供服务，尽管该公司估值很高，但他们仍对该公司保持信心。</li><li>该公司在支付和国际市场方面拥有多种增长动力，以进一步推动其增长故事。</li><li>其技术图还显示了一只在长期上升趋势中始终受到强有力支撑的股票。</li><li>我试图讨论其经营业绩的关键方面，以及为什么投资者也应该将国际扩张作为电子商务增长的关键方面。</li></ul><p class=\"t-img-caption\"><span>摄影：JHVEPhoto/iStock社论来自Getty Images投资论文</span></p></blockquote></p><p> Shopify (SHOP) is one of the most hotly debated e-commerce stocks because of its explosive revenue growth rates and its high valuations. The company continues to demonstrate both stellar topline and bottomline growth while also improving its cash flow margins. The management’s ability to monetize its merchants through Shopify Payments and its suite of merchant solutions is a masterstroke that shows the capability of the management to be able to continue executing its high growth strategies with aplomb moving forward. Despite its relatively high valuation levels, it also remains a very strong stock from the technical point of view, so bullish investors may consider adding it at the next dip.</p><p><blockquote>Shopify(SHOP)因其爆炸性的收入增长率和高估值而成为最受争议的电子商务股票之一。该公司继续表现出出色的营收和利润增长，同时现金流利润率也有所提高。管理层通过Shopify Payments及其商户解决方案套件为商户货币化的能力是一个绝妙之举，表明管理层有能力继续泰然自若地执行其高增长战略。尽管其估值水平相对较高，但从技术角度来看，它仍然是一只非常强劲的股票，因此看涨的投资者可能会考虑在下一次下跌时添加它。</blockquote></p><p> <b>Shopify: Defying Amazon’s Valuation Logic</b></p><p><blockquote><b>Shopify：挑战亚马逊的估值逻辑</b></blockquote></p><p> Shopify’s critics have often questioned the logic of investing in Shopify when you can invest in Amazon (AMZN) for a fraction of its expensive valuation. Yet, investors in SHOP continue to defy “common valuation logic” by pointing to Shopify’s incredible growth rates.</p><p><blockquote>Shopify的批评者经常质疑投资Shopify的逻辑，因为你可以以其昂贵估值的一小部分投资亚马逊(AMZN)。然而，SHOP的投资者继续无视“常见估值逻辑”，指出Shopify令人难以置信的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2dcffad535b32122075c2b0af38ff14\" tg-width=\"1280\" tg-height=\"818\"><span>SHOP and AMZN LTM Revenue Growth Trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP和AMZN LTM收入增长趋势。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d799fb8dc581602cf953723e8439b3\" tg-width=\"1280\" tg-height=\"710\"><span>AMZN and SHOP LTM Revenue YoY Growth &amp; Revenue 3Y CAGR. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN和SHOP LTM收入同比增长和收入3年复合年增长率。数据来源：标普资本智商</span></p></blockquote></p><p> Over the last 5 years, SHOP’s revenue growth has easily surpassed AMZN at every reporting quarter, and the pandemic fueled e-commerce tailwind also drove higher growth to SHOP as its LTM revenue YoY growth read 99.6% as compared to AMZN’s “meagre” 41.5%. Moreover, SHOP’s revenue 3Y CAGR of 63.3% also easily bested AMZN’s 3Y CAGR of 29.5%. So clearly, SHOP’s growth has been truly phenomenal.</p><p><blockquote>在过去的5年里，SHOP的收入增长在每个报告季度都轻松超过了AMZN，而疫情推动的电子商务顺风也推动了SHOP的更高增长，其LTM收入同比增长99.6%，而AMZN的“微薄”41.5%。此外，SHOP的收入3年复合年增长率为63.3%，也轻松超过了AMZN的3年复合年增长率29.5%。显然，SHOP的增长确实是惊人的。</blockquote></p><p> <b>Shopify's Compelling Merchant Solutions Growth Drivers</b></p><p><blockquote><b>Shopify引人注目的商家解决方案增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530e31580ddf7319700509d7bb77eadf\" tg-width=\"979\" tg-height=\"605\"><span>Shopify Revenue Segments. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify收入细分。数据来源：公司备案</span></p></blockquote></p><p> In recent years, we could see that even though Shopify’s revenue growth has been pretty much broad-based, its merchant solutions segment has been taking up an increasingly large contribution in the company’s revenue base and have transformed itself into Shopify’s most important revenue driver, accounting for 67.6% of Q1’21 revenue. The shift towards increasing the revenue base of merchant solutions has seen the company continuing to roll out multiple new merchant solutions initiatives and services to further monetize the company’s merchant base and improve the strength of its ecosystem, therefore enhancing its “stickiness” and retention over time.</p><p><blockquote>近年来，我们可以看到，尽管Shopify的收入增长基础相当广泛，但其商家解决方案部门对公司收入基础的贡献越来越大，并已转变为Shopify最重要的收入驱动力，占21年第一季度收入的67.6%。向增加商户解决方案收入基础的转变使该公司继续推出多项新的商户解决方案计划和服务，以进一步将公司的商户基础货币化并提高其生态系统的实力，从而随着时间的推移增强其“粘性”和保留率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e25591146598f17356e29c09b22ee48a\" tg-width=\"873\" tg-height=\"540\"><span>Shopify Subscription Solutions and Merchant Solutions YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify订阅解决方案和商家解决方案同比增长。数据来源：公司备案</span></p></blockquote></p><p> Investors should be careful not to get too excited with the pulled forward growth as a result of the COVID-19 pandemic that we observed in FY 20 as seen above. The management has already strongly emphasized in their guidance that they do not expect this to repeat, and&nbsp;expects YoY growth to normalize&nbsp;to levels seen before the pandemic, which in this case is estimated to be somewhere north of 50%. Even though growth is expected to normalize moving forward, it’s not as if SHOP has been growing slowly and more importantly the pulled forward growth last year has allowed SHOP to dramatically increase its merchants growth onto its platform for future monetization within Shopify’s robust ecosystem.</p><p><blockquote>投资者应小心，不要对我们在20财年观察到的COVID-19大流行导致的增长过于兴奋。管理层已经在指导中强烈强调，他们预计这种情况不会重演，并预计同比增长将恢复到大流行之前的水平，在这种情况下，估计超过50%。尽管未来的增长预计将正常化，但SHOP的增长并不缓慢，更重要的是，去年的增长使SHOP能够大幅增加其平台上的商户增长，以便在Shopify强大的生态系统中实现未来的货币化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a81297d610a91d9faaac76cab97c2a46\" tg-width=\"914\" tg-height=\"566\"><span>Shopify Segment Gross Margins. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify部门毛利率。数据来源：公司备案</span></p></blockquote></p><p></p><p> Although Q1’21’s gross margin was higher than recent historical trends, we should not expect this to carry on moving forward. The management pointed out clearly that the company is focusing its efforts to continue improving its robust ecosystem for its merchants such as developing the Shopify Fulfillment Network [SFN], as it expects that the&nbsp;merchant solutions segment to continue driving its revenue growth&nbsp;even if it means lesser gross margins moving forward.</p><p><blockquote>尽管21年第一季度的毛利率高于近期历史趋势，但我们不应指望这种情况会持续下去。管理层明确指出，公司正在集中精力继续为商家改善其强大的生态系统，例如开发Shopify履行网络[SFN]，因为它预计商家解决方案部门将继续推动其收入增长，即使这意味着未来的毛利率会下降。</blockquote></p><p> <b>Shopify Payments is the Key to Unlock the Benefits from GMV Growth</b></p><p><blockquote><b>Shopify Payments是释放GMV增长优势的关键</b></blockquote></p><p> Despite that, the company clarified that as Shopify Payments continue to see increased adoption and usage among its merchants, the company expects to see significant improvement to its SG&amp;A efficiencies as Shopify Payments has a much lesser impact on SG&amp;A margins, therefore leading to improvement on operating efficiencies as Shopify Payments scale up further.</p><p><blockquote>尽管如此，该公司澄清说，随着Shopify Payments在其商家中的采用和使用量继续增加，该公司预计其SG&amp;A效率将显着提高，因为Shopify Payments对SG&amp;A利润率的影响要小得多，因此导致运营效率的提高随着Shopify支付规模的进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f95af102893b8aa172d3bbb38e04e5\" tg-width=\"1280\" tg-height=\"724\"><span>SHOP EBIT Margin, SG&amp;A Margin, R&amp;D Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店息税前利润率、SG&amp;A利润率、R&amp;D利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Clearly, investors could see that despite posting a relatively high LTM gross margin profile in Q1’21: 53.5%, it has only recently turned LTM EBIT profitable (Q1’21: 10.5%), thanks to the company’s solid improvement with its operating efficiencies even though the gross margin profile has remained stable over time, even with the pulled forward growth from COVID-19 last year.</p><p><blockquote>显然，投资者可以看到，尽管21年第一季度的LTM毛利率相对较高：53.5%，但由于该公司运营效率的稳步改善，它直到最近才实现LTM息税前利润（21年第一季度：10.5%）尽管毛利率状况随着时间的推移保持稳定，尽管去年COVID-19带来了增长。</blockquote></p><p> We could see a consistently declining LTM SG&amp;A margin trend reaching 24.8% in Q1’21 from a high of 44.1% in Q4’16, signifying a huge improvement. Therefore, I’m confident that SHOP would continue to deliver improved operating efficiencies as it scales up its SFN to further strengthen its ecosystem, creating even more value and synergies for its merchants and their customers.</p><p><blockquote>我们可以看到LTM SG&amp;A利润率持续下降，从16年第4季度44.1%的高点达到21年第1季度的24.8%，这意味着巨大的改善。因此，我相信SHOP将继续提高运营效率，扩大SFN规模，进一步加强其生态系统，为商家及其客户创造更多价值和协同效应。</blockquote></p><p> <b>SHOP’s GMV and GPV Analysis. Data Source: Company Filings</b></p><p><blockquote><b>商店的GMV和GPV分析。数据来源：公司备案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f6f4cabe3fd5b28627f459fb7c38d30d\" tg-width=\"600\" tg-height=\"371\"><span>SHOP’s GMV and GPV YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP的GMV和GPV同比增长。数据来源：公司备案</span></p></blockquote></p><p> We could clearly see the increasingly important role of Shopify Payments for its merchants as more and more merchants are using Shopify Payments over time as GPV growth has outpaced GMV growth consistently, with Q1’21 reading coming in at 137% YoY growth and 114.4% YoY growth, respectively.</p><p><blockquote>我们可以清楚地看到Shopify支付对其商家越来越重要的作用，随着时间的推移，越来越多的商家使用Shopify支付，GPV增长持续超过GMV增长，21年第一季度的读数分别为同比增长137%和114.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2221628cdde154ad2c8a97a321036aa9\" tg-width=\"600\" tg-height=\"371\"><span>SHOP GPV as a % of GMV. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店GPV占GMV的百分比。数据来源：公司备案</span></p></blockquote></p><p> With the increased adoption and usage of Shopify Payments, in Q1’21 GPV formed 46.4% of GMV, from a low of 37.5% of GMV just 3 years ago. I believe Shopify is moving in the right direction to continue driving more and more merchants towards Shopify Payments as it creates a powerful flywheel to unlock even more and more of the expected massive GMV growth moving forward.</p><p><blockquote>随着Shopify支付的采用和使用不断增加，21年第一季度GPV占GMV的46.4%，而3年前仅占GMV的37.5%。我相信Shopify正在朝着正确的方向前进，继续推动越来越多的商家转向Shopify支付，因为它创造了一个强大的飞轮，可以释放越来越多预期的大规模GMV增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0258ae827634f290dfe0d7d81fd92809\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify先生。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2376f5f19c5f4a4cb9e4f4bb797fcb64\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify MRR同比增长。数据来源：公司备案</span></p></blockquote></p><p> The sustained improvement in GPV growth has come at an important juncture as SHOP had already been experiencing slower MRR growth pre-pandemic (from 36% in Q1’19 to 21% in Q2’20). Therefore, by strategically being able to monetize its merchants in other areas has helped to manage this slowdown, while at the same time opened up many new revenue opportunities for Merchant Solutions to help drive the company’s future growth.</p><p><blockquote>GPV增长的持续改善正值一个重要时刻，因为SHOP在大流行之前就已经经历了MRR增长放缓（从19年第一季度的36%到20年第二季度的21%）。因此，通过战略性地将其他领域的商家货币化，有助于应对这种放缓，同时为商家解决方案开辟了许多新的收入机会，以帮助推动公司未来的增长。</blockquote></p><p> <b>The Importance of International Expansion</b></p><p><blockquote><b>国际扩张的重要性</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26d7cd04a66b877c2669945d4f9a68ef\" tg-width=\"1280\" tg-height=\"775\"><span>Shopify Revenue by Merchant Location. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31774ad4abd47199de636274620d5302\" tg-width=\"807\" tg-height=\"499\"><span>Shopify Revenue by Merchant Location YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入同比增长。数据来源：公司备案</span></p></blockquote></p><p> Although U.S. merchants continue to be SHOP’s most important revenue driver (66.7% of FY 20 revenue), the company has also experienced rapid growth in other geographical markets, particularly in its Rest of World segment. As we can observe from the above chart, U.S. growth has already been trending down pre-pandemic, while Rest of World growth has continued to grow rapidly and consistently.</p><p><blockquote>尽管美国商家仍然是SHOP最重要的收入驱动力（占20财年收入的66.7%），但该公司在其他地理市场也经历了快速增长，特别是在世界其他地区。从上图可以看出，美国的经济增长在大流行前就已经呈下降趋势，而世界其他地区的经济增长则继续快速持续增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39fd8a089cc64ae41da56ef8a8ddafe3\" tg-width=\"966\" tg-height=\"597\"><span>Amazon Revenue Segments YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>亚马逊收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p></p><p> We also observed this from AMZN’s International segment growth where although it has been somewhat of a laggard in previous quarters, it has started to outpace North America’s growth for the last 2 quarters, culminating in Q1’21 YoY growth of 60.4% for the International segment against 39.5% for the North America segment.</p><p><blockquote>我们还从AMZN的国际业务增长中观察到了这一点，尽管前几个季度有些落后，但过去两个季度已开始超过北美的增长，最终国际业务在21年第一季度同比增长60.4%。北美市场为39.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7909e7fdd6bf5972121d1a9a70f75a46\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue 2017 to 2025. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>2017年至2025年美国零售电子商务收入。数据来源：Statista</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c99e9a30fb46d3d1f22e77b72c40740\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue YoY Growth. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国零售电商收入同比增长。数据来源：Statista</span></p></blockquote></p><p> We could see from the above why ramping up growth internationally is so important for Shopify to continue delivering its expected spectacular growth rates. Even though Shopify merchants sell internationally, the fact that the SFN currently serves only businesses whosell to U.S. customersindicates the significance of the U.S. consumers to Shopify’s ecommerce revenues. However, as the growth of U.S. retail e-commerce revenue is expected to slow down over time (from 8.7% YoY in 2021 to 2.7% YoY by 2025), companies like Shopify who rely on high growth to justify its valuation must either take market share away from its key competitors or look for growth outside of the United States.</p><p><blockquote>从上面我们可以看出，为什么加快国际增长对于Shopify继续实现其预期的惊人增长率如此重要。尽管Shopify商家在国际上销售，但SFN目前仅为向美国客户销售的企业提供服务，这一事实表明了美国消费者对Shopify电子商务收入的重要性。然而，由于美国零售电子商务收入的增长预计将随着时间的推移而放缓（从2021年的同比8.7%降至2025年的同比2.7%），像Shopify这样依靠高增长来证明其估值合理性的公司必须要么从主要竞争对手那里获得市场份额，要么在美国以外寻求增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e60f4fcd9254552bdd46a6d9c613384d\" tg-width=\"600\" tg-height=\"371\"><span>Value of Southeast Asia e-commerce market. Data Source: Google, Temasek Holdings, Bain &amp; Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>东南亚电子商务市场的价值。数据来源：谷歌、淡马锡控股、贝恩公司</span></p></blockquote></p><p> For example, if we look across to Southeast Asia, and compare the growth rates of the Southeast Asian market (expected 5Y CAGR for 2020 to 2025: 22.6%) and the United States market (expected 5Y CAGR for 2020 to 2025: 3.73%), it’s easy to see which market will be the key driver of e-commerce growth in the near future. There’s no doubt that the U.S. market remains an extremely important market given its size, however much of the future growth will likely come from overseas markets. Therefore, it’s important that Shopify continues to drive growth across other geographical markets.</p><p><blockquote>例如，如果我们放眼东南亚，比较东南亚市场（2020年至2025年的预期5年CAGR：22.6%）和美国市场（2020年至2025年的预期5年CAGR：3.73%）的增长率，很容易看出哪个市场将是不久的将来电子商务增长的主要驱动力。毫无疑问，鉴于美国市场的规模，其仍然是一个极其重要的市场，但未来的大部分增长可能来自海外市场。因此，Shopify继续推动其他地理市场的增长非常重要。</blockquote></p><p> <b>Let's Bring in Sea Limited</b></p><p><blockquote><b>让我们引入Sea Limited</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d40fe31435cdc50217df4172982b7354\" tg-width=\"1280\" tg-height=\"821\"><span>Sea Limited &amp; SHOP EBIT Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited&amp;商店息税前利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> In order to look at Shopify’s growth opportunities in the Southeast Asian market, I thought it would be important to first consider the most important e-commerce player in that region: Sea Limited (SE), which I had previouslycovered in detail in an article hererecently.</p><p><blockquote>为了了解Shopify在东南亚市场的增长机会，我认为首先考虑该地区最重要的电子商务参与者是很重要的：Sea Limited(SE)，我之前在一篇文章中详细介绍过它最近。</blockquote></p><p> It’s easy to see how SHOP’s more profitable business model on relying on subscriptions and merchant solutions drove a much higher EBIT margin as compared to SE’s online marketplace platform: Shopee, which is currently being supported by the company’s profitable Garena gaming segment.</p><p><blockquote>很容易看出，与SE的在线市场平台Shopee相比，SHOP依靠订阅和商家解决方案的利润更高的商业模式如何推动了更高的息税前利润率，Shopee目前由该公司盈利的Garena游戏部门提供支持。</blockquote></p><p> Despite that, Sea has still been able to drive significant revenue growth and operating efficiencies such that its EBIT margins have seen remarkable improvement.</p><p><blockquote>尽管如此，Sea仍然能够推动显着的收入增长和运营效率，使其息税前利润率显着提高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/788d4d4399cbdeb497792a1f90868e47\" tg-width=\"1280\" tg-height=\"714\"><span>EBIT Margin Forecast. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> When we modelled SE and SHOP’s EBIT margins moving forward, we could see how both companies’ improving cost efficiencies, notably from the reduction in SG&amp;A margins, would help both companies to continue improving their operating margins over time.</p><p><blockquote>当我们对SE和SHOP未来的息税前利润率进行建模时，我们可以看到两家公司成本效率的提高，特别是SG&amp;A利润率的降低，将如何帮助两家公司随着时间的推移继续提高营业利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f94e62035fe5fc04eaeb95b7d760df28\" tg-width=\"1280\" tg-height=\"703\"><span>SE and SHOP Projected Unlevered FCF Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计无杠杆自由现金流利润率。数据来源：标普资本智商</span></p></blockquote></p><p> This is where their SE is expected to pull ahead. In modelling their FCF, SE is expected to generate so much FCF from its revenue growth and operating profits that the company looks increasingly like a massive cash flow machine moving forward. It’s not as if SHOP looks sloppy, but when compared to SE’s FCF margins, they certainly don’t look as impressive though.</p><p><blockquote>这是他们的SE有望领先的地方。在模拟自由现金流时，SE预计将从其收入增长和营业利润中产生如此多的自由现金流，以至于该公司看起来越来越像一台向前发展的巨大现金流机器。SHOP看起来并不马虎，但与SE的自由现金流利润率相比，它们看起来肯定没有那么令人印象深刻。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa625e12090dfc0f64e439c278b5b9d0\" tg-width=\"1280\" tg-height=\"649\"><span>SE and SHOP Projected Revenue CAGR (5Y, 10Y), 10Y Projected Av. Unlevered FCF Margin, EV / FY+1 Rev. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计收入CAGR（5年、10年）、10年预计Av。无杠杆自由现金流利润率，EV/FY+1修订版数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> More importantly, when we bring their current valuation levels into the picture (EV / FY+1 Rev), we could see that SE’s current valuation (16.3x) looks so much more attractive than SHOP’s (32.7x), while being able to convert that rapid revenue growth into higher FCF margins. It should also be noted that I have modelled both companies to continue their blockbuster performances: SE (5Y CAGR of 44.3%, 10Y CAGR of 26.7%), SHOP (5Y CAGR 41.4%, 10Y CAGR 32.3%).</p><p><blockquote>更重要的是，当我们考虑到他们当前的估值水平（EV/FY+1 Rev）时，我们可以看到SE当前的估值（16.3倍）看起来比SHOP的（32.7倍）更具吸引力，同时能够将快速的收入增长转化为更高的自由现金流利润率。还应该指出的是，我对这两家公司进行了建模，以继续其出色的表现：SE（5年复合年增长率为44.3%，10年复合年增长率为26.7%）、SHOP（5年复合年增长率为41.4%，10年复合年增长率为32.3%）。</blockquote></p><p> Therefore, for investors who would like a share of that rapid international growth in the Southeast Asian market coupled with a leading cash flow generating gaming segment, you should look no further than SE.</p><p><blockquote>因此，对于想要分享东南亚市场快速国际增长以及领先的现金流产生游戏领域的投资者来说，您应该看看SE。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4df93eabc2cf51bdca0056071317076a\" tg-width=\"600\" tg-height=\"371\"><span>Market share of e-commerce software platforms in the U.S. in 2021 Data Source: Builtwith</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年美国电商软件平台市场份额数据来源：Builtwith</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2485bbbc639e9512e106f6dd1ab48ff\" tg-width=\"600\" tg-height=\"371\"><span>Unique visitors to the most popular online retailers in SEA in 2020. Data Source: iPrice Group, SimilarWeb, Marketing in Asia</span></p><p><blockquote><p class=\"t-img-caption\"><span>2020年SEA最受欢迎在线零售商的独立访客。数据来源：iPrice Group、SimilarWeb、亚洲市场营销</span></p></blockquote></p><p> When we consider the competitive economics in the U.S. against Southeast Asia, it becomes very clear. Shopify faces strong competition within its software platform segment, without accounting for Amazon’s prowess as well. Even though I expect Shopify to continue its rapid expansion, I believe that it faces more intensive competitive threats than Sea Limited as the pie in the U.S. is expected to grow slower over time. SHOP needs almost perfect execution every quarter to justify its lofty valuations.</p><p><blockquote>当我们考虑美国与东南亚的竞争经济学时，这一点就变得非常清楚了。Shopify在其软件平台领域面临着激烈的竞争，但也没有考虑到亚马逊的实力。尽管我预计Shopify将继续快速扩张，但我相信它比Sea Limited面临更激烈的竞争威胁，因为随着时间的推移，美国的市场增长预计会放缓。SHOP每个季度都需要近乎完美的执行才能证明其高估值的合理性。</blockquote></p><p> As compared to SE, it is clearly the dominant online marketplace now in Southeast Asia by a fairly large margin, and its prowess and scale is also growing, further stretching the distance from its competitors. Coupled with its ShopeePay payments platform, it also creates a flywheel effect similar to what Shopify Payments does for Shopify. The leadership in Southeast Asia is surely Sea’s to lose, and there’s so much potential growth that the company can capture in this region as the undisputed leader. When we consider Shopify’s valuations against SE’s it looks quite clear SE’s valuation looks more attractive now, with stronger market leadership and arguably higher potential growth.</p><p><blockquote>与SE相比，它显然是东南亚在线市场的主导者，其实力和规模也在增长，进一步拉开了与竞争对手的距离。再加上其ShopeePay支付平台，它还创造了类似于Shopify Payments为Shopify所做的飞轮效应。东南亚的领导地位肯定是Sea失去的，而且该公司作为无可争议的领导者可以在该地区抓住巨大的增长潜力。当我们将Shopify的估值与SE的估值进行比较时，很明显SE的估值现在看起来更具吸引力，具有更强的市场领导地位和可以说更高的潜在增长。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a9782afa86bafbd3d2e54e41e0c1d13\" tg-width=\"1280\" tg-height=\"794\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> SHOP’s price action has been stuck somewhat in a large consolidation phase since Oct 20, with the bull trap set in Feb 21 at around the $1500 level. Support was found at around the $1000 level, with further support at around the $835 level for investors who wish to add further into SHOP. It’s important to note that despite SHOP’s lofty valuations, its long term uptrend bias has never been threatened, and I expect this to carry on moving forward.</p><p><blockquote>自10月20日以来，SHOP的价格走势一直陷入大幅盘整阶段，牛市陷阱于2月21日设定在1500美元左右。对于希望进一步增持的投资者来说，支撑位在1000美元左右，进一步支撑位在835美元左右。值得注意的是，尽管SHOP的估值很高，但其长期上升趋势偏见从未受到威胁，我预计这种情况将继续下去。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Although Shopify is one of the most expensive high quality e-commerce stocks right now, it’s also expected to generate rapid growth ahead with its ever improving ecosystem for its merchants. Coupled with one of the strongest long term uptrend biases that I have seen for stocks (It didn’t lose its key support levels even during the COVID-19 bear market), I believe this puts SHOP in a strong position as a stock to add aggressively at the next big dip.</p><p><blockquote>尽管Shopify是目前最昂贵的优质电子商务股票之一，但随着其商家生态系统的不断改善，预计它也将在未来实现快速增长。再加上我所见过的股票最强烈的长期上升趋势偏差之一（即使在COVID-19熊市期间，它也没有失去关键支撑位），我相信这使SHOP作为一只股票处于有利地位，可以在下一次大幅下跌时积极增加。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4433111-shopify-an-expensive-stock-that-keeps-delivering\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4433111-shopify-an-expensive-stock-that-keeps-delivering","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167651093","content_text":"Summary\n\nShopify has consistently delivered for long-term investors who have kept faith with the company despite its high valuations.\nThe company has multiple growth drivers in Payments, and International markets to further drive its growth story.\nIts technical picture also shows a stock that has always been strongly supported along its long-term uptrend.\nI attempt to discuss the key aspects of its operating performances and why investors should also focus on international expansion as a key aspect of e-commerce growth.\n\nPhoto by JHVEPhoto/iStock Editorial via Getty ImagesInvestment Thesis\nShopify (SHOP) is one of the most hotly debated e-commerce stocks because of its explosive revenue growth rates and its high valuations. The company continues to demonstrate both stellar topline and bottomline growth while also improving its cash flow margins. The management’s ability to monetize its merchants through Shopify Payments and its suite of merchant solutions is a masterstroke that shows the capability of the management to be able to continue executing its high growth strategies with aplomb moving forward. Despite its relatively high valuation levels, it also remains a very strong stock from the technical point of view, so bullish investors may consider adding it at the next dip.\nShopify: Defying Amazon’s Valuation Logic\nShopify’s critics have often questioned the logic of investing in Shopify when you can invest in Amazon (AMZN) for a fraction of its expensive valuation. Yet, investors in SHOP continue to defy “common valuation logic” by pointing to Shopify’s incredible growth rates.\nSHOP and AMZN LTM Revenue Growth Trend. Data Source: S&P Capital IQ\nAMZN and SHOP LTM Revenue YoY Growth & Revenue 3Y CAGR. Data Source: S&P Capital IQ\nOver the last 5 years, SHOP’s revenue growth has easily surpassed AMZN at every reporting quarter, and the pandemic fueled e-commerce tailwind also drove higher growth to SHOP as its LTM revenue YoY growth read 99.6% as compared to AMZN’s “meagre” 41.5%. Moreover, SHOP’s revenue 3Y CAGR of 63.3% also easily bested AMZN’s 3Y CAGR of 29.5%. So clearly, SHOP’s growth has been truly phenomenal.\nShopify's Compelling Merchant Solutions Growth Drivers\nShopify Revenue Segments. Data Source: Company Filings\nIn recent years, we could see that even though Shopify’s revenue growth has been pretty much broad-based, its merchant solutions segment has been taking up an increasingly large contribution in the company’s revenue base and have transformed itself into Shopify’s most important revenue driver, accounting for 67.6% of Q1’21 revenue. The shift towards increasing the revenue base of merchant solutions has seen the company continuing to roll out multiple new merchant solutions initiatives and services to further monetize the company’s merchant base and improve the strength of its ecosystem, therefore enhancing its “stickiness” and retention over time.\nShopify Subscription Solutions and Merchant Solutions YoY Growth. Data Source: Company Filings\nInvestors should be careful not to get too excited with the pulled forward growth as a result of the COVID-19 pandemic that we observed in FY 20 as seen above. The management has already strongly emphasized in their guidance that they do not expect this to repeat, and expects YoY growth to normalize to levels seen before the pandemic, which in this case is estimated to be somewhere north of 50%. Even though growth is expected to normalize moving forward, it’s not as if SHOP has been growing slowly and more importantly the pulled forward growth last year has allowed SHOP to dramatically increase its merchants growth onto its platform for future monetization within Shopify’s robust ecosystem.\nShopify Segment Gross Margins. Data Source: Company Filings\nAlthough Q1’21’s gross margin was higher than recent historical trends, we should not expect this to carry on moving forward. The management pointed out clearly that the company is focusing its efforts to continue improving its robust ecosystem for its merchants such as developing the Shopify Fulfillment Network [SFN], as it expects that the merchant solutions segment to continue driving its revenue growth even if it means lesser gross margins moving forward.\nShopify Payments is the Key to Unlock the Benefits from GMV Growth\nDespite that, the company clarified that as Shopify Payments continue to see increased adoption and usage among its merchants, the company expects to see significant improvement to its SG&A efficiencies as Shopify Payments has a much lesser impact on SG&A margins, therefore leading to improvement on operating efficiencies as Shopify Payments scale up further.\nSHOP EBIT Margin, SG&A Margin, R&D Margin, Gross Margin. Data Source: S&P Capital IQ\nClearly, investors could see that despite posting a relatively high LTM gross margin profile in Q1’21: 53.5%, it has only recently turned LTM EBIT profitable (Q1’21: 10.5%), thanks to the company’s solid improvement with its operating efficiencies even though the gross margin profile has remained stable over time, even with the pulled forward growth from COVID-19 last year.\nWe could see a consistently declining LTM SG&A margin trend reaching 24.8% in Q1’21 from a high of 44.1% in Q4’16, signifying a huge improvement. Therefore, I’m confident that SHOP would continue to deliver improved operating efficiencies as it scales up its SFN to further strengthen its ecosystem, creating even more value and synergies for its merchants and their customers.\nSHOP’s GMV and GPV Analysis. Data Source: Company Filings\nSHOP’s GMV and GPV YoY Growth. Data Source: Company Filings\nWe could clearly see the increasingly important role of Shopify Payments for its merchants as more and more merchants are using Shopify Payments over time as GPV growth has outpaced GMV growth consistently, with Q1’21 reading coming in at 137% YoY growth and 114.4% YoY growth, respectively.\nSHOP GPV as a % of GMV. Data Source: Company Filings\nWith the increased adoption and usage of Shopify Payments, in Q1’21 GPV formed 46.4% of GMV, from a low of 37.5% of GMV just 3 years ago. I believe Shopify is moving in the right direction to continue driving more and more merchants towards Shopify Payments as it creates a powerful flywheel to unlock even more and more of the expected massive GMV growth moving forward.\nShopify MRR. Data Source: Company Filings\nShopify MRR YoY Growth. Data Source: Company Filings\nThe sustained improvement in GPV growth has come at an important juncture as SHOP had already been experiencing slower MRR growth pre-pandemic (from 36% in Q1’19 to 21% in Q2’20). Therefore, by strategically being able to monetize its merchants in other areas has helped to manage this slowdown, while at the same time opened up many new revenue opportunities for Merchant Solutions to help drive the company’s future growth.\nThe Importance of International Expansion\nShopify Revenue by Merchant Location. Data Source: Company Filings\nShopify Revenue by Merchant Location YoY Growth. Data Source: Company Filings\nAlthough U.S. merchants continue to be SHOP’s most important revenue driver (66.7% of FY 20 revenue), the company has also experienced rapid growth in other geographical markets, particularly in its Rest of World segment. As we can observe from the above chart, U.S. growth has already been trending down pre-pandemic, while Rest of World growth has continued to grow rapidly and consistently.\nAmazon Revenue Segments YoY Growth. Data Source: Company Filings\nWe also observed this from AMZN’s International segment growth where although it has been somewhat of a laggard in previous quarters, it has started to outpace North America’s growth for the last 2 quarters, culminating in Q1’21 YoY growth of 60.4% for the International segment against 39.5% for the North America segment.\nU.S. Retail e-commerce revenue 2017 to 2025. Data Source: Statista\nU.S. Retail e-commerce revenue YoY Growth. Data Source: Statista\nWe could see from the above why ramping up growth internationally is so important for Shopify to continue delivering its expected spectacular growth rates. Even though Shopify merchants sell internationally, the fact that the SFN currently serves only businesses whosell to U.S. customersindicates the significance of the U.S. consumers to Shopify’s ecommerce revenues. However, as the growth of U.S. retail e-commerce revenue is expected to slow down over time (from 8.7% YoY in 2021 to 2.7% YoY by 2025), companies like Shopify who rely on high growth to justify its valuation must either take market share away from its key competitors or look for growth outside of the United States.\nValue of Southeast Asia e-commerce market. Data Source: Google, Temasek Holdings, Bain & Company\nFor example, if we look across to Southeast Asia, and compare the growth rates of the Southeast Asian market (expected 5Y CAGR for 2020 to 2025: 22.6%) and the United States market (expected 5Y CAGR for 2020 to 2025: 3.73%), it’s easy to see which market will be the key driver of e-commerce growth in the near future. There’s no doubt that the U.S. market remains an extremely important market given its size, however much of the future growth will likely come from overseas markets. Therefore, it’s important that Shopify continues to drive growth across other geographical markets.\nLet's Bring in Sea Limited\nSea Limited & SHOP EBIT Margin, Gross Margin. Data Source: S&P Capital IQ\nIn order to look at Shopify’s growth opportunities in the Southeast Asian market, I thought it would be important to first consider the most important e-commerce player in that region: Sea Limited (SE), which I had previouslycovered in detail in an article hererecently.\nIt’s easy to see how SHOP’s more profitable business model on relying on subscriptions and merchant solutions drove a much higher EBIT margin as compared to SE’s online marketplace platform: Shopee, which is currently being supported by the company’s profitable Garena gaming segment.\nDespite that, Sea has still been able to drive significant revenue growth and operating efficiencies such that its EBIT margins have seen remarkable improvement.\nEBIT Margin Forecast. Data Source: S&P Capital IQ\nWhen we modelled SE and SHOP’s EBIT margins moving forward, we could see how both companies’ improving cost efficiencies, notably from the reduction in SG&A margins, would help both companies to continue improving their operating margins over time.\nSE and SHOP Projected Unlevered FCF Margin. Data Source: S&P Capital IQ\nThis is where their SE is expected to pull ahead. In modelling their FCF, SE is expected to generate so much FCF from its revenue growth and operating profits that the company looks increasingly like a massive cash flow machine moving forward. It’s not as if SHOP looks sloppy, but when compared to SE’s FCF margins, they certainly don’t look as impressive though.\nSE and SHOP Projected Revenue CAGR (5Y, 10Y), 10Y Projected Av. Unlevered FCF Margin, EV / FY+1 Rev. Data Source: S&P Capital IQ\nMore importantly, when we bring their current valuation levels into the picture (EV / FY+1 Rev), we could see that SE’s current valuation (16.3x) looks so much more attractive than SHOP’s (32.7x), while being able to convert that rapid revenue growth into higher FCF margins. It should also be noted that I have modelled both companies to continue their blockbuster performances: SE (5Y CAGR of 44.3%, 10Y CAGR of 26.7%), SHOP (5Y CAGR 41.4%, 10Y CAGR 32.3%).\nTherefore, for investors who would like a share of that rapid international growth in the Southeast Asian market coupled with a leading cash flow generating gaming segment, you should look no further than SE.\nMarket share of e-commerce software platforms in the U.S. in 2021 Data Source: Builtwith\nUnique visitors to the most popular online retailers in SEA in 2020. Data Source: iPrice Group, SimilarWeb, Marketing in Asia\nWhen we consider the competitive economics in the U.S. against Southeast Asia, it becomes very clear. Shopify faces strong competition within its software platform segment, without accounting for Amazon’s prowess as well. Even though I expect Shopify to continue its rapid expansion, I believe that it faces more intensive competitive threats than Sea Limited as the pie in the U.S. is expected to grow slower over time. SHOP needs almost perfect execution every quarter to justify its lofty valuations.\nAs compared to SE, it is clearly the dominant online marketplace now in Southeast Asia by a fairly large margin, and its prowess and scale is also growing, further stretching the distance from its competitors. Coupled with its ShopeePay payments platform, it also creates a flywheel effect similar to what Shopify Payments does for Shopify. The leadership in Southeast Asia is surely Sea’s to lose, and there’s so much potential growth that the company can capture in this region as the undisputed leader. When we consider Shopify’s valuations against SE’s it looks quite clear SE’s valuation looks more attractive now, with stronger market leadership and arguably higher potential growth.\nPrice Action and Technical Analysis\nSource: TradingView\nSHOP’s price action has been stuck somewhat in a large consolidation phase since Oct 20, with the bull trap set in Feb 21 at around the $1500 level. Support was found at around the $1000 level, with further support at around the $835 level for investors who wish to add further into SHOP. It’s important to note that despite SHOP’s lofty valuations, its long term uptrend bias has never been threatened, and I expect this to carry on moving forward.\nWrapping it all up\nAlthough Shopify is one of the most expensive high quality e-commerce stocks right now, it’s also expected to generate rapid growth ahead with its ever improving ecosystem for its merchants. Coupled with one of the strongest long term uptrend biases that I have seen for stocks (It didn’t lose its key support levels even during the COVID-19 bear market), I believe this puts SHOP in a strong position as a stock to add aggressively at the next big dip.","news_type":1,"symbols_score_info":{"SHOP":0.9}},"isVote":1,"tweetType":1,"viewCount":1242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132581909,"gmtCreate":1622099188501,"gmtModify":1634183851484,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/132581909","repostId":"1156849069","repostType":4,"repost":{"id":"1156849069","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622098615,"share":"https://www.laohu8.com/m/news/1156849069?lang=zh_CN&edition=full","pubTime":"2021-05-27 14:56","market":"us","language":"en","title":"Cathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156849069","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC Jaws Spitfire Acquisition CorpSPFR 0.4%which is set to take 3D printing company Velo3D public.The ArkAutonomous Technology & Robotics ETF bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.Velo3D is a 3D printer supplier for SpaceX, the space exploration company led by Tesla Inc TSLA 2.39%CE","content":"<p>Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC&nbsp;<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.4%which is set to take 3D printing company Velo3D public.</p><p><blockquote>Cathie Wood领导的Ark Investment Management周三购买了SPAC的29,301股股票，估计价值约292,131美元<b>大白鲨喷火收购公司</b>SPFR 0.4%，3D打印公司Velo3D将上市。</blockquote></p><p> The&nbsp;<b>ArkAutonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ) bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.</p><p><blockquote>The<b>ARKA自主技术与机器人ETF</b>（BATS：ARKQ）周二购买了11,325股Jaws Spitfire股票。在周三交易之前，ARKQ持有2549348股，价值约2530万美元。</blockquote></p><p> Velo3D&nbsp;is a 3D printer supplier for SpaceX,&nbsp;the space exploration company led by&nbsp;<b>Tesla Inc</b>&nbsp;TSLA 2.39%CEO Elon Musk. It expects for the deal with Jaws Spitfire to close in the second half of the year and list under the \"VLD\" ticker on the New York Stock Exchange.</p><p><blockquote>Velo 3D是SpaceX的3D打印机供应商，SpaceX是由<b>特斯拉公司</b>TSLA 2.39%首席执行官埃隆·马斯克。该公司预计与Jaws Spitfire的交易将于今年下半年完成，并在纽约证券交易所上市，股票代码为“VLD”。</blockquote></p><p> The company was founded by billionaire Barry Sternlicht, the chairman of Miami-based investment firm Starwood Capital Group, which has about $80 billion worth of assets under management.</p><p><blockquote>该公司由亿万富翁巴里·斯特恩利希特(Barry Sternlicht)创立，他是迈阿密投资公司喜达屋资本集团(Starwood Capital Group)的董事长，该公司管理着价值约800亿美元的资产。</blockquote></p><p> Ark&nbsp;also holds 714,990 shares, worth about $7.1 million, of the companybackedby tennis player Serena Williams via the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>(BATS:ARKX).</p><p><blockquote>Ark还持有该公司714,990股股票，价值约710万美元，该公司由网球运动员塞雷娜·威廉姆斯(Serena Williams)通过<b>方舟太空探索与创新ETF</b>（蝙蝠：ARKX）。</blockquote></p><p> The investment firm’s&nbsp;<b>3D Printing ETF</b>(BATS:PRNT) is dedicated to the 3D printing industry. PRNT has grown about 22% and has&nbsp;<b>3D Systems Corp</b>DDD 8.82%as its top holdings among a total of 56 stocks.</p><p><blockquote>投资公司的<b>3D打印ETF</b>（BATS：PRNT）致力于3D打印行业。PRNT增长了约22%<b>3D系统公司</b>DDD 8.82%是其在总共56只股票中持有最多的股票。</blockquote></p><p> Some of the other key Ark Invest sells included&nbsp;<b>Guardant Health Inc</b>&nbsp;GH 0.49%,&nbsp;<b>Syros Pharmaceuticals Inc</b>&nbsp;SYRS 10.91%, and buys included&nbsp;<b>908 Devices Inc</b>&nbsp;MASS 1.23%.</p><p><blockquote>Ark Invest的其他一些关键销售包括<b>卫士健康公司</b>生长激素0.49%，<b>Syros制药公司</b>SYRS 10.91%，包括购买<b>908设备公司</b>质量1.23%。</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>Cathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</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; 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: 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\">\nCathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-27 14:56</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC&nbsp;<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.4%which is set to take 3D printing company Velo3D public.</p><p><blockquote>Cathie Wood领导的Ark Investment Management周三购买了SPAC的29,301股股票，估计价值约292,131美元<b>大白鲨喷火收购公司</b>SPFR 0.4%，3D打印公司Velo3D将上市。</blockquote></p><p> The&nbsp;<b>ArkAutonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ) bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.</p><p><blockquote>The<b>ARKA自主技术与机器人ETF</b>（BATS：ARKQ）周二购买了11,325股Jaws Spitfire股票。在周三交易之前，ARKQ持有2549348股，价值约2530万美元。</blockquote></p><p> Velo3D&nbsp;is a 3D printer supplier for SpaceX,&nbsp;the space exploration company led by&nbsp;<b>Tesla Inc</b>&nbsp;TSLA 2.39%CEO Elon Musk. It expects for the deal with Jaws Spitfire to close in the second half of the year and list under the \"VLD\" ticker on the New York Stock Exchange.</p><p><blockquote>Velo 3D是SpaceX的3D打印机供应商，SpaceX是由<b>特斯拉公司</b>TSLA 2.39%首席执行官埃隆·马斯克。该公司预计与Jaws Spitfire的交易将于今年下半年完成，并在纽约证券交易所上市，股票代码为“VLD”。</blockquote></p><p> The company was founded by billionaire Barry Sternlicht, the chairman of Miami-based investment firm Starwood Capital Group, which has about $80 billion worth of assets under management.</p><p><blockquote>该公司由亿万富翁巴里·斯特恩利希特(Barry Sternlicht)创立，他是迈阿密投资公司喜达屋资本集团(Starwood Capital Group)的董事长，该公司管理着价值约800亿美元的资产。</blockquote></p><p> Ark&nbsp;also holds 714,990 shares, worth about $7.1 million, of the companybackedby tennis player Serena Williams via the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>(BATS:ARKX).</p><p><blockquote>Ark还持有该公司714,990股股票，价值约710万美元，该公司由网球运动员塞雷娜·威廉姆斯(Serena Williams)通过<b>方舟太空探索与创新ETF</b>（蝙蝠：ARKX）。</blockquote></p><p> The investment firm’s&nbsp;<b>3D Printing ETF</b>(BATS:PRNT) is dedicated to the 3D printing industry. PRNT has grown about 22% and has&nbsp;<b>3D Systems Corp</b>DDD 8.82%as its top holdings among a total of 56 stocks.</p><p><blockquote>投资公司的<b>3D打印ETF</b>（BATS：PRNT）致力于3D打印行业。PRNT增长了约22%<b>3D系统公司</b>DDD 8.82%是其在总共56只股票中持有最多的股票。</blockquote></p><p> Some of the other key Ark Invest sells included&nbsp;<b>Guardant Health Inc</b>&nbsp;GH 0.49%,&nbsp;<b>Syros Pharmaceuticals Inc</b>&nbsp;SYRS 10.91%, and buys included&nbsp;<b>908 Devices Inc</b>&nbsp;MASS 1.23%.</p><p><blockquote>Ark Invest的其他一些关键销售包括<b>卫士健康公司</b>生长激素0.49%，<b>Syros制药公司</b>SYRS 10.91%，包括购买<b>908设备公司</b>质量1.23%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKQ":"ARK Autonomous Technology & Robotics ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156849069","content_text":"Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC Jaws Spitfire Acquisition CorpSPFR 0.4%which is set to take 3D printing company Velo3D public.\nThe ArkAutonomous Technology & Robotics ETF(BATS:ARKQ) bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.\nVelo3D is a 3D printer supplier for SpaceX, the space exploration company led by Tesla Inc TSLA 2.39%CEO Elon Musk. It expects for the deal with Jaws Spitfire to close in the second half of the year and list under the \"VLD\" ticker on the New York Stock Exchange.\nThe company was founded by billionaire Barry Sternlicht, the chairman of Miami-based investment firm Starwood Capital Group, which has about $80 billion worth of assets under management.\nArk also holds 714,990 shares, worth about $7.1 million, of the companybackedby tennis player Serena Williams via the Ark Space Exploration & Innovation ETF(BATS:ARKX).\nThe investment firm’s 3D Printing ETF(BATS:PRNT) is dedicated to the 3D printing industry. PRNT has grown about 22% and has 3D Systems CorpDDD 8.82%as its top holdings among a total of 56 stocks.\nSome of the other key Ark Invest sells included Guardant Health Inc GH 0.49%, Syros Pharmaceuticals Inc SYRS 10.91%, and buys included 908 Devices Inc MASS 1.23%.","news_type":1,"symbols_score_info":{"ARKQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131387812,"gmtCreate":1621828619836,"gmtModify":1634186276745,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/131387812","repostId":"1128354126","repostType":4,"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190460930,"gmtCreate":1620644674120,"gmtModify":1634197467067,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190460930","repostId":"1118102058","repostType":4,"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190487263,"gmtCreate":1620644651852,"gmtModify":1634197467541,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190487263","repostId":"1192177885","repostType":4,"isVote":1,"tweetType":1,"viewCount":1190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190487376,"gmtCreate":1620644628695,"gmtModify":1634197468007,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190487376","repostId":"1112709254","repostType":4,"repost":{"id":"1112709254","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620640528,"share":"https://www.laohu8.com/m/news/1112709254?lang=zh_CN&edition=full","pubTime":"2021-05-10 17:55","market":"us","language":"en","title":"Weibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112709254","media":"Tiger Newspress","summary":"Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, toda","content":"<p>Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, today announced its unaudited financial results for first quarter ended March 31, 2021.</p><p><blockquote>中国领先的社交媒体微博公司（WB）（“微博”或“公司”）（纳斯达克：WB）今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p>\"We started the year of 2021 with a strong quarter,\" saidGaofei Wang, CEO of Weibo. \"Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs.\"Mr. Wangconcluded.</p><p><blockquote>微博首席执行官王高飞表示：“我们以强劲的季度开局2021年。”“得益于我们有效的渠道投资、丰富的视频产品以及我们在社交分发和热门趋势方面的实力，微博的用户群和参与度较上一季度继续增长。在货币化方面，我们很高兴看到广泛的同比增长跨行业的增长以及某些差异化广告产品的强劲势头，证明了我们在满足广告商日益增长的品牌和绩效需求方面的竞争力。”王总结道。</blockquote></p><p><ul><li>Weibo Q1 Non-GAAP EPS of $0.57beats by $0.09; GAAP EPS of $0.22misses by $0.20.</li><li>Revenue of $458.9M (+41.9% Y/Y)beats by $25.06M.</li><li>Adjusted EBITDA of $256.73M vs. consensus of $$116.5M.</li><li>Advertising and marketing revenue of $390.0M (+42% Y/Y)&nbsp;&nbsp;vs. estimate $369.1M; VAS revenue of $68.9M (+44% Y/Y)&nbsp;&nbsp;vs.&nbsp;estimate $59.7M.</li><li>For the<b>second quarter of 2021</b>, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis, reflecting Weibo's current and preliminary view, which is subject to change.</li></ul>Weibo&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarketing&nbsp;trading.<img src=\"https://static.tigerbbs.com/47b8e16c16e9a384ac2d300f7e9c1391\" tg-width=\"789\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>微博第一季度非GAAP每股收益0.57美元超过预期0.09美元；GAAP每股收益为0.22美元，低于预期为0.20美元。</li><li>收入为4.589亿美元（同比增长41.9%）超过预期为2506万美元。</li><li>调整后EBITDA为2.5673亿美元，而市场普遍预期为1.165亿美元。</li><li>广告和营销收入为3.9亿美元（同比增长42%）。估计3.691亿美元；增值服务收入为6890万美元（同比增长44%），而预期为5970万美元。</li><li>对于<b>2021年第二季度</b>，微博预计其净收入按固定汇率计算将同比增长25%至30%，反映了微博当前的初步观点，该观点可能会发生变化。</li></ul>微博在盘前交易中涨超3%。</blockquote></p><p><b>First Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第一季度亮点</b></blockquote></p><p><ul><li>Net revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis[1].</li><li>Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.</li><li>Value-added service (\"VAS\") revenues were $68.9 million, an increase of 44% year-over-year.</li><li>Income from operations was $108.6 million, representing an operating margin of 24%.</li><li>Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.</li><li>Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.</li><li>Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.</li><li>Monthly active users (\"MAUs\") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.</li></ul><b>First Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>净收入为4.589亿美元，同比增长42%，按固定汇率计算同比增长31%[1]。</li><li>广告和营销收入为3.9亿美元，同比增长42%。</li><li>增值服务（“VAS”）收入为6890万美元，同比增长44%。</li><li>营业收入为1.086亿美元，营业利润率为24%。</li><li>非GAAP运营收入为1.375亿美元，非GAAP运营利润率为30%。</li><li>归属于微博的净利润为4980万美元，摊薄后每股净利润为0.22美元。</li><li>归属于微博的非GAAP净利润为1.307亿美元，非GAAP摊薄后每股净利润为0.57美元。</li><li>2021年3月月活跃用户（“MAU”）为5.3亿，同比下降4%，环比增长2%。移动用户占月活跃用户的94%。</li><li>2021年3月平均日活跃用户（“DAU”）为2.3亿，同比下降5%，环比增长2%。</li></ul><b>2021年第一季度财务业绩</b></blockquote></p><p>For the first quarter of 2021, Weibo's total net revenues were $458.9 million, an increase of 42% compared to $323.4 million for the same period last year.</p><p><blockquote>2021年第一季度，微博总净收入为4.589亿美元，较去年同期的3.234亿美元增长42%。</blockquote></p><p>Advertising and marketing revenues for the first quarter of 2021 were $390.0 million, an increase of 42% compared to $275.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were $356.7 million, an increase of 44% compared to $247.9 million for the same period last year, primarily attributable to broad-based robust growth of ad spend across industries from the trough for the same period last year.</p><p><blockquote>2021年第一季度广告和营销收入为3.9亿美元，与去年同期的2.754亿美元相比增长42%。不包括阿里巴巴-SW广告收入的广告和营销收入为3.567亿美元，与去年同期的2.479亿美元相比增长44%，主要归因于各行业广告支出较去年同期的低谷出现了广泛的强劲增长。</blockquote></p><p>VAS revenues for the first quarter of 2021 were $68.9 million, an increase of 44% year-over-year compared to $48.0 million for the same period last year, mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020.</p><p><blockquote>2021年第一季度增值服务收入为6890万美元，与去年同期的4800万美元相比，同比增长44%，主要归因于2020年11月收购的互动娱乐公司的收入。</blockquote></p><p>Costs and expenses for the first quarter of 2021 totaled $350.3 million, an increase of 32% compared to $265.4 million for the same period last year. The increase was primarily due to increased marketing expense and higher personal related cost.</p><p><blockquote>2021年第一季度的成本和费用总计3.503亿美元，与去年同期的2.654亿美元相比增长32%。这一增长主要是由于营销费用增加和个人相关成本增加。</blockquote></p><p>Income from operations for the first quarter of 2021 was $108.6 million, compared to $58.0 million for the same period last year. Operating margin was 24%, compared to 18% last year. Non-GAAP income from operations was $137.5 million, compared to $74.1 million for the same period last year. Non-GAAP operating margin was 30%, compared to 23% last year.</p><p><blockquote>2021年第一季度的运营收入为1.086亿美元，而去年同期为5800万美元。营业利润率为24%，而去年为18%。非GAAP运营收入为1.375亿美元，去年同期为7410万美元。非GAAP营业利润率为30%，而去年为23%。</blockquote></p><p>Non-operating loss for the first quarter of 2021 was $44.7million, compared to an income of $10.0 million for the same period last year. Non-operating loss for the first quarter of 2021 mainly included (i) a $58.2 million net loss on sale of and fair value change of investments, which is excluded under non-GAAP measures; and (ii) a $13.5 million net interest and other income.</p><p><blockquote>2021年第一季度的非运营亏损为4470万美元，而去年同期的收入为1000万美元。2021年第一季度的非经营亏损主要包括(i)投资出售和公允价值变动净亏损5820万美元，不包括在非公认会计准则措施下；(ii)1,350万美元的净利息和其他收入。</blockquote></p><p>Income tax expense were $14.9 million, compared to $15.9 million for the same period last year.</p><p><blockquote>所得税费用为1490万美元，去年同期为1590万美元。</blockquote></p><p></p><p>Net income attributable to Weibo for the first quarter of 2021 was $49.8 million, compared to $52.1 million for the same period last year. Diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.22, at similar level for the same period last year. Non-GAAP net income attributable to Weibo for the first quarter of 2021 was $130.7 million, compared to $67.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.57, compared to $0.30 for the same period last year.</p><p><blockquote>2021年第一季度归属于微博的净利润为4980万美元，去年同期为5210万美元。2021年第一季度归属于微博的摊薄后每股净利润为0.22美元，与去年同期持平。2021年第一季度归属于微博的非美国通用会计准则净利润为1.307亿美元，上年同期为6740万美元。2021年第一季度非美国通用会计准则下归属于微博的每股摊薄净利润为0.57美元，上年同期为0.30美元。</blockquote></p><p>As of March 31, 2021, Weibo's cash, cash equivalents and short-term investments totaled $3.41 billion. For the first quarter of 2021, cash provided by operating activities was $244.3 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $12.4 million.</p><p><blockquote>截至2021年3月31日，微博的现金、现金等价物和短期投资总计34.1亿美元。2021年第一季度，经营活动提供的现金为2.443亿美元，资本支出总额为600万美元，折旧和摊销费用为1240万美元。</blockquote></p><p><b>Appointment of Independent Director</b></p><p><blockquote><b>委任独立董事</b></blockquote></p><p>The Company announced that its board of directors has appointed Mr.Yan Wangas an independent director of the Company.Mr. Wangserved as a director of SINA Corporation, the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception. The appointment is effective immediately.</p><p><blockquote>公司公告，董事会已任命Yan Wangas先生为公司独立董事。王先生于2003年5月至2021年3月担任本公司母公司新浪公司的董事，并自新浪成立以来担任过各种管理职务。该任命立即生效。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.</p><p><blockquote>微博预计2021年第二季度净收入按固定汇率计算将同比增长25%至30%。这一预测反映了微博目前和初步的观点，可能会发生变化。</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>Weibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</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; 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: 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\">\nWeibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</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\">2021-05-10 17:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, today announced its unaudited financial results for first quarter ended March 31, 2021.</p><p><blockquote>中国领先的社交媒体微博公司（WB）（“微博”或“公司”）（纳斯达克：WB）今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p>\"We started the year of 2021 with a strong quarter,\" saidGaofei Wang, CEO of Weibo. \"Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs.\"Mr. Wangconcluded.</p><p><blockquote>微博首席执行官王高飞表示：“我们以强劲的季度开局2021年。”“得益于我们有效的渠道投资、丰富的视频产品以及我们在社交分发和热门趋势方面的实力，微博的用户群和参与度较上一季度继续增长。在货币化方面，我们很高兴看到广泛的同比增长跨行业的增长以及某些差异化广告产品的强劲势头，证明了我们在满足广告商日益增长的品牌和绩效需求方面的竞争力。”王总结道。</blockquote></p><p><ul><li>Weibo Q1 Non-GAAP EPS of $0.57beats by $0.09; GAAP EPS of $0.22misses by $0.20.</li><li>Revenue of $458.9M (+41.9% Y/Y)beats by $25.06M.</li><li>Adjusted EBITDA of $256.73M vs. consensus of $$116.5M.</li><li>Advertising and marketing revenue of $390.0M (+42% Y/Y)&nbsp;&nbsp;vs. estimate $369.1M; VAS revenue of $68.9M (+44% Y/Y)&nbsp;&nbsp;vs.&nbsp;estimate $59.7M.</li><li>For the<b>second quarter of 2021</b>, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis, reflecting Weibo's current and preliminary view, which is subject to change.</li></ul>Weibo&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarketing&nbsp;trading.<img src=\"https://static.tigerbbs.com/47b8e16c16e9a384ac2d300f7e9c1391\" tg-width=\"789\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>微博第一季度非GAAP每股收益0.57美元超过预期0.09美元；GAAP每股收益为0.22美元，低于预期为0.20美元。</li><li>收入为4.589亿美元（同比增长41.9%）超过预期为2506万美元。</li><li>调整后EBITDA为2.5673亿美元，而市场普遍预期为1.165亿美元。</li><li>广告和营销收入为3.9亿美元（同比增长42%）。估计3.691亿美元；增值服务收入为6890万美元（同比增长44%），而预期为5970万美元。</li><li>对于<b>2021年第二季度</b>，微博预计其净收入按固定汇率计算将同比增长25%至30%，反映了微博当前的初步观点，该观点可能会发生变化。</li></ul>微博在盘前交易中涨超3%。</blockquote></p><p><b>First Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第一季度亮点</b></blockquote></p><p><ul><li>Net revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis[1].</li><li>Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.</li><li>Value-added service (\"VAS\") revenues were $68.9 million, an increase of 44% year-over-year.</li><li>Income from operations was $108.6 million, representing an operating margin of 24%.</li><li>Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.</li><li>Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.</li><li>Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.</li><li>Monthly active users (\"MAUs\") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.</li></ul><b>First Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>净收入为4.589亿美元，同比增长42%，按固定汇率计算同比增长31%[1]。</li><li>广告和营销收入为3.9亿美元，同比增长42%。</li><li>增值服务（“VAS”）收入为6890万美元，同比增长44%。</li><li>营业收入为1.086亿美元，营业利润率为24%。</li><li>非GAAP运营收入为1.375亿美元，非GAAP运营利润率为30%。</li><li>归属于微博的净利润为4980万美元，摊薄后每股净利润为0.22美元。</li><li>归属于微博的非GAAP净利润为1.307亿美元，非GAAP摊薄后每股净利润为0.57美元。</li><li>2021年3月月活跃用户（“MAU”）为5.3亿，同比下降4%，环比增长2%。移动用户占月活跃用户的94%。</li><li>2021年3月平均日活跃用户（“DAU”）为2.3亿，同比下降5%，环比增长2%。</li></ul><b>2021年第一季度财务业绩</b></blockquote></p><p>For the first quarter of 2021, Weibo's total net revenues were $458.9 million, an increase of 42% compared to $323.4 million for the same period last year.</p><p><blockquote>2021年第一季度，微博总净收入为4.589亿美元，较去年同期的3.234亿美元增长42%。</blockquote></p><p>Advertising and marketing revenues for the first quarter of 2021 were $390.0 million, an increase of 42% compared to $275.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were $356.7 million, an increase of 44% compared to $247.9 million for the same period last year, primarily attributable to broad-based robust growth of ad spend across industries from the trough for the same period last year.</p><p><blockquote>2021年第一季度广告和营销收入为3.9亿美元，与去年同期的2.754亿美元相比增长42%。不包括阿里巴巴-SW广告收入的广告和营销收入为3.567亿美元，与去年同期的2.479亿美元相比增长44%，主要归因于各行业广告支出较去年同期的低谷出现了广泛的强劲增长。</blockquote></p><p>VAS revenues for the first quarter of 2021 were $68.9 million, an increase of 44% year-over-year compared to $48.0 million for the same period last year, mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020.</p><p><blockquote>2021年第一季度增值服务收入为6890万美元，与去年同期的4800万美元相比，同比增长44%，主要归因于2020年11月收购的互动娱乐公司的收入。</blockquote></p><p>Costs and expenses for the first quarter of 2021 totaled $350.3 million, an increase of 32% compared to $265.4 million for the same period last year. The increase was primarily due to increased marketing expense and higher personal related cost.</p><p><blockquote>2021年第一季度的成本和费用总计3.503亿美元，与去年同期的2.654亿美元相比增长32%。这一增长主要是由于营销费用增加和个人相关成本增加。</blockquote></p><p>Income from operations for the first quarter of 2021 was $108.6 million, compared to $58.0 million for the same period last year. Operating margin was 24%, compared to 18% last year. Non-GAAP income from operations was $137.5 million, compared to $74.1 million for the same period last year. Non-GAAP operating margin was 30%, compared to 23% last year.</p><p><blockquote>2021年第一季度的运营收入为1.086亿美元，而去年同期为5800万美元。营业利润率为24%，而去年为18%。非GAAP运营收入为1.375亿美元，去年同期为7410万美元。非GAAP营业利润率为30%，而去年为23%。</blockquote></p><p>Non-operating loss for the first quarter of 2021 was $44.7million, compared to an income of $10.0 million for the same period last year. Non-operating loss for the first quarter of 2021 mainly included (i) a $58.2 million net loss on sale of and fair value change of investments, which is excluded under non-GAAP measures; and (ii) a $13.5 million net interest and other income.</p><p><blockquote>2021年第一季度的非运营亏损为4470万美元，而去年同期的收入为1000万美元。2021年第一季度的非经营亏损主要包括(i)投资出售和公允价值变动净亏损5820万美元，不包括在非公认会计准则措施下；(ii)1,350万美元的净利息和其他收入。</blockquote></p><p>Income tax expense were $14.9 million, compared to $15.9 million for the same period last year.</p><p><blockquote>所得税费用为1490万美元，去年同期为1590万美元。</blockquote></p><p></p><p>Net income attributable to Weibo for the first quarter of 2021 was $49.8 million, compared to $52.1 million for the same period last year. Diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.22, at similar level for the same period last year. Non-GAAP net income attributable to Weibo for the first quarter of 2021 was $130.7 million, compared to $67.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.57, compared to $0.30 for the same period last year.</p><p><blockquote>2021年第一季度归属于微博的净利润为4980万美元，去年同期为5210万美元。2021年第一季度归属于微博的摊薄后每股净利润为0.22美元，与去年同期持平。2021年第一季度归属于微博的非美国通用会计准则净利润为1.307亿美元，上年同期为6740万美元。2021年第一季度非美国通用会计准则下归属于微博的每股摊薄净利润为0.57美元，上年同期为0.30美元。</blockquote></p><p>As of March 31, 2021, Weibo's cash, cash equivalents and short-term investments totaled $3.41 billion. For the first quarter of 2021, cash provided by operating activities was $244.3 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $12.4 million.</p><p><blockquote>截至2021年3月31日，微博的现金、现金等价物和短期投资总计34.1亿美元。2021年第一季度，经营活动提供的现金为2.443亿美元，资本支出总额为600万美元，折旧和摊销费用为1240万美元。</blockquote></p><p><b>Appointment of Independent Director</b></p><p><blockquote><b>委任独立董事</b></blockquote></p><p>The Company announced that its board of directors has appointed Mr.Yan Wangas an independent director of the Company.Mr. Wangserved as a director of SINA Corporation, the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception. The appointment is effective immediately.</p><p><blockquote>公司公告，董事会已任命Yan Wangas先生为公司独立董事。王先生于2003年5月至2021年3月担任本公司母公司新浪公司的董事，并自新浪成立以来担任过各种管理职务。该任命立即生效。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.</p><p><blockquote>微博预计2021年第二季度净收入按固定汇率计算将同比增长25%至30%。这一预测反映了微博目前和初步的观点，可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WB":"微博"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112709254","content_text":"Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, today announced its unaudited financial results for first quarter ended March 31, 2021.\"We started the year of 2021 with a strong quarter,\" saidGaofei Wang, CEO of Weibo. \"Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs.\"Mr. Wangconcluded.Weibo Q1 Non-GAAP EPS of $0.57beats by $0.09; GAAP EPS of $0.22misses by $0.20.Revenue of $458.9M (+41.9% Y/Y)beats by $25.06M.Adjusted EBITDA of $256.73M vs. consensus of $$116.5M.Advertising and marketing revenue of $390.0M (+42% Y/Y)  vs. estimate $369.1M; VAS revenue of $68.9M (+44% Y/Y)  vs. estimate $59.7M.For thesecond quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis, reflecting Weibo's current and preliminary view, which is subject to change.Weibo rose more than 3% in premarketing trading.First Quarter 2021 HighlightsNet revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis[1].Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.Value-added service (\"VAS\") revenues were $68.9 million, an increase of 44% year-over-year.Income from operations was $108.6 million, representing an operating margin of 24%.Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.Monthly active users (\"MAUs\") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.Average daily active users (\"DAUs\") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.First Quarter 2021 Financial ResultsFor the first quarter of 2021, Weibo's total net revenues were $458.9 million, an increase of 42% compared to $323.4 million for the same period last year.Advertising and marketing revenues for the first quarter of 2021 were $390.0 million, an increase of 42% compared to $275.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were $356.7 million, an increase of 44% compared to $247.9 million for the same period last year, primarily attributable to broad-based robust growth of ad spend across industries from the trough for the same period last year.VAS revenues for the first quarter of 2021 were $68.9 million, an increase of 44% year-over-year compared to $48.0 million for the same period last year, mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020.Costs and expenses for the first quarter of 2021 totaled $350.3 million, an increase of 32% compared to $265.4 million for the same period last year. The increase was primarily due to increased marketing expense and higher personal related cost.Income from operations for the first quarter of 2021 was $108.6 million, compared to $58.0 million for the same period last year. Operating margin was 24%, compared to 18% last year. Non-GAAP income from operations was $137.5 million, compared to $74.1 million for the same period last year. Non-GAAP operating margin was 30%, compared to 23% last year.Non-operating loss for the first quarter of 2021 was $44.7million, compared to an income of $10.0 million for the same period last year. Non-operating loss for the first quarter of 2021 mainly included (i) a $58.2 million net loss on sale of and fair value change of investments, which is excluded under non-GAAP measures; and (ii) a $13.5 million net interest and other income.Income tax expense were $14.9 million, compared to $15.9 million for the same period last year.Net income attributable to Weibo for the first quarter of 2021 was $49.8 million, compared to $52.1 million for the same period last year. Diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.22, at similar level for the same period last year. Non-GAAP net income attributable to Weibo for the first quarter of 2021 was $130.7 million, compared to $67.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.57, compared to $0.30 for the same period last year.As of March 31, 2021, Weibo's cash, cash equivalents and short-term investments totaled $3.41 billion. For the first quarter of 2021, cash provided by operating activities was $244.3 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $12.4 million.Appointment of Independent DirectorThe Company announced that its board of directors has appointed Mr.Yan Wangas an independent director of the Company.Mr. Wangserved as a director of SINA Corporation, the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception. The appointment is effective immediately.Business OutlookFor the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.","news_type":1,"symbols_score_info":{"WB":0.9}},"isVote":1,"tweetType":1,"viewCount":1228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190484425,"gmtCreate":1620644608567,"gmtModify":1634197468374,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190484425","repostId":"1192177885","repostType":4,"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102669982,"gmtCreate":1620207225046,"gmtModify":1631889816839,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AABB\">$Asia Broadband, Inc.(AABB)$</a>Where is the dividend?","listText":"<a href=\"https://laohu8.com/S/AABB\">$Asia Broadband, Inc.(AABB)$</a>Where is the dividend?","text":"$Asia Broadband, Inc.(AABB)$Where is the dividend?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102669982","isVote":1,"tweetType":1,"viewCount":1327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378658710,"gmtCreate":1619028576230,"gmtModify":1634289114977,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Commend","listText":"Commend","text":"Commend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378658710","repostId":"2129774288","repostType":4,"isVote":1,"tweetType":1,"viewCount":1399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378658134,"gmtCreate":1619028477328,"gmtModify":1634289115215,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378658134","repostId":"1182476779","repostType":4,"repost":{"id":"1182476779","kind":"news","pubTimestamp":1619019304,"share":"https://www.laohu8.com/m/news/1182476779?lang=zh_CN&edition=full","pubTime":"2021-04-21 23:35","market":"us","language":"en","title":"Is Square the Long-Term Stock for You?<blockquote>Square是您的长期股票吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182476779","media":"Motley Fool","summary":"The digital payments company is just getting started.\nSquare (NYSE:SQ) came back from an underwhelmi","content":"<p>The digital payments company is just getting started.</p><p><blockquote>这家数字支付公司才刚刚起步。</blockquote></p><p> <b>Square</b>&nbsp;(NYSE:SQ)&nbsp;came back from an underwhelming first half of 2020 with big increases in revenue and gross payment volume in the fourth quarter. But the bigger story is that the&nbsp;fintech company's long-term potential became more apparent as the year went on, and the market rewarded shareholders with roughly 350% gains over the course of the year. ARK Invest chief Cathie Wood, whose investment decisions are watched by growth investors everywhere, has made Square&nbsp;one of her largest holdings. Is it the right long-term stock for you?</p><p><blockquote><b>平方</b>（纽约证券交易所股票代码：SQ）从2020年上半年的低迷中恢复过来，第四季度的收入和支付总额大幅增长。但更重要的是，随着时间的推移，这家金融科技公司的长期潜力变得更加明显，市场在这一年中为股东带来了约350%的收益。ARK Invest首席执行官凯西·伍德(Cathie Wood)的投资决策受到各地成长型投资者的关注，她已将Square作为她最大的持股之一。这是适合您的长期股票吗？</blockquote></p><p> <b>The cashless society is coming</b></p><p><blockquote><b>无现金社会即将来临</b></blockquote></p><p> Square operates two ecosystems: one for sellers, which caters to the small and medium-sized business clients that use its fintech solutions, and Cash App, which individuals use to send payments and related functions. In many ways, it's similar to fintech leader&nbsp;<b>PayPal</b>, which offers similar products and services.</p><p><blockquote>Square运营着两个生态系统：一个面向卖家，迎合使用其金融科技解决方案的中小型企业客户；另一个面向Cash App，个人用于发送付款和相关功能。在很多方面，它类似于金融科技领导者<b>PayPal</b>，提供类似的产品和服务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eec52b2852a019a71e28772d69a6c0bc\" tg-width=\"2000\" tg-height=\"1488\"><span>IMAGE SOURCE: SQUARE.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：SQUARE。</span></p></blockquote></p><p> As would be expected, the seller division was mixed during the pandemic. Physical small businesses suffered during lockdowns, but many with digital capabilities flourished. Square sees a $100 billion addressable market, of which it has less than 3%.</p><p><blockquote>正如预期的那样，大流行期间卖方部门喜忧参半。实体小企业在封锁期间遭受了损失，但许多拥有数字能力的小企业蓬勃发展。Square看到了1000亿美元的潜在市场，但其所占份额不到3%。</blockquote></p><p> Cash App, though, was a high performer during the pandemic as people stayed home and relied on mobile wallets to send and receive money. The company also expanded features for Cash App, such as stock and&nbsp;<b>Bitcoin</b>&nbsp;trading, as well as Cash Card and a rewards program. More than a million Cash App users bought Bitcoin for the first time in Q4, and the cryptocurrency was traded two and a half times more than in Q4 2019. Square itself bought $230 million of Bitcoin recently as it steers itself toward an expanded digital payment ecosystem.</p><p><blockquote>不过，Cash App在疫情期间表现出色，因为人们呆在家里，依靠移动钱包收发钱。该公司还扩展了Cash App的功能，例如股票和<b>比特币</b>交易，以及现金卡和奖励计划。超过100万Cash App用户在第四季度首次购买了比特币，该加密货币的交易量是2019年第四季度的两倍半。Square最近斥资2.3亿美元收购了比特币，以扩大数字支付生态系统。</blockquote></p><p> CashApp users increased 50% over the prior year in the fourth quarter to 36 million, and Cash App revenue increased more than 500%. A little bit of context is necessary here: Square records Bitcoin volume as revenue, and Bitcoin accounted for 80% of Cash App revenue in the fourth quarter and more than half of total revenue. Without Bitcoin, though, Cash App still grew 137%.</p><p><blockquote>第四季度CashApp用户同比增长50%，达到3600万，Cash App收入增长超过500%。这里需要一点背景知识：Square将比特币销量记录为收入，比特币占第四季度Cash App收入的80%，占总收入的一半以上。不过，没有比特币，Cash App仍增长了137%。</blockquote></p><p> According to a McKinsey survey, digital penetration reached 78% in 2020, and that includes 93% for ages 13-34. People using more than one type of digital payment increased to 58%. More than half of survey respondents said they shifted to online shopping during the pandemic, and more than a third said they would increase that. The pandemic accelerated what was already a shift to digital payments, and that's good news for Square.</p><p><blockquote>根据麦肯锡的一项调查，数字渗透率在2020年达到78%，其中13-34岁的人达到93%。使用一种以上数字支付方式的人增加到58%。超过一半的受访者表示，他们在疫情期间转向了网上购物，超过三分之一的受访者表示他们将增加网上购物。疫情加速了向数字支付的转变，这对Square来说是个好消息。</blockquote></p><p> <b>The power of the mobile wallet</b></p><p><blockquote><b>移动钱包的强大功能</b></blockquote></p><p> Square is poised to benefit from the move to digital wallets, and that means increased revenue from a growing and engaged user base. A Cash App account is simpler to use than a bank account, and the \"ecosystem\" aspect of Cash App as a peer-to-peer payments account and trading account is a very attractive feature. As we become more cashless, Square's investments in its platform are likely to yield more customers, higher engagement, and increased revenue.</p><p><blockquote>Square有望从向数字钱包的转变中受益，这意味着来自不断增长和参与的用户群的收入增加。Cash App账户比银行账户更容易使用，Cash App作为点对点支付账户和交易账户的“生态系统”方面是一个非常有吸引力的功能。随着我们变得更加无现金化，Square对其平台的投资可能会带来更多客户、更高的参与度和更多的收入。</blockquote></p><p> Cash App is also becoming more profitable, with gross profit per user up 70% year over year in Q4. Square became profitable for the first time in 2018, and it's been posting more consistent profits over the past two years. Q4 earnings of $294 million were a 24% decrease year over year, but as the seller business gets back up to speed, that should increase.</p><p><blockquote>Cash App的利润也越来越高，第四季度每用户毛利润同比增长70%。Square于2018年首次实现盈利，并且在过去两年中利润更加稳定。第四季度盈利为2.94亿美元，同比下降24%，但随着卖家业务恢复正常，这一数字应该会增加。</blockquote></p><p> Square sees a more than $60 billion addressable market for Cash App, of which it has less than 2%. In the near term, it's planning to gain market share by expanding the Cash App product line and improving customer service. But it has strong tailwinds that will continue to accelerate digital payment adoption as we move away from the pandemic.</p><p><blockquote>Square认为Cash App的潜在市场价值超过600亿美元，但其所占份额不到2%。短期内，它计划通过扩大Cash App产品线和改善客户服务来获得市场份额。但随着我们远离疫情，它有强大的推动力，将继续加速数字支付的采用。</blockquote></p><p> If you're looking for a growth stock that offers potential in the short and long term, Square is a candidate for you. Square stock has gained more than 1,500% over the past five years, but there is much more opportunity ahead, and the company is making moves to harness its potential.</p><p><blockquote>如果您正在寻找一只具有短期和长期潜力的成长型股票，Square是您的候选者。Square股价在过去五年中上涨了1,500%以上，但未来还有更多机会，该公司正在采取措施利用其潜力。</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>Is Square the Long-Term Stock for You?<blockquote>Square是您的长期股票吗？</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; 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: 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\">\nIs Square the Long-Term Stock for You?<blockquote>Square是您的长期股票吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-04-21 23:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The digital payments company is just getting started.</p><p><blockquote>这家数字支付公司才刚刚起步。</blockquote></p><p> <b>Square</b>&nbsp;(NYSE:SQ)&nbsp;came back from an underwhelming first half of 2020 with big increases in revenue and gross payment volume in the fourth quarter. But the bigger story is that the&nbsp;fintech company's long-term potential became more apparent as the year went on, and the market rewarded shareholders with roughly 350% gains over the course of the year. ARK Invest chief Cathie Wood, whose investment decisions are watched by growth investors everywhere, has made Square&nbsp;one of her largest holdings. Is it the right long-term stock for you?</p><p><blockquote><b>平方</b>（纽约证券交易所股票代码：SQ）从2020年上半年的低迷中恢复过来，第四季度的收入和支付总额大幅增长。但更重要的是，随着时间的推移，这家金融科技公司的长期潜力变得更加明显，市场在这一年中为股东带来了约350%的收益。ARK Invest首席执行官凯西·伍德(Cathie Wood)的投资决策受到各地成长型投资者的关注，她已将Square作为她最大的持股之一。这是适合您的长期股票吗？</blockquote></p><p> <b>The cashless society is coming</b></p><p><blockquote><b>无现金社会即将来临</b></blockquote></p><p> Square operates two ecosystems: one for sellers, which caters to the small and medium-sized business clients that use its fintech solutions, and Cash App, which individuals use to send payments and related functions. In many ways, it's similar to fintech leader&nbsp;<b>PayPal</b>, which offers similar products and services.</p><p><blockquote>Square运营着两个生态系统：一个面向卖家，迎合使用其金融科技解决方案的中小型企业客户；另一个面向Cash App，个人用于发送付款和相关功能。在很多方面，它类似于金融科技领导者<b>PayPal</b>，提供类似的产品和服务。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eec52b2852a019a71e28772d69a6c0bc\" tg-width=\"2000\" tg-height=\"1488\"><span>IMAGE SOURCE: SQUARE.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：SQUARE。</span></p></blockquote></p><p> As would be expected, the seller division was mixed during the pandemic. Physical small businesses suffered during lockdowns, but many with digital capabilities flourished. Square sees a $100 billion addressable market, of which it has less than 3%.</p><p><blockquote>正如预期的那样，大流行期间卖方部门喜忧参半。实体小企业在封锁期间遭受了损失，但许多拥有数字能力的小企业蓬勃发展。Square看到了1000亿美元的潜在市场，但其所占份额不到3%。</blockquote></p><p> Cash App, though, was a high performer during the pandemic as people stayed home and relied on mobile wallets to send and receive money. The company also expanded features for Cash App, such as stock and&nbsp;<b>Bitcoin</b>&nbsp;trading, as well as Cash Card and a rewards program. More than a million Cash App users bought Bitcoin for the first time in Q4, and the cryptocurrency was traded two and a half times more than in Q4 2019. Square itself bought $230 million of Bitcoin recently as it steers itself toward an expanded digital payment ecosystem.</p><p><blockquote>不过，Cash App在疫情期间表现出色，因为人们呆在家里，依靠移动钱包收发钱。该公司还扩展了Cash App的功能，例如股票和<b>比特币</b>交易，以及现金卡和奖励计划。超过100万Cash App用户在第四季度首次购买了比特币，该加密货币的交易量是2019年第四季度的两倍半。Square最近斥资2.3亿美元收购了比特币，以扩大数字支付生态系统。</blockquote></p><p> CashApp users increased 50% over the prior year in the fourth quarter to 36 million, and Cash App revenue increased more than 500%. A little bit of context is necessary here: Square records Bitcoin volume as revenue, and Bitcoin accounted for 80% of Cash App revenue in the fourth quarter and more than half of total revenue. Without Bitcoin, though, Cash App still grew 137%.</p><p><blockquote>第四季度CashApp用户同比增长50%，达到3600万，Cash App收入增长超过500%。这里需要一点背景知识：Square将比特币销量记录为收入，比特币占第四季度Cash App收入的80%，占总收入的一半以上。不过，没有比特币，Cash App仍增长了137%。</blockquote></p><p> According to a McKinsey survey, digital penetration reached 78% in 2020, and that includes 93% for ages 13-34. People using more than one type of digital payment increased to 58%. More than half of survey respondents said they shifted to online shopping during the pandemic, and more than a third said they would increase that. The pandemic accelerated what was already a shift to digital payments, and that's good news for Square.</p><p><blockquote>根据麦肯锡的一项调查，数字渗透率在2020年达到78%，其中13-34岁的人达到93%。使用一种以上数字支付方式的人增加到58%。超过一半的受访者表示，他们在疫情期间转向了网上购物，超过三分之一的受访者表示他们将增加网上购物。疫情加速了向数字支付的转变，这对Square来说是个好消息。</blockquote></p><p> <b>The power of the mobile wallet</b></p><p><blockquote><b>移动钱包的强大功能</b></blockquote></p><p> Square is poised to benefit from the move to digital wallets, and that means increased revenue from a growing and engaged user base. A Cash App account is simpler to use than a bank account, and the \"ecosystem\" aspect of Cash App as a peer-to-peer payments account and trading account is a very attractive feature. As we become more cashless, Square's investments in its platform are likely to yield more customers, higher engagement, and increased revenue.</p><p><blockquote>Square有望从向数字钱包的转变中受益，这意味着来自不断增长和参与的用户群的收入增加。Cash App账户比银行账户更容易使用，Cash App作为点对点支付账户和交易账户的“生态系统”方面是一个非常有吸引力的功能。随着我们变得更加无现金化，Square对其平台的投资可能会带来更多客户、更高的参与度和更多的收入。</blockquote></p><p> Cash App is also becoming more profitable, with gross profit per user up 70% year over year in Q4. Square became profitable for the first time in 2018, and it's been posting more consistent profits over the past two years. Q4 earnings of $294 million were a 24% decrease year over year, but as the seller business gets back up to speed, that should increase.</p><p><blockquote>Cash App的利润也越来越高，第四季度每用户毛利润同比增长70%。Square于2018年首次实现盈利，并且在过去两年中利润更加稳定。第四季度盈利为2.94亿美元，同比下降24%，但随着卖家业务恢复正常，这一数字应该会增加。</blockquote></p><p> Square sees a more than $60 billion addressable market for Cash App, of which it has less than 2%. In the near term, it's planning to gain market share by expanding the Cash App product line and improving customer service. But it has strong tailwinds that will continue to accelerate digital payment adoption as we move away from the pandemic.</p><p><blockquote>Square认为Cash App的潜在市场价值超过600亿美元，但其所占份额不到2%。短期内，它计划通过扩大Cash App产品线和改善客户服务来获得市场份额。但随着我们远离疫情，它有强大的推动力，将继续加速数字支付的采用。</blockquote></p><p> If you're looking for a growth stock that offers potential in the short and long term, Square is a candidate for you. Square stock has gained more than 1,500% over the past five years, but there is much more opportunity ahead, and the company is making moves to harness its potential.</p><p><blockquote>如果您正在寻找一只具有短期和长期潜力的成长型股票，Square是您的候选者。Square股价在过去五年中上涨了1,500%以上，但未来还有更多机会，该公司正在采取措施利用其潜力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/04/21/is-square-the-long-term-stock-for-you/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/04/21/is-square-the-long-term-stock-for-you/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182476779","content_text":"The digital payments company is just getting started.\nSquare (NYSE:SQ) came back from an underwhelming first half of 2020 with big increases in revenue and gross payment volume in the fourth quarter. But the bigger story is that the fintech company's long-term potential became more apparent as the year went on, and the market rewarded shareholders with roughly 350% gains over the course of the year. ARK Invest chief Cathie Wood, whose investment decisions are watched by growth investors everywhere, has made Square one of her largest holdings. Is it the right long-term stock for you?\nThe cashless society is coming\nSquare operates two ecosystems: one for sellers, which caters to the small and medium-sized business clients that use its fintech solutions, and Cash App, which individuals use to send payments and related functions. In many ways, it's similar to fintech leader PayPal, which offers similar products and services.\nIMAGE SOURCE: SQUARE.\nAs would be expected, the seller division was mixed during the pandemic. Physical small businesses suffered during lockdowns, but many with digital capabilities flourished. Square sees a $100 billion addressable market, of which it has less than 3%.\nCash App, though, was a high performer during the pandemic as people stayed home and relied on mobile wallets to send and receive money. The company also expanded features for Cash App, such as stock and Bitcoin trading, as well as Cash Card and a rewards program. More than a million Cash App users bought Bitcoin for the first time in Q4, and the cryptocurrency was traded two and a half times more than in Q4 2019. Square itself bought $230 million of Bitcoin recently as it steers itself toward an expanded digital payment ecosystem.\nCashApp users increased 50% over the prior year in the fourth quarter to 36 million, and Cash App revenue increased more than 500%. A little bit of context is necessary here: Square records Bitcoin volume as revenue, and Bitcoin accounted for 80% of Cash App revenue in the fourth quarter and more than half of total revenue. Without Bitcoin, though, Cash App still grew 137%.\nAccording to a McKinsey survey, digital penetration reached 78% in 2020, and that includes 93% for ages 13-34. People using more than one type of digital payment increased to 58%. More than half of survey respondents said they shifted to online shopping during the pandemic, and more than a third said they would increase that. The pandemic accelerated what was already a shift to digital payments, and that's good news for Square.\nThe power of the mobile wallet\nSquare is poised to benefit from the move to digital wallets, and that means increased revenue from a growing and engaged user base. A Cash App account is simpler to use than a bank account, and the \"ecosystem\" aspect of Cash App as a peer-to-peer payments account and trading account is a very attractive feature. As we become more cashless, Square's investments in its platform are likely to yield more customers, higher engagement, and increased revenue.\nCash App is also becoming more profitable, with gross profit per user up 70% year over year in Q4. Square became profitable for the first time in 2018, and it's been posting more consistent profits over the past two years. Q4 earnings of $294 million were a 24% decrease year over year, but as the seller business gets back up to speed, that should increase.\nSquare sees a more than $60 billion addressable market for Cash App, of which it has less than 2%. In the near term, it's planning to gain market share by expanding the Cash App product line and improving customer service. But it has strong tailwinds that will continue to accelerate digital payment adoption as we move away from the pandemic.\nIf you're looking for a growth stock that offers potential in the short and long term, Square is a candidate for you. Square stock has gained more than 1,500% over the past five years, but there is much more opportunity ahead, and the company is making moves to harness its potential.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":414,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379580717,"gmtCreate":1618761994339,"gmtModify":1634291058172,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379580717","repostId":"2128280868","repostType":4,"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":379580458,"gmtCreate":1618761962774,"gmtModify":1634291058293,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Lollll","listText":"Lollll","text":"Lollll","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379580458","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</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; 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: 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\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":480,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":132581909,"gmtCreate":1622099188501,"gmtModify":1634183851484,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/132581909","repostId":"1156849069","repostType":4,"repost":{"id":"1156849069","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1622098615,"share":"https://www.laohu8.com/m/news/1156849069?lang=zh_CN&edition=full","pubTime":"2021-05-27 14:56","market":"us","language":"en","title":"Cathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156849069","media":"Benzinga","summary":"Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC Jaws Spitfire Acquisition CorpSPFR 0.4%which is set to take 3D printing company Velo3D public.The ArkAutonomous Technology & Robotics ETF bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.Velo3D is a 3D printer supplier for SpaceX, the space exploration company led by Tesla Inc TSLA 2.39%CE","content":"<p>Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC&nbsp;<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.4%which is set to take 3D printing company Velo3D public.</p><p><blockquote>Cathie Wood领导的Ark Investment Management周三购买了SPAC的29,301股股票，估计价值约292,131美元<b>大白鲨喷火收购公司</b>SPFR 0.4%，3D打印公司Velo3D将上市。</blockquote></p><p> The&nbsp;<b>ArkAutonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ) bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.</p><p><blockquote>The<b>ARKA自主技术与机器人ETF</b>（BATS：ARKQ）周二购买了11,325股Jaws Spitfire股票。在周三交易之前，ARKQ持有2549348股，价值约2530万美元。</blockquote></p><p> Velo3D&nbsp;is a 3D printer supplier for SpaceX,&nbsp;the space exploration company led by&nbsp;<b>Tesla Inc</b>&nbsp;TSLA 2.39%CEO Elon Musk. It expects for the deal with Jaws Spitfire to close in the second half of the year and list under the \"VLD\" ticker on the New York Stock Exchange.</p><p><blockquote>Velo 3D是SpaceX的3D打印机供应商，SpaceX是由<b>特斯拉公司</b>TSLA 2.39%首席执行官埃隆·马斯克。该公司预计与Jaws Spitfire的交易将于今年下半年完成，并在纽约证券交易所上市，股票代码为“VLD”。</blockquote></p><p> The company was founded by billionaire Barry Sternlicht, the chairman of Miami-based investment firm Starwood Capital Group, which has about $80 billion worth of assets under management.</p><p><blockquote>该公司由亿万富翁巴里·斯特恩利希特(Barry Sternlicht)创立，他是迈阿密投资公司喜达屋资本集团(Starwood Capital Group)的董事长，该公司管理着价值约800亿美元的资产。</blockquote></p><p> Ark&nbsp;also holds 714,990 shares, worth about $7.1 million, of the companybackedby tennis player Serena Williams via the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>(BATS:ARKX).</p><p><blockquote>Ark还持有该公司714,990股股票，价值约710万美元，该公司由网球运动员塞雷娜·威廉姆斯(Serena Williams)通过<b>方舟太空探索与创新ETF</b>（蝙蝠：ARKX）。</blockquote></p><p> The investment firm’s&nbsp;<b>3D Printing ETF</b>(BATS:PRNT) is dedicated to the 3D printing industry. PRNT has grown about 22% and has&nbsp;<b>3D Systems Corp</b>DDD 8.82%as its top holdings among a total of 56 stocks.</p><p><blockquote>投资公司的<b>3D打印ETF</b>（BATS：PRNT）致力于3D打印行业。PRNT增长了约22%<b>3D系统公司</b>DDD 8.82%是其在总共56只股票中持有最多的股票。</blockquote></p><p> Some of the other key Ark Invest sells included&nbsp;<b>Guardant Health Inc</b>&nbsp;GH 0.49%,&nbsp;<b>Syros Pharmaceuticals Inc</b>&nbsp;SYRS 10.91%, and buys included&nbsp;<b>908 Devices Inc</b>&nbsp;MASS 1.23%.</p><p><blockquote>Ark Invest的其他一些关键销售包括<b>卫士健康公司</b>生长激素0.49%，<b>Syros制药公司</b>SYRS 10.91%，包括购买<b>908设备公司</b>质量1.23%。</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>Cathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</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; 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: 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\">\nCathie Wood Loads Up Another $292K In SpaceX<blockquote>Cathie Wood又向SpaceX注资29.2万美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-05-27 14:56</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC&nbsp;<b>Jaws Spitfire Acquisition Corp</b>SPFR 0.4%which is set to take 3D printing company Velo3D public.</p><p><blockquote>Cathie Wood领导的Ark Investment Management周三购买了SPAC的29,301股股票，估计价值约292,131美元<b>大白鲨喷火收购公司</b>SPFR 0.4%，3D打印公司Velo3D将上市。</blockquote></p><p> The&nbsp;<b>ArkAutonomous Technology &amp; Robotics ETF</b>(BATS:ARKQ) bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.</p><p><blockquote>The<b>ARKA自主技术与机器人ETF</b>（BATS：ARKQ）周二购买了11,325股Jaws Spitfire股票。在周三交易之前，ARKQ持有2549348股，价值约2530万美元。</blockquote></p><p> Velo3D&nbsp;is a 3D printer supplier for SpaceX,&nbsp;the space exploration company led by&nbsp;<b>Tesla Inc</b>&nbsp;TSLA 2.39%CEO Elon Musk. It expects for the deal with Jaws Spitfire to close in the second half of the year and list under the \"VLD\" ticker on the New York Stock Exchange.</p><p><blockquote>Velo 3D是SpaceX的3D打印机供应商，SpaceX是由<b>特斯拉公司</b>TSLA 2.39%首席执行官埃隆·马斯克。该公司预计与Jaws Spitfire的交易将于今年下半年完成，并在纽约证券交易所上市，股票代码为“VLD”。</blockquote></p><p> The company was founded by billionaire Barry Sternlicht, the chairman of Miami-based investment firm Starwood Capital Group, which has about $80 billion worth of assets under management.</p><p><blockquote>该公司由亿万富翁巴里·斯特恩利希特(Barry Sternlicht)创立，他是迈阿密投资公司喜达屋资本集团(Starwood Capital Group)的董事长，该公司管理着价值约800亿美元的资产。</blockquote></p><p> Ark&nbsp;also holds 714,990 shares, worth about $7.1 million, of the companybackedby tennis player Serena Williams via the&nbsp;<b>Ark Space Exploration &amp; Innovation ETF</b>(BATS:ARKX).</p><p><blockquote>Ark还持有该公司714,990股股票，价值约710万美元，该公司由网球运动员塞雷娜·威廉姆斯(Serena Williams)通过<b>方舟太空探索与创新ETF</b>（蝙蝠：ARKX）。</blockquote></p><p> The investment firm’s&nbsp;<b>3D Printing ETF</b>(BATS:PRNT) is dedicated to the 3D printing industry. PRNT has grown about 22% and has&nbsp;<b>3D Systems Corp</b>DDD 8.82%as its top holdings among a total of 56 stocks.</p><p><blockquote>投资公司的<b>3D打印ETF</b>（BATS：PRNT）致力于3D打印行业。PRNT增长了约22%<b>3D系统公司</b>DDD 8.82%是其在总共56只股票中持有最多的股票。</blockquote></p><p> Some of the other key Ark Invest sells included&nbsp;<b>Guardant Health Inc</b>&nbsp;GH 0.49%,&nbsp;<b>Syros Pharmaceuticals Inc</b>&nbsp;SYRS 10.91%, and buys included&nbsp;<b>908 Devices Inc</b>&nbsp;MASS 1.23%.</p><p><blockquote>Ark Invest的其他一些关键销售包括<b>卫士健康公司</b>生长激素0.49%，<b>Syros制药公司</b>SYRS 10.91%，包括购买<b>908设备公司</b>质量1.23%。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKQ":"ARK Autonomous Technology & Robotics ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156849069","content_text":"Cathie Wood-led Ark Investment Management on Wednesday bought 29,301 shares, estimated to be worth about $292,131, in the SPAC Jaws Spitfire Acquisition CorpSPFR 0.4%which is set to take 3D printing company Velo3D public.\nThe ArkAutonomous Technology & Robotics ETF(BATS:ARKQ) bought 11,325 shares of Jaws Spitfire on Tuesday. ARKQ held 25,49,348 shares, worth about $25.3 million, ahead of Wednesday's trade.\nVelo3D is a 3D printer supplier for SpaceX, the space exploration company led by Tesla Inc TSLA 2.39%CEO Elon Musk. It expects for the deal with Jaws Spitfire to close in the second half of the year and list under the \"VLD\" ticker on the New York Stock Exchange.\nThe company was founded by billionaire Barry Sternlicht, the chairman of Miami-based investment firm Starwood Capital Group, which has about $80 billion worth of assets under management.\nArk also holds 714,990 shares, worth about $7.1 million, of the companybackedby tennis player Serena Williams via the Ark Space Exploration & Innovation ETF(BATS:ARKX).\nThe investment firm’s 3D Printing ETF(BATS:PRNT) is dedicated to the 3D printing industry. PRNT has grown about 22% and has 3D Systems CorpDDD 8.82%as its top holdings among a total of 56 stocks.\nSome of the other key Ark Invest sells included Guardant Health Inc GH 0.49%, Syros Pharmaceuticals Inc SYRS 10.91%, and buys included 908 Devices Inc MASS 1.23%.","news_type":1,"symbols_score_info":{"ARKQ":0.9}},"isVote":1,"tweetType":1,"viewCount":1107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":131387812,"gmtCreate":1621828619836,"gmtModify":1634186276745,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Yo","listText":"Yo","text":"Yo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/131387812","repostId":"1128354126","repostType":4,"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378658710,"gmtCreate":1619028576230,"gmtModify":1634289114977,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Commend","listText":"Commend","text":"Commend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/378658710","repostId":"2129774288","repostType":4,"isVote":1,"tweetType":1,"viewCount":1399,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":112085113,"gmtCreate":1622824975232,"gmtModify":1634097599970,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112085113","repostId":"1167651093","repostType":4,"repost":{"id":"1167651093","kind":"news","pubTimestamp":1622820402,"share":"https://www.laohu8.com/m/news/1167651093?lang=zh_CN&edition=full","pubTime":"2021-06-04 23:26","market":"us","language":"en","title":"Shopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1167651093","media":"seekingalpha","summary":"Summary\n\nShopify has consistently delivered for long-term investors who have kept faith with the com","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shopify has consistently delivered for long-term investors who have kept faith with the company despite its high valuations.</li>  <li>The company has multiple growth drivers in Payments, and International markets to further drive its growth story.</li>  <li>Its technical picture also shows a stock that has always been strongly supported along its long-term uptrend.</li>  <li>I attempt to discuss the key aspects of its operating performances and why investors should also focus on international expansion as a key aspect of e-commerce growth.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52317e0f54753da09429856ece6bc6b5\" tg-width=\"768\" tg-height=\"512\"><span>Photo by JHVEPhoto/iStock Editorial via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>Shopify始终为长期投资者提供服务，尽管该公司估值很高，但他们仍对该公司保持信心。</li><li>该公司在支付和国际市场方面拥有多种增长动力，以进一步推动其增长故事。</li><li>其技术图还显示了一只在长期上升趋势中始终受到强有力支撑的股票。</li><li>我试图讨论其经营业绩的关键方面，以及为什么投资者也应该将国际扩张作为电子商务增长的关键方面。</li></ul><p class=\"t-img-caption\"><span>摄影：JHVEPhoto/iStock社论来自Getty Images投资论文</span></p></blockquote></p><p> Shopify (SHOP) is one of the most hotly debated e-commerce stocks because of its explosive revenue growth rates and its high valuations. The company continues to demonstrate both stellar topline and bottomline growth while also improving its cash flow margins. The management’s ability to monetize its merchants through Shopify Payments and its suite of merchant solutions is a masterstroke that shows the capability of the management to be able to continue executing its high growth strategies with aplomb moving forward. Despite its relatively high valuation levels, it also remains a very strong stock from the technical point of view, so bullish investors may consider adding it at the next dip.</p><p><blockquote>Shopify(SHOP)因其爆炸性的收入增长率和高估值而成为最受争议的电子商务股票之一。该公司继续表现出出色的营收和利润增长，同时现金流利润率也有所提高。管理层通过Shopify Payments及其商户解决方案套件为商户货币化的能力是一个绝妙之举，表明管理层有能力继续泰然自若地执行其高增长战略。尽管其估值水平相对较高，但从技术角度来看，它仍然是一只非常强劲的股票，因此看涨的投资者可能会考虑在下一次下跌时添加它。</blockquote></p><p> <b>Shopify: Defying Amazon’s Valuation Logic</b></p><p><blockquote><b>Shopify：挑战亚马逊的估值逻辑</b></blockquote></p><p> Shopify’s critics have often questioned the logic of investing in Shopify when you can invest in Amazon (AMZN) for a fraction of its expensive valuation. Yet, investors in SHOP continue to defy “common valuation logic” by pointing to Shopify’s incredible growth rates.</p><p><blockquote>Shopify的批评者经常质疑投资Shopify的逻辑，因为你可以以其昂贵估值的一小部分投资亚马逊(AMZN)。然而，SHOP的投资者继续无视“常见估值逻辑”，指出Shopify令人难以置信的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2dcffad535b32122075c2b0af38ff14\" tg-width=\"1280\" tg-height=\"818\"><span>SHOP and AMZN LTM Revenue Growth Trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP和AMZN LTM收入增长趋势。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d799fb8dc581602cf953723e8439b3\" tg-width=\"1280\" tg-height=\"710\"><span>AMZN and SHOP LTM Revenue YoY Growth &amp; Revenue 3Y CAGR. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN和SHOP LTM收入同比增长和收入3年复合年增长率。数据来源：标普资本智商</span></p></blockquote></p><p> Over the last 5 years, SHOP’s revenue growth has easily surpassed AMZN at every reporting quarter, and the pandemic fueled e-commerce tailwind also drove higher growth to SHOP as its LTM revenue YoY growth read 99.6% as compared to AMZN’s “meagre” 41.5%. Moreover, SHOP’s revenue 3Y CAGR of 63.3% also easily bested AMZN’s 3Y CAGR of 29.5%. So clearly, SHOP’s growth has been truly phenomenal.</p><p><blockquote>在过去的5年里，SHOP的收入增长在每个报告季度都轻松超过了AMZN，而疫情推动的电子商务顺风也推动了SHOP的更高增长，其LTM收入同比增长99.6%，而AMZN的“微薄”41.5%。此外，SHOP的收入3年复合年增长率为63.3%，也轻松超过了AMZN的3年复合年增长率29.5%。显然，SHOP的增长确实是惊人的。</blockquote></p><p> <b>Shopify's Compelling Merchant Solutions Growth Drivers</b></p><p><blockquote><b>Shopify引人注目的商家解决方案增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530e31580ddf7319700509d7bb77eadf\" tg-width=\"979\" tg-height=\"605\"><span>Shopify Revenue Segments. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify收入细分。数据来源：公司备案</span></p></blockquote></p><p> In recent years, we could see that even though Shopify’s revenue growth has been pretty much broad-based, its merchant solutions segment has been taking up an increasingly large contribution in the company’s revenue base and have transformed itself into Shopify’s most important revenue driver, accounting for 67.6% of Q1’21 revenue. The shift towards increasing the revenue base of merchant solutions has seen the company continuing to roll out multiple new merchant solutions initiatives and services to further monetize the company’s merchant base and improve the strength of its ecosystem, therefore enhancing its “stickiness” and retention over time.</p><p><blockquote>近年来，我们可以看到，尽管Shopify的收入增长基础相当广泛，但其商家解决方案部门对公司收入基础的贡献越来越大，并已转变为Shopify最重要的收入驱动力，占21年第一季度收入的67.6%。向增加商户解决方案收入基础的转变使该公司继续推出多项新的商户解决方案计划和服务，以进一步将公司的商户基础货币化并提高其生态系统的实力，从而随着时间的推移增强其“粘性”和保留率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e25591146598f17356e29c09b22ee48a\" tg-width=\"873\" tg-height=\"540\"><span>Shopify Subscription Solutions and Merchant Solutions YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify订阅解决方案和商家解决方案同比增长。数据来源：公司备案</span></p></blockquote></p><p> Investors should be careful not to get too excited with the pulled forward growth as a result of the COVID-19 pandemic that we observed in FY 20 as seen above. The management has already strongly emphasized in their guidance that they do not expect this to repeat, and&nbsp;expects YoY growth to normalize&nbsp;to levels seen before the pandemic, which in this case is estimated to be somewhere north of 50%. Even though growth is expected to normalize moving forward, it’s not as if SHOP has been growing slowly and more importantly the pulled forward growth last year has allowed SHOP to dramatically increase its merchants growth onto its platform for future monetization within Shopify’s robust ecosystem.</p><p><blockquote>投资者应小心，不要对我们在20财年观察到的COVID-19大流行导致的增长过于兴奋。管理层已经在指导中强烈强调，他们预计这种情况不会重演，并预计同比增长将恢复到大流行之前的水平，在这种情况下，估计超过50%。尽管未来的增长预计将正常化，但SHOP的增长并不缓慢，更重要的是，去年的增长使SHOP能够大幅增加其平台上的商户增长，以便在Shopify强大的生态系统中实现未来的货币化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a81297d610a91d9faaac76cab97c2a46\" tg-width=\"914\" tg-height=\"566\"><span>Shopify Segment Gross Margins. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify部门毛利率。数据来源：公司备案</span></p></blockquote></p><p></p><p> Although Q1’21’s gross margin was higher than recent historical trends, we should not expect this to carry on moving forward. The management pointed out clearly that the company is focusing its efforts to continue improving its robust ecosystem for its merchants such as developing the Shopify Fulfillment Network [SFN], as it expects that the&nbsp;merchant solutions segment to continue driving its revenue growth&nbsp;even if it means lesser gross margins moving forward.</p><p><blockquote>尽管21年第一季度的毛利率高于近期历史趋势，但我们不应指望这种情况会持续下去。管理层明确指出，公司正在集中精力继续为商家改善其强大的生态系统，例如开发Shopify履行网络[SFN]，因为它预计商家解决方案部门将继续推动其收入增长，即使这意味着未来的毛利率会下降。</blockquote></p><p> <b>Shopify Payments is the Key to Unlock the Benefits from GMV Growth</b></p><p><blockquote><b>Shopify Payments是释放GMV增长优势的关键</b></blockquote></p><p> Despite that, the company clarified that as Shopify Payments continue to see increased adoption and usage among its merchants, the company expects to see significant improvement to its SG&amp;A efficiencies as Shopify Payments has a much lesser impact on SG&amp;A margins, therefore leading to improvement on operating efficiencies as Shopify Payments scale up further.</p><p><blockquote>尽管如此，该公司澄清说，随着Shopify Payments在其商家中的采用和使用量继续增加，该公司预计其SG&amp;A效率将显着提高，因为Shopify Payments对SG&amp;A利润率的影响要小得多，因此导致运营效率的提高随着Shopify支付规模的进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f95af102893b8aa172d3bbb38e04e5\" tg-width=\"1280\" tg-height=\"724\"><span>SHOP EBIT Margin, SG&amp;A Margin, R&amp;D Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店息税前利润率、SG&amp;A利润率、R&amp;D利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Clearly, investors could see that despite posting a relatively high LTM gross margin profile in Q1’21: 53.5%, it has only recently turned LTM EBIT profitable (Q1’21: 10.5%), thanks to the company’s solid improvement with its operating efficiencies even though the gross margin profile has remained stable over time, even with the pulled forward growth from COVID-19 last year.</p><p><blockquote>显然，投资者可以看到，尽管21年第一季度的LTM毛利率相对较高：53.5%，但由于该公司运营效率的稳步改善，它直到最近才实现LTM息税前利润（21年第一季度：10.5%）尽管毛利率状况随着时间的推移保持稳定，尽管去年COVID-19带来了增长。</blockquote></p><p> We could see a consistently declining LTM SG&amp;A margin trend reaching 24.8% in Q1’21 from a high of 44.1% in Q4’16, signifying a huge improvement. Therefore, I’m confident that SHOP would continue to deliver improved operating efficiencies as it scales up its SFN to further strengthen its ecosystem, creating even more value and synergies for its merchants and their customers.</p><p><blockquote>我们可以看到LTM SG&amp;A利润率持续下降，从16年第4季度44.1%的高点达到21年第1季度的24.8%，这意味着巨大的改善。因此，我相信SHOP将继续提高运营效率，扩大SFN规模，进一步加强其生态系统，为商家及其客户创造更多价值和协同效应。</blockquote></p><p> <b>SHOP’s GMV and GPV Analysis. Data Source: Company Filings</b></p><p><blockquote><b>商店的GMV和GPV分析。数据来源：公司备案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f6f4cabe3fd5b28627f459fb7c38d30d\" tg-width=\"600\" tg-height=\"371\"><span>SHOP’s GMV and GPV YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP的GMV和GPV同比增长。数据来源：公司备案</span></p></blockquote></p><p> We could clearly see the increasingly important role of Shopify Payments for its merchants as more and more merchants are using Shopify Payments over time as GPV growth has outpaced GMV growth consistently, with Q1’21 reading coming in at 137% YoY growth and 114.4% YoY growth, respectively.</p><p><blockquote>我们可以清楚地看到Shopify支付对其商家越来越重要的作用，随着时间的推移，越来越多的商家使用Shopify支付，GPV增长持续超过GMV增长，21年第一季度的读数分别为同比增长137%和114.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2221628cdde154ad2c8a97a321036aa9\" tg-width=\"600\" tg-height=\"371\"><span>SHOP GPV as a % of GMV. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店GPV占GMV的百分比。数据来源：公司备案</span></p></blockquote></p><p> With the increased adoption and usage of Shopify Payments, in Q1’21 GPV formed 46.4% of GMV, from a low of 37.5% of GMV just 3 years ago. I believe Shopify is moving in the right direction to continue driving more and more merchants towards Shopify Payments as it creates a powerful flywheel to unlock even more and more of the expected massive GMV growth moving forward.</p><p><blockquote>随着Shopify支付的采用和使用不断增加，21年第一季度GPV占GMV的46.4%，而3年前仅占GMV的37.5%。我相信Shopify正在朝着正确的方向前进，继续推动越来越多的商家转向Shopify支付，因为它创造了一个强大的飞轮，可以释放越来越多预期的大规模GMV增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0258ae827634f290dfe0d7d81fd92809\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify先生。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2376f5f19c5f4a4cb9e4f4bb797fcb64\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify MRR同比增长。数据来源：公司备案</span></p></blockquote></p><p> The sustained improvement in GPV growth has come at an important juncture as SHOP had already been experiencing slower MRR growth pre-pandemic (from 36% in Q1’19 to 21% in Q2’20). Therefore, by strategically being able to monetize its merchants in other areas has helped to manage this slowdown, while at the same time opened up many new revenue opportunities for Merchant Solutions to help drive the company’s future growth.</p><p><blockquote>GPV增长的持续改善正值一个重要时刻，因为SHOP在大流行之前就已经经历了MRR增长放缓（从19年第一季度的36%到20年第二季度的21%）。因此，通过战略性地将其他领域的商家货币化，有助于应对这种放缓，同时为商家解决方案开辟了许多新的收入机会，以帮助推动公司未来的增长。</blockquote></p><p> <b>The Importance of International Expansion</b></p><p><blockquote><b>国际扩张的重要性</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26d7cd04a66b877c2669945d4f9a68ef\" tg-width=\"1280\" tg-height=\"775\"><span>Shopify Revenue by Merchant Location. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31774ad4abd47199de636274620d5302\" tg-width=\"807\" tg-height=\"499\"><span>Shopify Revenue by Merchant Location YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入同比增长。数据来源：公司备案</span></p></blockquote></p><p> Although U.S. merchants continue to be SHOP’s most important revenue driver (66.7% of FY 20 revenue), the company has also experienced rapid growth in other geographical markets, particularly in its Rest of World segment. As we can observe from the above chart, U.S. growth has already been trending down pre-pandemic, while Rest of World growth has continued to grow rapidly and consistently.</p><p><blockquote>尽管美国商家仍然是SHOP最重要的收入驱动力（占20财年收入的66.7%），但该公司在其他地理市场也经历了快速增长，特别是在世界其他地区。从上图可以看出，美国的经济增长在大流行前就已经呈下降趋势，而世界其他地区的经济增长则继续快速持续增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39fd8a089cc64ae41da56ef8a8ddafe3\" tg-width=\"966\" tg-height=\"597\"><span>Amazon Revenue Segments YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>亚马逊收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p></p><p> We also observed this from AMZN’s International segment growth where although it has been somewhat of a laggard in previous quarters, it has started to outpace North America’s growth for the last 2 quarters, culminating in Q1’21 YoY growth of 60.4% for the International segment against 39.5% for the North America segment.</p><p><blockquote>我们还从AMZN的国际业务增长中观察到了这一点，尽管前几个季度有些落后，但过去两个季度已开始超过北美的增长，最终国际业务在21年第一季度同比增长60.4%。北美市场为39.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7909e7fdd6bf5972121d1a9a70f75a46\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue 2017 to 2025. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>2017年至2025年美国零售电子商务收入。数据来源：Statista</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c99e9a30fb46d3d1f22e77b72c40740\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue YoY Growth. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国零售电商收入同比增长。数据来源：Statista</span></p></blockquote></p><p> We could see from the above why ramping up growth internationally is so important for Shopify to continue delivering its expected spectacular growth rates. Even though Shopify merchants sell internationally, the fact that the SFN currently serves only businesses whosell to U.S. customersindicates the significance of the U.S. consumers to Shopify’s ecommerce revenues. However, as the growth of U.S. retail e-commerce revenue is expected to slow down over time (from 8.7% YoY in 2021 to 2.7% YoY by 2025), companies like Shopify who rely on high growth to justify its valuation must either take market share away from its key competitors or look for growth outside of the United States.</p><p><blockquote>从上面我们可以看出，为什么加快国际增长对于Shopify继续实现其预期的惊人增长率如此重要。尽管Shopify商家在国际上销售，但SFN目前仅为向美国客户销售的企业提供服务，这一事实表明了美国消费者对Shopify电子商务收入的重要性。然而，由于美国零售电子商务收入的增长预计将随着时间的推移而放缓（从2021年的同比8.7%降至2025年的同比2.7%），像Shopify这样依靠高增长来证明其估值合理性的公司必须要么从主要竞争对手那里获得市场份额，要么在美国以外寻求增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e60f4fcd9254552bdd46a6d9c613384d\" tg-width=\"600\" tg-height=\"371\"><span>Value of Southeast Asia e-commerce market. Data Source: Google, Temasek Holdings, Bain &amp; Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>东南亚电子商务市场的价值。数据来源：谷歌、淡马锡控股、贝恩公司</span></p></blockquote></p><p> For example, if we look across to Southeast Asia, and compare the growth rates of the Southeast Asian market (expected 5Y CAGR for 2020 to 2025: 22.6%) and the United States market (expected 5Y CAGR for 2020 to 2025: 3.73%), it’s easy to see which market will be the key driver of e-commerce growth in the near future. There’s no doubt that the U.S. market remains an extremely important market given its size, however much of the future growth will likely come from overseas markets. Therefore, it’s important that Shopify continues to drive growth across other geographical markets.</p><p><blockquote>例如，如果我们放眼东南亚，比较东南亚市场（2020年至2025年的预期5年CAGR：22.6%）和美国市场（2020年至2025年的预期5年CAGR：3.73%）的增长率，很容易看出哪个市场将是不久的将来电子商务增长的主要驱动力。毫无疑问，鉴于美国市场的规模，其仍然是一个极其重要的市场，但未来的大部分增长可能来自海外市场。因此，Shopify继续推动其他地理市场的增长非常重要。</blockquote></p><p> <b>Let's Bring in Sea Limited</b></p><p><blockquote><b>让我们引入Sea Limited</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d40fe31435cdc50217df4172982b7354\" tg-width=\"1280\" tg-height=\"821\"><span>Sea Limited &amp; SHOP EBIT Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited&amp;商店息税前利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> In order to look at Shopify’s growth opportunities in the Southeast Asian market, I thought it would be important to first consider the most important e-commerce player in that region: Sea Limited (SE), which I had previouslycovered in detail in an article hererecently.</p><p><blockquote>为了了解Shopify在东南亚市场的增长机会，我认为首先考虑该地区最重要的电子商务参与者是很重要的：Sea Limited(SE)，我之前在一篇文章中详细介绍过它最近。</blockquote></p><p> It’s easy to see how SHOP’s more profitable business model on relying on subscriptions and merchant solutions drove a much higher EBIT margin as compared to SE’s online marketplace platform: Shopee, which is currently being supported by the company’s profitable Garena gaming segment.</p><p><blockquote>很容易看出，与SE的在线市场平台Shopee相比，SHOP依靠订阅和商家解决方案的利润更高的商业模式如何推动了更高的息税前利润率，Shopee目前由该公司盈利的Garena游戏部门提供支持。</blockquote></p><p> Despite that, Sea has still been able to drive significant revenue growth and operating efficiencies such that its EBIT margins have seen remarkable improvement.</p><p><blockquote>尽管如此，Sea仍然能够推动显着的收入增长和运营效率，使其息税前利润率显着提高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/788d4d4399cbdeb497792a1f90868e47\" tg-width=\"1280\" tg-height=\"714\"><span>EBIT Margin Forecast. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> When we modelled SE and SHOP’s EBIT margins moving forward, we could see how both companies’ improving cost efficiencies, notably from the reduction in SG&amp;A margins, would help both companies to continue improving their operating margins over time.</p><p><blockquote>当我们对SE和SHOP未来的息税前利润率进行建模时，我们可以看到两家公司成本效率的提高，特别是SG&amp;A利润率的降低，将如何帮助两家公司随着时间的推移继续提高营业利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f94e62035fe5fc04eaeb95b7d760df28\" tg-width=\"1280\" tg-height=\"703\"><span>SE and SHOP Projected Unlevered FCF Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计无杠杆自由现金流利润率。数据来源：标普资本智商</span></p></blockquote></p><p> This is where their SE is expected to pull ahead. In modelling their FCF, SE is expected to generate so much FCF from its revenue growth and operating profits that the company looks increasingly like a massive cash flow machine moving forward. It’s not as if SHOP looks sloppy, but when compared to SE’s FCF margins, they certainly don’t look as impressive though.</p><p><blockquote>这是他们的SE有望领先的地方。在模拟自由现金流时，SE预计将从其收入增长和营业利润中产生如此多的自由现金流，以至于该公司看起来越来越像一台向前发展的巨大现金流机器。SHOP看起来并不马虎，但与SE的自由现金流利润率相比，它们看起来肯定没有那么令人印象深刻。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa625e12090dfc0f64e439c278b5b9d0\" tg-width=\"1280\" tg-height=\"649\"><span>SE and SHOP Projected Revenue CAGR (5Y, 10Y), 10Y Projected Av. Unlevered FCF Margin, EV / FY+1 Rev. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计收入CAGR（5年、10年）、10年预计Av。无杠杆自由现金流利润率，EV/FY+1修订版数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> More importantly, when we bring their current valuation levels into the picture (EV / FY+1 Rev), we could see that SE’s current valuation (16.3x) looks so much more attractive than SHOP’s (32.7x), while being able to convert that rapid revenue growth into higher FCF margins. It should also be noted that I have modelled both companies to continue their blockbuster performances: SE (5Y CAGR of 44.3%, 10Y CAGR of 26.7%), SHOP (5Y CAGR 41.4%, 10Y CAGR 32.3%).</p><p><blockquote>更重要的是，当我们考虑到他们当前的估值水平（EV/FY+1 Rev）时，我们可以看到SE当前的估值（16.3倍）看起来比SHOP的（32.7倍）更具吸引力，同时能够将快速的收入增长转化为更高的自由现金流利润率。还应该指出的是，我对这两家公司进行了建模，以继续其出色的表现：SE（5年复合年增长率为44.3%，10年复合年增长率为26.7%）、SHOP（5年复合年增长率为41.4%，10年复合年增长率为32.3%）。</blockquote></p><p> Therefore, for investors who would like a share of that rapid international growth in the Southeast Asian market coupled with a leading cash flow generating gaming segment, you should look no further than SE.</p><p><blockquote>因此，对于想要分享东南亚市场快速国际增长以及领先的现金流产生游戏领域的投资者来说，您应该看看SE。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4df93eabc2cf51bdca0056071317076a\" tg-width=\"600\" tg-height=\"371\"><span>Market share of e-commerce software platforms in the U.S. in 2021 Data Source: Builtwith</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年美国电商软件平台市场份额数据来源：Builtwith</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2485bbbc639e9512e106f6dd1ab48ff\" tg-width=\"600\" tg-height=\"371\"><span>Unique visitors to the most popular online retailers in SEA in 2020. Data Source: iPrice Group, SimilarWeb, Marketing in Asia</span></p><p><blockquote><p class=\"t-img-caption\"><span>2020年SEA最受欢迎在线零售商的独立访客。数据来源：iPrice Group、SimilarWeb、亚洲市场营销</span></p></blockquote></p><p> When we consider the competitive economics in the U.S. against Southeast Asia, it becomes very clear. Shopify faces strong competition within its software platform segment, without accounting for Amazon’s prowess as well. Even though I expect Shopify to continue its rapid expansion, I believe that it faces more intensive competitive threats than Sea Limited as the pie in the U.S. is expected to grow slower over time. SHOP needs almost perfect execution every quarter to justify its lofty valuations.</p><p><blockquote>当我们考虑美国与东南亚的竞争经济学时，这一点就变得非常清楚了。Shopify在其软件平台领域面临着激烈的竞争，但也没有考虑到亚马逊的实力。尽管我预计Shopify将继续快速扩张，但我相信它比Sea Limited面临更激烈的竞争威胁，因为随着时间的推移，美国的市场增长预计会放缓。SHOP每个季度都需要近乎完美的执行才能证明其高估值的合理性。</blockquote></p><p> As compared to SE, it is clearly the dominant online marketplace now in Southeast Asia by a fairly large margin, and its prowess and scale is also growing, further stretching the distance from its competitors. Coupled with its ShopeePay payments platform, it also creates a flywheel effect similar to what Shopify Payments does for Shopify. The leadership in Southeast Asia is surely Sea’s to lose, and there’s so much potential growth that the company can capture in this region as the undisputed leader. When we consider Shopify’s valuations against SE’s it looks quite clear SE’s valuation looks more attractive now, with stronger market leadership and arguably higher potential growth.</p><p><blockquote>与SE相比，它显然是东南亚在线市场的主导者，其实力和规模也在增长，进一步拉开了与竞争对手的距离。再加上其ShopeePay支付平台，它还创造了类似于Shopify Payments为Shopify所做的飞轮效应。东南亚的领导地位肯定是Sea失去的，而且该公司作为无可争议的领导者可以在该地区抓住巨大的增长潜力。当我们将Shopify的估值与SE的估值进行比较时，很明显SE的估值现在看起来更具吸引力，具有更强的市场领导地位和可以说更高的潜在增长。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a9782afa86bafbd3d2e54e41e0c1d13\" tg-width=\"1280\" tg-height=\"794\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> SHOP’s price action has been stuck somewhat in a large consolidation phase since Oct 20, with the bull trap set in Feb 21 at around the $1500 level. Support was found at around the $1000 level, with further support at around the $835 level for investors who wish to add further into SHOP. It’s important to note that despite SHOP’s lofty valuations, its long term uptrend bias has never been threatened, and I expect this to carry on moving forward.</p><p><blockquote>自10月20日以来，SHOP的价格走势一直陷入大幅盘整阶段，牛市陷阱于2月21日设定在1500美元左右。对于希望进一步增持的投资者来说，支撑位在1000美元左右，进一步支撑位在835美元左右。值得注意的是，尽管SHOP的估值很高，但其长期上升趋势偏见从未受到威胁，我预计这种情况将继续下去。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Although Shopify is one of the most expensive high quality e-commerce stocks right now, it’s also expected to generate rapid growth ahead with its ever improving ecosystem for its merchants. Coupled with one of the strongest long term uptrend biases that I have seen for stocks (It didn’t lose its key support levels even during the COVID-19 bear market), I believe this puts SHOP in a strong position as a stock to add aggressively at the next big dip.</p><p><blockquote>尽管Shopify是目前最昂贵的优质电子商务股票之一，但随着其商家生态系统的不断改善，预计它也将在未来实现快速增长。再加上我所见过的股票最强烈的长期上升趋势偏差之一（即使在COVID-19熊市期间，它也没有失去关键支撑位），我相信这使SHOP作为一只股票处于有利地位，可以在下一次大幅下跌时积极增加。</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>Shopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</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\">\nShopify Is An Expensive Stock That Keeps Delivering The Goods<blockquote>Shopify是一只不断发货的昂贵股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-04 23:26</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Shopify has consistently delivered for long-term investors who have kept faith with the company despite its high valuations.</li>  <li>The company has multiple growth drivers in Payments, and International markets to further drive its growth story.</li>  <li>Its technical picture also shows a stock that has always been strongly supported along its long-term uptrend.</li>  <li>I attempt to discuss the key aspects of its operating performances and why investors should also focus on international expansion as a key aspect of e-commerce growth.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/52317e0f54753da09429856ece6bc6b5\" tg-width=\"768\" tg-height=\"512\"><span>Photo by JHVEPhoto/iStock Editorial via Getty ImagesInvestment Thesis</span></p><p><blockquote><ul><li>Shopify始终为长期投资者提供服务，尽管该公司估值很高，但他们仍对该公司保持信心。</li><li>该公司在支付和国际市场方面拥有多种增长动力，以进一步推动其增长故事。</li><li>其技术图还显示了一只在长期上升趋势中始终受到强有力支撑的股票。</li><li>我试图讨论其经营业绩的关键方面，以及为什么投资者也应该将国际扩张作为电子商务增长的关键方面。</li></ul><p class=\"t-img-caption\"><span>摄影：JHVEPhoto/iStock社论来自Getty Images投资论文</span></p></blockquote></p><p> Shopify (SHOP) is one of the most hotly debated e-commerce stocks because of its explosive revenue growth rates and its high valuations. The company continues to demonstrate both stellar topline and bottomline growth while also improving its cash flow margins. The management’s ability to monetize its merchants through Shopify Payments and its suite of merchant solutions is a masterstroke that shows the capability of the management to be able to continue executing its high growth strategies with aplomb moving forward. Despite its relatively high valuation levels, it also remains a very strong stock from the technical point of view, so bullish investors may consider adding it at the next dip.</p><p><blockquote>Shopify(SHOP)因其爆炸性的收入增长率和高估值而成为最受争议的电子商务股票之一。该公司继续表现出出色的营收和利润增长，同时现金流利润率也有所提高。管理层通过Shopify Payments及其商户解决方案套件为商户货币化的能力是一个绝妙之举，表明管理层有能力继续泰然自若地执行其高增长战略。尽管其估值水平相对较高，但从技术角度来看，它仍然是一只非常强劲的股票，因此看涨的投资者可能会考虑在下一次下跌时添加它。</blockquote></p><p> <b>Shopify: Defying Amazon’s Valuation Logic</b></p><p><blockquote><b>Shopify：挑战亚马逊的估值逻辑</b></blockquote></p><p> Shopify’s critics have often questioned the logic of investing in Shopify when you can invest in Amazon (AMZN) for a fraction of its expensive valuation. Yet, investors in SHOP continue to defy “common valuation logic” by pointing to Shopify’s incredible growth rates.</p><p><blockquote>Shopify的批评者经常质疑投资Shopify的逻辑，因为你可以以其昂贵估值的一小部分投资亚马逊(AMZN)。然而，SHOP的投资者继续无视“常见估值逻辑”，指出Shopify令人难以置信的增长率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2dcffad535b32122075c2b0af38ff14\" tg-width=\"1280\" tg-height=\"818\"><span>SHOP and AMZN LTM Revenue Growth Trend. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP和AMZN LTM收入增长趋势。数据来源：标普资本智商</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a7d799fb8dc581602cf953723e8439b3\" tg-width=\"1280\" tg-height=\"710\"><span>AMZN and SHOP LTM Revenue YoY Growth &amp; Revenue 3Y CAGR. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>AMZN和SHOP LTM收入同比增长和收入3年复合年增长率。数据来源：标普资本智商</span></p></blockquote></p><p> Over the last 5 years, SHOP’s revenue growth has easily surpassed AMZN at every reporting quarter, and the pandemic fueled e-commerce tailwind also drove higher growth to SHOP as its LTM revenue YoY growth read 99.6% as compared to AMZN’s “meagre” 41.5%. Moreover, SHOP’s revenue 3Y CAGR of 63.3% also easily bested AMZN’s 3Y CAGR of 29.5%. So clearly, SHOP’s growth has been truly phenomenal.</p><p><blockquote>在过去的5年里，SHOP的收入增长在每个报告季度都轻松超过了AMZN，而疫情推动的电子商务顺风也推动了SHOP的更高增长，其LTM收入同比增长99.6%，而AMZN的“微薄”41.5%。此外，SHOP的收入3年复合年增长率为63.3%，也轻松超过了AMZN的3年复合年增长率29.5%。显然，SHOP的增长确实是惊人的。</blockquote></p><p> <b>Shopify's Compelling Merchant Solutions Growth Drivers</b></p><p><blockquote><b>Shopify引人注目的商家解决方案增长动力</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/530e31580ddf7319700509d7bb77eadf\" tg-width=\"979\" tg-height=\"605\"><span>Shopify Revenue Segments. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify收入细分。数据来源：公司备案</span></p></blockquote></p><p> In recent years, we could see that even though Shopify’s revenue growth has been pretty much broad-based, its merchant solutions segment has been taking up an increasingly large contribution in the company’s revenue base and have transformed itself into Shopify’s most important revenue driver, accounting for 67.6% of Q1’21 revenue. The shift towards increasing the revenue base of merchant solutions has seen the company continuing to roll out multiple new merchant solutions initiatives and services to further monetize the company’s merchant base and improve the strength of its ecosystem, therefore enhancing its “stickiness” and retention over time.</p><p><blockquote>近年来，我们可以看到，尽管Shopify的收入增长基础相当广泛，但其商家解决方案部门对公司收入基础的贡献越来越大，并已转变为Shopify最重要的收入驱动力，占21年第一季度收入的67.6%。向增加商户解决方案收入基础的转变使该公司继续推出多项新的商户解决方案计划和服务，以进一步将公司的商户基础货币化并提高其生态系统的实力，从而随着时间的推移增强其“粘性”和保留率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e25591146598f17356e29c09b22ee48a\" tg-width=\"873\" tg-height=\"540\"><span>Shopify Subscription Solutions and Merchant Solutions YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify订阅解决方案和商家解决方案同比增长。数据来源：公司备案</span></p></blockquote></p><p> Investors should be careful not to get too excited with the pulled forward growth as a result of the COVID-19 pandemic that we observed in FY 20 as seen above. The management has already strongly emphasized in their guidance that they do not expect this to repeat, and&nbsp;expects YoY growth to normalize&nbsp;to levels seen before the pandemic, which in this case is estimated to be somewhere north of 50%. Even though growth is expected to normalize moving forward, it’s not as if SHOP has been growing slowly and more importantly the pulled forward growth last year has allowed SHOP to dramatically increase its merchants growth onto its platform for future monetization within Shopify’s robust ecosystem.</p><p><blockquote>投资者应小心，不要对我们在20财年观察到的COVID-19大流行导致的增长过于兴奋。管理层已经在指导中强烈强调，他们预计这种情况不会重演，并预计同比增长将恢复到大流行之前的水平，在这种情况下，估计超过50%。尽管未来的增长预计将正常化，但SHOP的增长并不缓慢，更重要的是，去年的增长使SHOP能够大幅增加其平台上的商户增长，以便在Shopify强大的生态系统中实现未来的货币化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a81297d610a91d9faaac76cab97c2a46\" tg-width=\"914\" tg-height=\"566\"><span>Shopify Segment Gross Margins. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify部门毛利率。数据来源：公司备案</span></p></blockquote></p><p></p><p> Although Q1’21’s gross margin was higher than recent historical trends, we should not expect this to carry on moving forward. The management pointed out clearly that the company is focusing its efforts to continue improving its robust ecosystem for its merchants such as developing the Shopify Fulfillment Network [SFN], as it expects that the&nbsp;merchant solutions segment to continue driving its revenue growth&nbsp;even if it means lesser gross margins moving forward.</p><p><blockquote>尽管21年第一季度的毛利率高于近期历史趋势，但我们不应指望这种情况会持续下去。管理层明确指出，公司正在集中精力继续为商家改善其强大的生态系统，例如开发Shopify履行网络[SFN]，因为它预计商家解决方案部门将继续推动其收入增长，即使这意味着未来的毛利率会下降。</blockquote></p><p> <b>Shopify Payments is the Key to Unlock the Benefits from GMV Growth</b></p><p><blockquote><b>Shopify Payments是释放GMV增长优势的关键</b></blockquote></p><p> Despite that, the company clarified that as Shopify Payments continue to see increased adoption and usage among its merchants, the company expects to see significant improvement to its SG&amp;A efficiencies as Shopify Payments has a much lesser impact on SG&amp;A margins, therefore leading to improvement on operating efficiencies as Shopify Payments scale up further.</p><p><blockquote>尽管如此，该公司澄清说，随着Shopify Payments在其商家中的采用和使用量继续增加，该公司预计其SG&amp;A效率将显着提高，因为Shopify Payments对SG&amp;A利润率的影响要小得多，因此导致运营效率的提高随着Shopify支付规模的进一步扩大。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/96f95af102893b8aa172d3bbb38e04e5\" tg-width=\"1280\" tg-height=\"724\"><span>SHOP EBIT Margin, SG&amp;A Margin, R&amp;D Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店息税前利润率、SG&amp;A利润率、R&amp;D利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> Clearly, investors could see that despite posting a relatively high LTM gross margin profile in Q1’21: 53.5%, it has only recently turned LTM EBIT profitable (Q1’21: 10.5%), thanks to the company’s solid improvement with its operating efficiencies even though the gross margin profile has remained stable over time, even with the pulled forward growth from COVID-19 last year.</p><p><blockquote>显然，投资者可以看到，尽管21年第一季度的LTM毛利率相对较高：53.5%，但由于该公司运营效率的稳步改善，它直到最近才实现LTM息税前利润（21年第一季度：10.5%）尽管毛利率状况随着时间的推移保持稳定，尽管去年COVID-19带来了增长。</blockquote></p><p> We could see a consistently declining LTM SG&amp;A margin trend reaching 24.8% in Q1’21 from a high of 44.1% in Q4’16, signifying a huge improvement. Therefore, I’m confident that SHOP would continue to deliver improved operating efficiencies as it scales up its SFN to further strengthen its ecosystem, creating even more value and synergies for its merchants and their customers.</p><p><blockquote>我们可以看到LTM SG&amp;A利润率持续下降，从16年第4季度44.1%的高点达到21年第1季度的24.8%，这意味着巨大的改善。因此，我相信SHOP将继续提高运营效率，扩大SFN规模，进一步加强其生态系统，为商家及其客户创造更多价值和协同效应。</blockquote></p><p> <b>SHOP’s GMV and GPV Analysis. Data Source: Company Filings</b></p><p><blockquote><b>商店的GMV和GPV分析。数据来源：公司备案</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f6f4cabe3fd5b28627f459fb7c38d30d\" tg-width=\"600\" tg-height=\"371\"><span>SHOP’s GMV and GPV YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>SHOP的GMV和GPV同比增长。数据来源：公司备案</span></p></blockquote></p><p> We could clearly see the increasingly important role of Shopify Payments for its merchants as more and more merchants are using Shopify Payments over time as GPV growth has outpaced GMV growth consistently, with Q1’21 reading coming in at 137% YoY growth and 114.4% YoY growth, respectively.</p><p><blockquote>我们可以清楚地看到Shopify支付对其商家越来越重要的作用，随着时间的推移，越来越多的商家使用Shopify支付，GPV增长持续超过GMV增长，21年第一季度的读数分别为同比增长137%和114.4%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2221628cdde154ad2c8a97a321036aa9\" tg-width=\"600\" tg-height=\"371\"><span>SHOP GPV as a % of GMV. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>商店GPV占GMV的百分比。数据来源：公司备案</span></p></blockquote></p><p> With the increased adoption and usage of Shopify Payments, in Q1’21 GPV formed 46.4% of GMV, from a low of 37.5% of GMV just 3 years ago. I believe Shopify is moving in the right direction to continue driving more and more merchants towards Shopify Payments as it creates a powerful flywheel to unlock even more and more of the expected massive GMV growth moving forward.</p><p><blockquote>随着Shopify支付的采用和使用不断增加，21年第一季度GPV占GMV的46.4%，而3年前仅占GMV的37.5%。我相信Shopify正在朝着正确的方向前进，继续推动越来越多的商家转向Shopify支付，因为它创造了一个强大的飞轮，可以释放越来越多预期的大规模GMV增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0258ae827634f290dfe0d7d81fd92809\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify先生。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2376f5f19c5f4a4cb9e4f4bb797fcb64\" tg-width=\"600\" tg-height=\"371\"><span>Shopify MRR YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>Shopify MRR同比增长。数据来源：公司备案</span></p></blockquote></p><p> The sustained improvement in GPV growth has come at an important juncture as SHOP had already been experiencing slower MRR growth pre-pandemic (from 36% in Q1’19 to 21% in Q2’20). Therefore, by strategically being able to monetize its merchants in other areas has helped to manage this slowdown, while at the same time opened up many new revenue opportunities for Merchant Solutions to help drive the company’s future growth.</p><p><blockquote>GPV增长的持续改善正值一个重要时刻，因为SHOP在大流行之前就已经经历了MRR增长放缓（从19年第一季度的36%到20年第二季度的21%）。因此，通过战略性地将其他领域的商家货币化，有助于应对这种放缓，同时为商家解决方案开辟了许多新的收入机会，以帮助推动公司未来的增长。</blockquote></p><p> <b>The Importance of International Expansion</b></p><p><blockquote><b>国际扩张的重要性</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/26d7cd04a66b877c2669945d4f9a68ef\" tg-width=\"1280\" tg-height=\"775\"><span>Shopify Revenue by Merchant Location. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入。数据来源：公司备案</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/31774ad4abd47199de636274620d5302\" tg-width=\"807\" tg-height=\"499\"><span>Shopify Revenue by Merchant Location YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>按商家位置划分的Shopify收入同比增长。数据来源：公司备案</span></p></blockquote></p><p> Although U.S. merchants continue to be SHOP’s most important revenue driver (66.7% of FY 20 revenue), the company has also experienced rapid growth in other geographical markets, particularly in its Rest of World segment. As we can observe from the above chart, U.S. growth has already been trending down pre-pandemic, while Rest of World growth has continued to grow rapidly and consistently.</p><p><blockquote>尽管美国商家仍然是SHOP最重要的收入驱动力（占20财年收入的66.7%），但该公司在其他地理市场也经历了快速增长，特别是在世界其他地区。从上图可以看出，美国的经济增长在大流行前就已经呈下降趋势，而世界其他地区的经济增长则继续快速持续增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39fd8a089cc64ae41da56ef8a8ddafe3\" tg-width=\"966\" tg-height=\"597\"><span>Amazon Revenue Segments YoY Growth. Data Source: Company Filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>亚马逊收入部门同比增长。数据来源：公司备案</span></p></blockquote></p><p></p><p> We also observed this from AMZN’s International segment growth where although it has been somewhat of a laggard in previous quarters, it has started to outpace North America’s growth for the last 2 quarters, culminating in Q1’21 YoY growth of 60.4% for the International segment against 39.5% for the North America segment.</p><p><blockquote>我们还从AMZN的国际业务增长中观察到了这一点，尽管前几个季度有些落后，但过去两个季度已开始超过北美的增长，最终国际业务在21年第一季度同比增长60.4%。北美市场为39.5%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7909e7fdd6bf5972121d1a9a70f75a46\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue 2017 to 2025. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>2017年至2025年美国零售电子商务收入。数据来源：Statista</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9c99e9a30fb46d3d1f22e77b72c40740\" tg-width=\"600\" tg-height=\"371\"><span>U.S. Retail e-commerce revenue YoY Growth. Data Source: Statista</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国零售电商收入同比增长。数据来源：Statista</span></p></blockquote></p><p> We could see from the above why ramping up growth internationally is so important for Shopify to continue delivering its expected spectacular growth rates. Even though Shopify merchants sell internationally, the fact that the SFN currently serves only businesses whosell to U.S. customersindicates the significance of the U.S. consumers to Shopify’s ecommerce revenues. However, as the growth of U.S. retail e-commerce revenue is expected to slow down over time (from 8.7% YoY in 2021 to 2.7% YoY by 2025), companies like Shopify who rely on high growth to justify its valuation must either take market share away from its key competitors or look for growth outside of the United States.</p><p><blockquote>从上面我们可以看出，为什么加快国际增长对于Shopify继续实现其预期的惊人增长率如此重要。尽管Shopify商家在国际上销售，但SFN目前仅为向美国客户销售的企业提供服务，这一事实表明了美国消费者对Shopify电子商务收入的重要性。然而，由于美国零售电子商务收入的增长预计将随着时间的推移而放缓（从2021年的同比8.7%降至2025年的同比2.7%），像Shopify这样依靠高增长来证明其估值合理性的公司必须要么从主要竞争对手那里获得市场份额，要么在美国以外寻求增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e60f4fcd9254552bdd46a6d9c613384d\" tg-width=\"600\" tg-height=\"371\"><span>Value of Southeast Asia e-commerce market. Data Source: Google, Temasek Holdings, Bain &amp; Company</span></p><p><blockquote><p class=\"t-img-caption\"><span>东南亚电子商务市场的价值。数据来源：谷歌、淡马锡控股、贝恩公司</span></p></blockquote></p><p> For example, if we look across to Southeast Asia, and compare the growth rates of the Southeast Asian market (expected 5Y CAGR for 2020 to 2025: 22.6%) and the United States market (expected 5Y CAGR for 2020 to 2025: 3.73%), it’s easy to see which market will be the key driver of e-commerce growth in the near future. There’s no doubt that the U.S. market remains an extremely important market given its size, however much of the future growth will likely come from overseas markets. Therefore, it’s important that Shopify continues to drive growth across other geographical markets.</p><p><blockquote>例如，如果我们放眼东南亚，比较东南亚市场（2020年至2025年的预期5年CAGR：22.6%）和美国市场（2020年至2025年的预期5年CAGR：3.73%）的增长率，很容易看出哪个市场将是不久的将来电子商务增长的主要驱动力。毫无疑问，鉴于美国市场的规模，其仍然是一个极其重要的市场，但未来的大部分增长可能来自海外市场。因此，Shopify继续推动其他地理市场的增长非常重要。</blockquote></p><p> <b>Let's Bring in Sea Limited</b></p><p><blockquote><b>让我们引入Sea Limited</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d40fe31435cdc50217df4172982b7354\" tg-width=\"1280\" tg-height=\"821\"><span>Sea Limited &amp; SHOP EBIT Margin, Gross Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>Sea Limited&amp;商店息税前利润率、毛利率。数据来源：标普资本智商</span></p></blockquote></p><p> In order to look at Shopify’s growth opportunities in the Southeast Asian market, I thought it would be important to first consider the most important e-commerce player in that region: Sea Limited (SE), which I had previouslycovered in detail in an article hererecently.</p><p><blockquote>为了了解Shopify在东南亚市场的增长机会，我认为首先考虑该地区最重要的电子商务参与者是很重要的：Sea Limited(SE)，我之前在一篇文章中详细介绍过它最近。</blockquote></p><p> It’s easy to see how SHOP’s more profitable business model on relying on subscriptions and merchant solutions drove a much higher EBIT margin as compared to SE’s online marketplace platform: Shopee, which is currently being supported by the company’s profitable Garena gaming segment.</p><p><blockquote>很容易看出，与SE的在线市场平台Shopee相比，SHOP依靠订阅和商家解决方案的利润更高的商业模式如何推动了更高的息税前利润率，Shopee目前由该公司盈利的Garena游戏部门提供支持。</blockquote></p><p> Despite that, Sea has still been able to drive significant revenue growth and operating efficiencies such that its EBIT margins have seen remarkable improvement.</p><p><blockquote>尽管如此，Sea仍然能够推动显着的收入增长和运营效率，使其息税前利润率显着提高。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/788d4d4399cbdeb497792a1f90868e47\" tg-width=\"1280\" tg-height=\"714\"><span>EBIT Margin Forecast. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率预测。数据来源：标普资本智商</span></p></blockquote></p><p> When we modelled SE and SHOP’s EBIT margins moving forward, we could see how both companies’ improving cost efficiencies, notably from the reduction in SG&amp;A margins, would help both companies to continue improving their operating margins over time.</p><p><blockquote>当我们对SE和SHOP未来的息税前利润率进行建模时，我们可以看到两家公司成本效率的提高，特别是SG&amp;A利润率的降低，将如何帮助两家公司随着时间的推移继续提高营业利润率。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f94e62035fe5fc04eaeb95b7d760df28\" tg-width=\"1280\" tg-height=\"703\"><span>SE and SHOP Projected Unlevered FCF Margin. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计无杠杆自由现金流利润率。数据来源：标普资本智商</span></p></blockquote></p><p> This is where their SE is expected to pull ahead. In modelling their FCF, SE is expected to generate so much FCF from its revenue growth and operating profits that the company looks increasingly like a massive cash flow machine moving forward. It’s not as if SHOP looks sloppy, but when compared to SE’s FCF margins, they certainly don’t look as impressive though.</p><p><blockquote>这是他们的SE有望领先的地方。在模拟自由现金流时，SE预计将从其收入增长和营业利润中产生如此多的自由现金流，以至于该公司看起来越来越像一台向前发展的巨大现金流机器。SHOP看起来并不马虎，但与SE的自由现金流利润率相比，它们看起来肯定没有那么令人印象深刻。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aa625e12090dfc0f64e439c278b5b9d0\" tg-width=\"1280\" tg-height=\"649\"><span>SE and SHOP Projected Revenue CAGR (5Y, 10Y), 10Y Projected Av. Unlevered FCF Margin, EV / FY+1 Rev. Data Source: S&amp;P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>SE和SHOP预计收入CAGR（5年、10年）、10年预计Av。无杠杆自由现金流利润率，EV/FY+1修订版数据来源：S&amp;P Capital IQ</span></p></blockquote></p><p></p><p> More importantly, when we bring their current valuation levels into the picture (EV / FY+1 Rev), we could see that SE’s current valuation (16.3x) looks so much more attractive than SHOP’s (32.7x), while being able to convert that rapid revenue growth into higher FCF margins. It should also be noted that I have modelled both companies to continue their blockbuster performances: SE (5Y CAGR of 44.3%, 10Y CAGR of 26.7%), SHOP (5Y CAGR 41.4%, 10Y CAGR 32.3%).</p><p><blockquote>更重要的是，当我们考虑到他们当前的估值水平（EV/FY+1 Rev）时，我们可以看到SE当前的估值（16.3倍）看起来比SHOP的（32.7倍）更具吸引力，同时能够将快速的收入增长转化为更高的自由现金流利润率。还应该指出的是，我对这两家公司进行了建模，以继续其出色的表现：SE（5年复合年增长率为44.3%，10年复合年增长率为26.7%）、SHOP（5年复合年增长率为41.4%，10年复合年增长率为32.3%）。</blockquote></p><p> Therefore, for investors who would like a share of that rapid international growth in the Southeast Asian market coupled with a leading cash flow generating gaming segment, you should look no further than SE.</p><p><blockquote>因此，对于想要分享东南亚市场快速国际增长以及领先的现金流产生游戏领域的投资者来说，您应该看看SE。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4df93eabc2cf51bdca0056071317076a\" tg-width=\"600\" tg-height=\"371\"><span>Market share of e-commerce software platforms in the U.S. in 2021 Data Source: Builtwith</span></p><p><blockquote><p class=\"t-img-caption\"><span>2021年美国电商软件平台市场份额数据来源：Builtwith</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a2485bbbc639e9512e106f6dd1ab48ff\" tg-width=\"600\" tg-height=\"371\"><span>Unique visitors to the most popular online retailers in SEA in 2020. Data Source: iPrice Group, SimilarWeb, Marketing in Asia</span></p><p><blockquote><p class=\"t-img-caption\"><span>2020年SEA最受欢迎在线零售商的独立访客。数据来源：iPrice Group、SimilarWeb、亚洲市场营销</span></p></blockquote></p><p> When we consider the competitive economics in the U.S. against Southeast Asia, it becomes very clear. Shopify faces strong competition within its software platform segment, without accounting for Amazon’s prowess as well. Even though I expect Shopify to continue its rapid expansion, I believe that it faces more intensive competitive threats than Sea Limited as the pie in the U.S. is expected to grow slower over time. SHOP needs almost perfect execution every quarter to justify its lofty valuations.</p><p><blockquote>当我们考虑美国与东南亚的竞争经济学时，这一点就变得非常清楚了。Shopify在其软件平台领域面临着激烈的竞争，但也没有考虑到亚马逊的实力。尽管我预计Shopify将继续快速扩张，但我相信它比Sea Limited面临更激烈的竞争威胁，因为随着时间的推移，美国的市场增长预计会放缓。SHOP每个季度都需要近乎完美的执行才能证明其高估值的合理性。</blockquote></p><p> As compared to SE, it is clearly the dominant online marketplace now in Southeast Asia by a fairly large margin, and its prowess and scale is also growing, further stretching the distance from its competitors. Coupled with its ShopeePay payments platform, it also creates a flywheel effect similar to what Shopify Payments does for Shopify. The leadership in Southeast Asia is surely Sea’s to lose, and there’s so much potential growth that the company can capture in this region as the undisputed leader. When we consider Shopify’s valuations against SE’s it looks quite clear SE’s valuation looks more attractive now, with stronger market leadership and arguably higher potential growth.</p><p><blockquote>与SE相比，它显然是东南亚在线市场的主导者，其实力和规模也在增长，进一步拉开了与竞争对手的距离。再加上其ShopeePay支付平台，它还创造了类似于Shopify Payments为Shopify所做的飞轮效应。东南亚的领导地位肯定是Sea失去的，而且该公司作为无可争议的领导者可以在该地区抓住巨大的增长潜力。当我们将Shopify的估值与SE的估值进行比较时，很明显SE的估值现在看起来更具吸引力，具有更强的市场领导地位和可以说更高的潜在增长。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8a9782afa86bafbd3d2e54e41e0c1d13\" tg-width=\"1280\" tg-height=\"794\"><span>Source: TradingView</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：TradingView</span></p></blockquote></p><p> SHOP’s price action has been stuck somewhat in a large consolidation phase since Oct 20, with the bull trap set in Feb 21 at around the $1500 level. Support was found at around the $1000 level, with further support at around the $835 level for investors who wish to add further into SHOP. It’s important to note that despite SHOP’s lofty valuations, its long term uptrend bias has never been threatened, and I expect this to carry on moving forward.</p><p><blockquote>自10月20日以来，SHOP的价格走势一直陷入大幅盘整阶段，牛市陷阱于2月21日设定在1500美元左右。对于希望进一步增持的投资者来说，支撑位在1000美元左右，进一步支撑位在835美元左右。值得注意的是，尽管SHOP的估值很高，但其长期上升趋势偏见从未受到威胁，我预计这种情况将继续下去。</blockquote></p><p> <b>Wrapping it all up</b></p><p><blockquote><b>把这一切包起来</b></blockquote></p><p> Although Shopify is one of the most expensive high quality e-commerce stocks right now, it’s also expected to generate rapid growth ahead with its ever improving ecosystem for its merchants. Coupled with one of the strongest long term uptrend biases that I have seen for stocks (It didn’t lose its key support levels even during the COVID-19 bear market), I believe this puts SHOP in a strong position as a stock to add aggressively at the next big dip.</p><p><blockquote>尽管Shopify是目前最昂贵的优质电子商务股票之一，但随着其商家生态系统的不断改善，预计它也将在未来实现快速增长。再加上我所见过的股票最强烈的长期上升趋势偏差之一（即使在COVID-19熊市期间，它也没有失去关键支撑位），我相信这使SHOP作为一只股票处于有利地位，可以在下一次大幅下跌时积极增加。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4433111-shopify-an-expensive-stock-that-keeps-delivering\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc"},"source_url":"https://seekingalpha.com/article/4433111-shopify-an-expensive-stock-that-keeps-delivering","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167651093","content_text":"Summary\n\nShopify has consistently delivered for long-term investors who have kept faith with the company despite its high valuations.\nThe company has multiple growth drivers in Payments, and International markets to further drive its growth story.\nIts technical picture also shows a stock that has always been strongly supported along its long-term uptrend.\nI attempt to discuss the key aspects of its operating performances and why investors should also focus on international expansion as a key aspect of e-commerce growth.\n\nPhoto by JHVEPhoto/iStock Editorial via Getty ImagesInvestment Thesis\nShopify (SHOP) is one of the most hotly debated e-commerce stocks because of its explosive revenue growth rates and its high valuations. The company continues to demonstrate both stellar topline and bottomline growth while also improving its cash flow margins. The management’s ability to monetize its merchants through Shopify Payments and its suite of merchant solutions is a masterstroke that shows the capability of the management to be able to continue executing its high growth strategies with aplomb moving forward. Despite its relatively high valuation levels, it also remains a very strong stock from the technical point of view, so bullish investors may consider adding it at the next dip.\nShopify: Defying Amazon’s Valuation Logic\nShopify’s critics have often questioned the logic of investing in Shopify when you can invest in Amazon (AMZN) for a fraction of its expensive valuation. Yet, investors in SHOP continue to defy “common valuation logic” by pointing to Shopify’s incredible growth rates.\nSHOP and AMZN LTM Revenue Growth Trend. Data Source: S&P Capital IQ\nAMZN and SHOP LTM Revenue YoY Growth & Revenue 3Y CAGR. Data Source: S&P Capital IQ\nOver the last 5 years, SHOP’s revenue growth has easily surpassed AMZN at every reporting quarter, and the pandemic fueled e-commerce tailwind also drove higher growth to SHOP as its LTM revenue YoY growth read 99.6% as compared to AMZN’s “meagre” 41.5%. Moreover, SHOP’s revenue 3Y CAGR of 63.3% also easily bested AMZN’s 3Y CAGR of 29.5%. So clearly, SHOP’s growth has been truly phenomenal.\nShopify's Compelling Merchant Solutions Growth Drivers\nShopify Revenue Segments. Data Source: Company Filings\nIn recent years, we could see that even though Shopify’s revenue growth has been pretty much broad-based, its merchant solutions segment has been taking up an increasingly large contribution in the company’s revenue base and have transformed itself into Shopify’s most important revenue driver, accounting for 67.6% of Q1’21 revenue. The shift towards increasing the revenue base of merchant solutions has seen the company continuing to roll out multiple new merchant solutions initiatives and services to further monetize the company’s merchant base and improve the strength of its ecosystem, therefore enhancing its “stickiness” and retention over time.\nShopify Subscription Solutions and Merchant Solutions YoY Growth. Data Source: Company Filings\nInvestors should be careful not to get too excited with the pulled forward growth as a result of the COVID-19 pandemic that we observed in FY 20 as seen above. The management has already strongly emphasized in their guidance that they do not expect this to repeat, and expects YoY growth to normalize to levels seen before the pandemic, which in this case is estimated to be somewhere north of 50%. Even though growth is expected to normalize moving forward, it’s not as if SHOP has been growing slowly and more importantly the pulled forward growth last year has allowed SHOP to dramatically increase its merchants growth onto its platform for future monetization within Shopify’s robust ecosystem.\nShopify Segment Gross Margins. Data Source: Company Filings\nAlthough Q1’21’s gross margin was higher than recent historical trends, we should not expect this to carry on moving forward. The management pointed out clearly that the company is focusing its efforts to continue improving its robust ecosystem for its merchants such as developing the Shopify Fulfillment Network [SFN], as it expects that the merchant solutions segment to continue driving its revenue growth even if it means lesser gross margins moving forward.\nShopify Payments is the Key to Unlock the Benefits from GMV Growth\nDespite that, the company clarified that as Shopify Payments continue to see increased adoption and usage among its merchants, the company expects to see significant improvement to its SG&A efficiencies as Shopify Payments has a much lesser impact on SG&A margins, therefore leading to improvement on operating efficiencies as Shopify Payments scale up further.\nSHOP EBIT Margin, SG&A Margin, R&D Margin, Gross Margin. Data Source: S&P Capital IQ\nClearly, investors could see that despite posting a relatively high LTM gross margin profile in Q1’21: 53.5%, it has only recently turned LTM EBIT profitable (Q1’21: 10.5%), thanks to the company’s solid improvement with its operating efficiencies even though the gross margin profile has remained stable over time, even with the pulled forward growth from COVID-19 last year.\nWe could see a consistently declining LTM SG&A margin trend reaching 24.8% in Q1’21 from a high of 44.1% in Q4’16, signifying a huge improvement. Therefore, I’m confident that SHOP would continue to deliver improved operating efficiencies as it scales up its SFN to further strengthen its ecosystem, creating even more value and synergies for its merchants and their customers.\nSHOP’s GMV and GPV Analysis. Data Source: Company Filings\nSHOP’s GMV and GPV YoY Growth. Data Source: Company Filings\nWe could clearly see the increasingly important role of Shopify Payments for its merchants as more and more merchants are using Shopify Payments over time as GPV growth has outpaced GMV growth consistently, with Q1’21 reading coming in at 137% YoY growth and 114.4% YoY growth, respectively.\nSHOP GPV as a % of GMV. Data Source: Company Filings\nWith the increased adoption and usage of Shopify Payments, in Q1’21 GPV formed 46.4% of GMV, from a low of 37.5% of GMV just 3 years ago. I believe Shopify is moving in the right direction to continue driving more and more merchants towards Shopify Payments as it creates a powerful flywheel to unlock even more and more of the expected massive GMV growth moving forward.\nShopify MRR. Data Source: Company Filings\nShopify MRR YoY Growth. Data Source: Company Filings\nThe sustained improvement in GPV growth has come at an important juncture as SHOP had already been experiencing slower MRR growth pre-pandemic (from 36% in Q1’19 to 21% in Q2’20). Therefore, by strategically being able to monetize its merchants in other areas has helped to manage this slowdown, while at the same time opened up many new revenue opportunities for Merchant Solutions to help drive the company’s future growth.\nThe Importance of International Expansion\nShopify Revenue by Merchant Location. Data Source: Company Filings\nShopify Revenue by Merchant Location YoY Growth. Data Source: Company Filings\nAlthough U.S. merchants continue to be SHOP’s most important revenue driver (66.7% of FY 20 revenue), the company has also experienced rapid growth in other geographical markets, particularly in its Rest of World segment. As we can observe from the above chart, U.S. growth has already been trending down pre-pandemic, while Rest of World growth has continued to grow rapidly and consistently.\nAmazon Revenue Segments YoY Growth. Data Source: Company Filings\nWe also observed this from AMZN’s International segment growth where although it has been somewhat of a laggard in previous quarters, it has started to outpace North America’s growth for the last 2 quarters, culminating in Q1’21 YoY growth of 60.4% for the International segment against 39.5% for the North America segment.\nU.S. Retail e-commerce revenue 2017 to 2025. Data Source: Statista\nU.S. Retail e-commerce revenue YoY Growth. Data Source: Statista\nWe could see from the above why ramping up growth internationally is so important for Shopify to continue delivering its expected spectacular growth rates. Even though Shopify merchants sell internationally, the fact that the SFN currently serves only businesses whosell to U.S. customersindicates the significance of the U.S. consumers to Shopify’s ecommerce revenues. However, as the growth of U.S. retail e-commerce revenue is expected to slow down over time (from 8.7% YoY in 2021 to 2.7% YoY by 2025), companies like Shopify who rely on high growth to justify its valuation must either take market share away from its key competitors or look for growth outside of the United States.\nValue of Southeast Asia e-commerce market. Data Source: Google, Temasek Holdings, Bain & Company\nFor example, if we look across to Southeast Asia, and compare the growth rates of the Southeast Asian market (expected 5Y CAGR for 2020 to 2025: 22.6%) and the United States market (expected 5Y CAGR for 2020 to 2025: 3.73%), it’s easy to see which market will be the key driver of e-commerce growth in the near future. There’s no doubt that the U.S. market remains an extremely important market given its size, however much of the future growth will likely come from overseas markets. Therefore, it’s important that Shopify continues to drive growth across other geographical markets.\nLet's Bring in Sea Limited\nSea Limited & SHOP EBIT Margin, Gross Margin. Data Source: S&P Capital IQ\nIn order to look at Shopify’s growth opportunities in the Southeast Asian market, I thought it would be important to first consider the most important e-commerce player in that region: Sea Limited (SE), which I had previouslycovered in detail in an article hererecently.\nIt’s easy to see how SHOP’s more profitable business model on relying on subscriptions and merchant solutions drove a much higher EBIT margin as compared to SE’s online marketplace platform: Shopee, which is currently being supported by the company’s profitable Garena gaming segment.\nDespite that, Sea has still been able to drive significant revenue growth and operating efficiencies such that its EBIT margins have seen remarkable improvement.\nEBIT Margin Forecast. Data Source: S&P Capital IQ\nWhen we modelled SE and SHOP’s EBIT margins moving forward, we could see how both companies’ improving cost efficiencies, notably from the reduction in SG&A margins, would help both companies to continue improving their operating margins over time.\nSE and SHOP Projected Unlevered FCF Margin. Data Source: S&P Capital IQ\nThis is where their SE is expected to pull ahead. In modelling their FCF, SE is expected to generate so much FCF from its revenue growth and operating profits that the company looks increasingly like a massive cash flow machine moving forward. It’s not as if SHOP looks sloppy, but when compared to SE’s FCF margins, they certainly don’t look as impressive though.\nSE and SHOP Projected Revenue CAGR (5Y, 10Y), 10Y Projected Av. Unlevered FCF Margin, EV / FY+1 Rev. Data Source: S&P Capital IQ\nMore importantly, when we bring their current valuation levels into the picture (EV / FY+1 Rev), we could see that SE’s current valuation (16.3x) looks so much more attractive than SHOP’s (32.7x), while being able to convert that rapid revenue growth into higher FCF margins. It should also be noted that I have modelled both companies to continue their blockbuster performances: SE (5Y CAGR of 44.3%, 10Y CAGR of 26.7%), SHOP (5Y CAGR 41.4%, 10Y CAGR 32.3%).\nTherefore, for investors who would like a share of that rapid international growth in the Southeast Asian market coupled with a leading cash flow generating gaming segment, you should look no further than SE.\nMarket share of e-commerce software platforms in the U.S. in 2021 Data Source: Builtwith\nUnique visitors to the most popular online retailers in SEA in 2020. Data Source: iPrice Group, SimilarWeb, Marketing in Asia\nWhen we consider the competitive economics in the U.S. against Southeast Asia, it becomes very clear. Shopify faces strong competition within its software platform segment, without accounting for Amazon’s prowess as well. Even though I expect Shopify to continue its rapid expansion, I believe that it faces more intensive competitive threats than Sea Limited as the pie in the U.S. is expected to grow slower over time. SHOP needs almost perfect execution every quarter to justify its lofty valuations.\nAs compared to SE, it is clearly the dominant online marketplace now in Southeast Asia by a fairly large margin, and its prowess and scale is also growing, further stretching the distance from its competitors. Coupled with its ShopeePay payments platform, it also creates a flywheel effect similar to what Shopify Payments does for Shopify. The leadership in Southeast Asia is surely Sea’s to lose, and there’s so much potential growth that the company can capture in this region as the undisputed leader. When we consider Shopify’s valuations against SE’s it looks quite clear SE’s valuation looks more attractive now, with stronger market leadership and arguably higher potential growth.\nPrice Action and Technical Analysis\nSource: TradingView\nSHOP’s price action has been stuck somewhat in a large consolidation phase since Oct 20, with the bull trap set in Feb 21 at around the $1500 level. Support was found at around the $1000 level, with further support at around the $835 level for investors who wish to add further into SHOP. It’s important to note that despite SHOP’s lofty valuations, its long term uptrend bias has never been threatened, and I expect this to carry on moving forward.\nWrapping it all up\nAlthough Shopify is one of the most expensive high quality e-commerce stocks right now, it’s also expected to generate rapid growth ahead with its ever improving ecosystem for its merchants. Coupled with one of the strongest long term uptrend biases that I have seen for stocks (It didn’t lose its key support levels even during the COVID-19 bear market), I believe this puts SHOP in a strong position as a stock to add aggressively at the next big dip.","news_type":1,"symbols_score_info":{"SHOP":0.9}},"isVote":1,"tweetType":1,"viewCount":1242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190460930,"gmtCreate":1620644674120,"gmtModify":1634197467067,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/190460930","repostId":"1118102058","repostType":4,"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190484425,"gmtCreate":1620644608567,"gmtModify":1634197468374,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190484425","repostId":"1192177885","repostType":4,"isVote":1,"tweetType":1,"viewCount":1358,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165200245,"gmtCreate":1624143587387,"gmtModify":1634010421148,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Feature me please&nbsp;","listText":"Feature me please&nbsp;","text":"Feature me please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165200245","isVote":1,"tweetType":1,"viewCount":896,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190487263,"gmtCreate":1620644651852,"gmtModify":1634197467541,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190487263","repostId":"1192177885","repostType":4,"isVote":1,"tweetType":1,"viewCount":1190,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190487376,"gmtCreate":1620644628695,"gmtModify":1634197468007,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/190487376","repostId":"1112709254","repostType":4,"repost":{"id":"1112709254","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1620640528,"share":"https://www.laohu8.com/m/news/1112709254?lang=zh_CN&edition=full","pubTime":"2021-05-10 17:55","market":"us","language":"en","title":"Weibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112709254","media":"Tiger Newspress","summary":"Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, toda","content":"<p>Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, today announced its unaudited financial results for first quarter ended March 31, 2021.</p><p><blockquote>中国领先的社交媒体微博公司（WB）（“微博”或“公司”）（纳斯达克：WB）今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p>\"We started the year of 2021 with a strong quarter,\" saidGaofei Wang, CEO of Weibo. \"Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs.\"Mr. Wangconcluded.</p><p><blockquote>微博首席执行官王高飞表示：“我们以强劲的季度开局2021年。”“得益于我们有效的渠道投资、丰富的视频产品以及我们在社交分发和热门趋势方面的实力，微博的用户群和参与度较上一季度继续增长。在货币化方面，我们很高兴看到广泛的同比增长跨行业的增长以及某些差异化广告产品的强劲势头，证明了我们在满足广告商日益增长的品牌和绩效需求方面的竞争力。”王总结道。</blockquote></p><p><ul><li>Weibo Q1 Non-GAAP EPS of $0.57beats by $0.09; GAAP EPS of $0.22misses by $0.20.</li><li>Revenue of $458.9M (+41.9% Y/Y)beats by $25.06M.</li><li>Adjusted EBITDA of $256.73M vs. consensus of $$116.5M.</li><li>Advertising and marketing revenue of $390.0M (+42% Y/Y)&nbsp;&nbsp;vs. estimate $369.1M; VAS revenue of $68.9M (+44% Y/Y)&nbsp;&nbsp;vs.&nbsp;estimate $59.7M.</li><li>For the<b>second quarter of 2021</b>, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis, reflecting Weibo's current and preliminary view, which is subject to change.</li></ul>Weibo&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarketing&nbsp;trading.<img src=\"https://static.tigerbbs.com/47b8e16c16e9a384ac2d300f7e9c1391\" tg-width=\"789\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>微博第一季度非GAAP每股收益0.57美元超过预期0.09美元；GAAP每股收益为0.22美元，低于预期为0.20美元。</li><li>收入为4.589亿美元（同比增长41.9%）超过预期为2506万美元。</li><li>调整后EBITDA为2.5673亿美元，而市场普遍预期为1.165亿美元。</li><li>广告和营销收入为3.9亿美元（同比增长42%）。估计3.691亿美元；增值服务收入为6890万美元（同比增长44%），而预期为5970万美元。</li><li>对于<b>2021年第二季度</b>，微博预计其净收入按固定汇率计算将同比增长25%至30%，反映了微博当前的初步观点，该观点可能会发生变化。</li></ul>微博在盘前交易中涨超3%。</blockquote></p><p><b>First Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第一季度亮点</b></blockquote></p><p><ul><li>Net revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis[1].</li><li>Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.</li><li>Value-added service (\"VAS\") revenues were $68.9 million, an increase of 44% year-over-year.</li><li>Income from operations was $108.6 million, representing an operating margin of 24%.</li><li>Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.</li><li>Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.</li><li>Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.</li><li>Monthly active users (\"MAUs\") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.</li></ul><b>First Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>净收入为4.589亿美元，同比增长42%，按固定汇率计算同比增长31%[1]。</li><li>广告和营销收入为3.9亿美元，同比增长42%。</li><li>增值服务（“VAS”）收入为6890万美元，同比增长44%。</li><li>营业收入为1.086亿美元，营业利润率为24%。</li><li>非GAAP运营收入为1.375亿美元，非GAAP运营利润率为30%。</li><li>归属于微博的净利润为4980万美元，摊薄后每股净利润为0.22美元。</li><li>归属于微博的非GAAP净利润为1.307亿美元，非GAAP摊薄后每股净利润为0.57美元。</li><li>2021年3月月活跃用户（“MAU”）为5.3亿，同比下降4%，环比增长2%。移动用户占月活跃用户的94%。</li><li>2021年3月平均日活跃用户（“DAU”）为2.3亿，同比下降5%，环比增长2%。</li></ul><b>2021年第一季度财务业绩</b></blockquote></p><p>For the first quarter of 2021, Weibo's total net revenues were $458.9 million, an increase of 42% compared to $323.4 million for the same period last year.</p><p><blockquote>2021年第一季度，微博总净收入为4.589亿美元，较去年同期的3.234亿美元增长42%。</blockquote></p><p>Advertising and marketing revenues for the first quarter of 2021 were $390.0 million, an increase of 42% compared to $275.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were $356.7 million, an increase of 44% compared to $247.9 million for the same period last year, primarily attributable to broad-based robust growth of ad spend across industries from the trough for the same period last year.</p><p><blockquote>2021年第一季度广告和营销收入为3.9亿美元，与去年同期的2.754亿美元相比增长42%。不包括阿里巴巴-SW广告收入的广告和营销收入为3.567亿美元，与去年同期的2.479亿美元相比增长44%，主要归因于各行业广告支出较去年同期的低谷出现了广泛的强劲增长。</blockquote></p><p>VAS revenues for the first quarter of 2021 were $68.9 million, an increase of 44% year-over-year compared to $48.0 million for the same period last year, mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020.</p><p><blockquote>2021年第一季度增值服务收入为6890万美元，与去年同期的4800万美元相比，同比增长44%，主要归因于2020年11月收购的互动娱乐公司的收入。</blockquote></p><p>Costs and expenses for the first quarter of 2021 totaled $350.3 million, an increase of 32% compared to $265.4 million for the same period last year. The increase was primarily due to increased marketing expense and higher personal related cost.</p><p><blockquote>2021年第一季度的成本和费用总计3.503亿美元，与去年同期的2.654亿美元相比增长32%。这一增长主要是由于营销费用增加和个人相关成本增加。</blockquote></p><p>Income from operations for the first quarter of 2021 was $108.6 million, compared to $58.0 million for the same period last year. Operating margin was 24%, compared to 18% last year. Non-GAAP income from operations was $137.5 million, compared to $74.1 million for the same period last year. Non-GAAP operating margin was 30%, compared to 23% last year.</p><p><blockquote>2021年第一季度的运营收入为1.086亿美元，而去年同期为5800万美元。营业利润率为24%，而去年为18%。非GAAP运营收入为1.375亿美元，去年同期为7410万美元。非GAAP营业利润率为30%，而去年为23%。</blockquote></p><p>Non-operating loss for the first quarter of 2021 was $44.7million, compared to an income of $10.0 million for the same period last year. Non-operating loss for the first quarter of 2021 mainly included (i) a $58.2 million net loss on sale of and fair value change of investments, which is excluded under non-GAAP measures; and (ii) a $13.5 million net interest and other income.</p><p><blockquote>2021年第一季度的非运营亏损为4470万美元，而去年同期的收入为1000万美元。2021年第一季度的非经营亏损主要包括(i)投资出售和公允价值变动净亏损5820万美元，不包括在非公认会计准则措施下；(ii)1,350万美元的净利息和其他收入。</blockquote></p><p>Income tax expense were $14.9 million, compared to $15.9 million for the same period last year.</p><p><blockquote>所得税费用为1490万美元，去年同期为1590万美元。</blockquote></p><p></p><p>Net income attributable to Weibo for the first quarter of 2021 was $49.8 million, compared to $52.1 million for the same period last year. Diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.22, at similar level for the same period last year. Non-GAAP net income attributable to Weibo for the first quarter of 2021 was $130.7 million, compared to $67.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.57, compared to $0.30 for the same period last year.</p><p><blockquote>2021年第一季度归属于微博的净利润为4980万美元，去年同期为5210万美元。2021年第一季度归属于微博的摊薄后每股净利润为0.22美元，与去年同期持平。2021年第一季度归属于微博的非美国通用会计准则净利润为1.307亿美元，上年同期为6740万美元。2021年第一季度非美国通用会计准则下归属于微博的每股摊薄净利润为0.57美元，上年同期为0.30美元。</blockquote></p><p>As of March 31, 2021, Weibo's cash, cash equivalents and short-term investments totaled $3.41 billion. For the first quarter of 2021, cash provided by operating activities was $244.3 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $12.4 million.</p><p><blockquote>截至2021年3月31日，微博的现金、现金等价物和短期投资总计34.1亿美元。2021年第一季度，经营活动提供的现金为2.443亿美元，资本支出总额为600万美元，折旧和摊销费用为1240万美元。</blockquote></p><p><b>Appointment of Independent Director</b></p><p><blockquote><b>委任独立董事</b></blockquote></p><p>The Company announced that its board of directors has appointed Mr.Yan Wangas an independent director of the Company.Mr. Wangserved as a director of SINA Corporation, the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception. The appointment is effective immediately.</p><p><blockquote>公司公告，董事会已任命Yan Wangas先生为公司独立董事。王先生于2003年5月至2021年3月担任本公司母公司新浪公司的董事，并自新浪成立以来担任过各种管理职务。该任命立即生效。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.</p><p><blockquote>微博预计2021年第二季度净收入按固定汇率计算将同比增长25%至30%。这一预测反映了微博目前和初步的观点，可能会发生变化。</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>Weibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</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; 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: 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\">\nWeibo EPS beats by $0.09, beats on revenue; provides outlook<blockquote>微博EPS超过预期0.09美元，营收超过预期；提供outlook</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\">2021-05-10 17:55</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, today announced its unaudited financial results for first quarter ended March 31, 2021.</p><p><blockquote>中国领先的社交媒体微博公司（WB）（“微博”或“公司”）（纳斯达克：WB）今天公布了截至2021年3月31日的第一季度未经审计的财务业绩。</blockquote></p><p>\"We started the year of 2021 with a strong quarter,\" saidGaofei Wang, CEO of Weibo. \"Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs.\"Mr. Wangconcluded.</p><p><blockquote>微博首席执行官王高飞表示：“我们以强劲的季度开局2021年。”“得益于我们有效的渠道投资、丰富的视频产品以及我们在社交分发和热门趋势方面的实力，微博的用户群和参与度较上一季度继续增长。在货币化方面，我们很高兴看到广泛的同比增长跨行业的增长以及某些差异化广告产品的强劲势头，证明了我们在满足广告商日益增长的品牌和绩效需求方面的竞争力。”王总结道。</blockquote></p><p><ul><li>Weibo Q1 Non-GAAP EPS of $0.57beats by $0.09; GAAP EPS of $0.22misses by $0.20.</li><li>Revenue of $458.9M (+41.9% Y/Y)beats by $25.06M.</li><li>Adjusted EBITDA of $256.73M vs. consensus of $$116.5M.</li><li>Advertising and marketing revenue of $390.0M (+42% Y/Y)&nbsp;&nbsp;vs. estimate $369.1M; VAS revenue of $68.9M (+44% Y/Y)&nbsp;&nbsp;vs.&nbsp;estimate $59.7M.</li><li>For the<b>second quarter of 2021</b>, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis, reflecting Weibo's current and preliminary view, which is subject to change.</li></ul>Weibo&nbsp;rose&nbsp;more&nbsp;than&nbsp;3%&nbsp;in&nbsp;premarketing&nbsp;trading.<img src=\"https://static.tigerbbs.com/47b8e16c16e9a384ac2d300f7e9c1391\" tg-width=\"789\" tg-height=\"523\" referrerpolicy=\"no-referrer\"></p><p><blockquote><ul><li>微博第一季度非GAAP每股收益0.57美元超过预期0.09美元；GAAP每股收益为0.22美元，低于预期为0.20美元。</li><li>收入为4.589亿美元（同比增长41.9%）超过预期为2506万美元。</li><li>调整后EBITDA为2.5673亿美元，而市场普遍预期为1.165亿美元。</li><li>广告和营销收入为3.9亿美元（同比增长42%）。估计3.691亿美元；增值服务收入为6890万美元（同比增长44%），而预期为5970万美元。</li><li>对于<b>2021年第二季度</b>，微博预计其净收入按固定汇率计算将同比增长25%至30%，反映了微博当前的初步观点，该观点可能会发生变化。</li></ul>微博在盘前交易中涨超3%。</blockquote></p><p><b>First Quarter 2021 Highlights</b></p><p><blockquote><b>2021年第一季度亮点</b></blockquote></p><p><ul><li>Net revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis[1].</li><li>Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.</li><li>Value-added service (\"VAS\") revenues were $68.9 million, an increase of 44% year-over-year.</li><li>Income from operations was $108.6 million, representing an operating margin of 24%.</li><li>Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.</li><li>Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.</li><li>Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.</li><li>Monthly active users (\"MAUs\") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.</li><li>Average daily active users (\"DAUs\") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.</li></ul><b>First Quarter 2021 Financial Results</b></p><p><blockquote><ul><li>净收入为4.589亿美元，同比增长42%，按固定汇率计算同比增长31%[1]。</li><li>广告和营销收入为3.9亿美元，同比增长42%。</li><li>增值服务（“VAS”）收入为6890万美元，同比增长44%。</li><li>营业收入为1.086亿美元，营业利润率为24%。</li><li>非GAAP运营收入为1.375亿美元，非GAAP运营利润率为30%。</li><li>归属于微博的净利润为4980万美元，摊薄后每股净利润为0.22美元。</li><li>归属于微博的非GAAP净利润为1.307亿美元，非GAAP摊薄后每股净利润为0.57美元。</li><li>2021年3月月活跃用户（“MAU”）为5.3亿，同比下降4%，环比增长2%。移动用户占月活跃用户的94%。</li><li>2021年3月平均日活跃用户（“DAU”）为2.3亿，同比下降5%，环比增长2%。</li></ul><b>2021年第一季度财务业绩</b></blockquote></p><p>For the first quarter of 2021, Weibo's total net revenues were $458.9 million, an increase of 42% compared to $323.4 million for the same period last year.</p><p><blockquote>2021年第一季度，微博总净收入为4.589亿美元，较去年同期的3.234亿美元增长42%。</blockquote></p><p>Advertising and marketing revenues for the first quarter of 2021 were $390.0 million, an increase of 42% compared to $275.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were $356.7 million, an increase of 44% compared to $247.9 million for the same period last year, primarily attributable to broad-based robust growth of ad spend across industries from the trough for the same period last year.</p><p><blockquote>2021年第一季度广告和营销收入为3.9亿美元，与去年同期的2.754亿美元相比增长42%。不包括阿里巴巴-SW广告收入的广告和营销收入为3.567亿美元，与去年同期的2.479亿美元相比增长44%，主要归因于各行业广告支出较去年同期的低谷出现了广泛的强劲增长。</blockquote></p><p>VAS revenues for the first quarter of 2021 were $68.9 million, an increase of 44% year-over-year compared to $48.0 million for the same period last year, mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020.</p><p><blockquote>2021年第一季度增值服务收入为6890万美元，与去年同期的4800万美元相比，同比增长44%，主要归因于2020年11月收购的互动娱乐公司的收入。</blockquote></p><p>Costs and expenses for the first quarter of 2021 totaled $350.3 million, an increase of 32% compared to $265.4 million for the same period last year. The increase was primarily due to increased marketing expense and higher personal related cost.</p><p><blockquote>2021年第一季度的成本和费用总计3.503亿美元，与去年同期的2.654亿美元相比增长32%。这一增长主要是由于营销费用增加和个人相关成本增加。</blockquote></p><p>Income from operations for the first quarter of 2021 was $108.6 million, compared to $58.0 million for the same period last year. Operating margin was 24%, compared to 18% last year. Non-GAAP income from operations was $137.5 million, compared to $74.1 million for the same period last year. Non-GAAP operating margin was 30%, compared to 23% last year.</p><p><blockquote>2021年第一季度的运营收入为1.086亿美元，而去年同期为5800万美元。营业利润率为24%，而去年为18%。非GAAP运营收入为1.375亿美元，去年同期为7410万美元。非GAAP营业利润率为30%，而去年为23%。</blockquote></p><p>Non-operating loss for the first quarter of 2021 was $44.7million, compared to an income of $10.0 million for the same period last year. Non-operating loss for the first quarter of 2021 mainly included (i) a $58.2 million net loss on sale of and fair value change of investments, which is excluded under non-GAAP measures; and (ii) a $13.5 million net interest and other income.</p><p><blockquote>2021年第一季度的非运营亏损为4470万美元，而去年同期的收入为1000万美元。2021年第一季度的非经营亏损主要包括(i)投资出售和公允价值变动净亏损5820万美元，不包括在非公认会计准则措施下；(ii)1,350万美元的净利息和其他收入。</blockquote></p><p>Income tax expense were $14.9 million, compared to $15.9 million for the same period last year.</p><p><blockquote>所得税费用为1490万美元，去年同期为1590万美元。</blockquote></p><p></p><p>Net income attributable to Weibo for the first quarter of 2021 was $49.8 million, compared to $52.1 million for the same period last year. Diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.22, at similar level for the same period last year. Non-GAAP net income attributable to Weibo for the first quarter of 2021 was $130.7 million, compared to $67.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.57, compared to $0.30 for the same period last year.</p><p><blockquote>2021年第一季度归属于微博的净利润为4980万美元，去年同期为5210万美元。2021年第一季度归属于微博的摊薄后每股净利润为0.22美元，与去年同期持平。2021年第一季度归属于微博的非美国通用会计准则净利润为1.307亿美元，上年同期为6740万美元。2021年第一季度非美国通用会计准则下归属于微博的每股摊薄净利润为0.57美元，上年同期为0.30美元。</blockquote></p><p>As of March 31, 2021, Weibo's cash, cash equivalents and short-term investments totaled $3.41 billion. For the first quarter of 2021, cash provided by operating activities was $244.3 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $12.4 million.</p><p><blockquote>截至2021年3月31日，微博的现金、现金等价物和短期投资总计34.1亿美元。2021年第一季度，经营活动提供的现金为2.443亿美元，资本支出总额为600万美元，折旧和摊销费用为1240万美元。</blockquote></p><p><b>Appointment of Independent Director</b></p><p><blockquote><b>委任独立董事</b></blockquote></p><p>The Company announced that its board of directors has appointed Mr.Yan Wangas an independent director of the Company.Mr. Wangserved as a director of SINA Corporation, the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception. The appointment is effective immediately.</p><p><blockquote>公司公告，董事会已任命Yan Wangas先生为公司独立董事。王先生于2003年5月至2021年3月担任本公司母公司新浪公司的董事，并自新浪成立以来担任过各种管理职务。该任命立即生效。</blockquote></p><p><b>Business Outlook</b></p><p><blockquote><b>业务展望</b></blockquote></p><p>For the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.</p><p><blockquote>微博预计2021年第二季度净收入按固定汇率计算将同比增长25%至30%。这一预测反映了微博目前和初步的观点，可能会发生变化。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WB":"微博"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112709254","content_text":"Weibo Corporation (WB) (\"Weibo\" or the \"Company\") (NASDAQ: WB), a leading social media inChina, today announced its unaudited financial results for first quarter ended March 31, 2021.\"We started the year of 2021 with a strong quarter,\" saidGaofei Wang, CEO of Weibo. \"Weibo's user base and engagement continued to grow from prior quarter, leveraging our effective channel investments, enriched video offerings and our strength in social distribution and hot trends. On the monetization front, we are glad to see broad-based year-over-year growth across industries and robust momentum with certain differentiated ad products, demonstrating our competitiveness in fulfilling advertiser's increasing brand plus performance needs.\"Mr. Wangconcluded.Weibo Q1 Non-GAAP EPS of $0.57beats by $0.09; GAAP EPS of $0.22misses by $0.20.Revenue of $458.9M (+41.9% Y/Y)beats by $25.06M.Adjusted EBITDA of $256.73M vs. consensus of $$116.5M.Advertising and marketing revenue of $390.0M (+42% Y/Y)  vs. estimate $369.1M; VAS revenue of $68.9M (+44% Y/Y)  vs. estimate $59.7M.For thesecond quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis, reflecting Weibo's current and preliminary view, which is subject to change.Weibo rose more than 3% in premarketing trading.First Quarter 2021 HighlightsNet revenues were $458.9 million, an increase of 42% year-over-year or an increase of 31% year-over-year on a constant currency basis[1].Advertising and marketing revenues were $390.0 million, an increase of 42% year-over-year.Value-added service (\"VAS\") revenues were $68.9 million, an increase of 44% year-over-year.Income from operations was $108.6 million, representing an operating margin of 24%.Non-GAAP income from operations was $137.5 million, representing a non-GAAP operating margin of 30%.Net income attributable to Weibo was $49.8 million and diluted net income per share was $0.22.Non-GAAP net income attributable to Weibo was $130.7 million and non-GAAP diluted net income per share was $0.57.Monthly active users (\"MAUs\") were 530 million in March 2021, a decrease of 4% year-over-year and an increase of 2% quarter-over-quarter. Mobile MAUs represented 94% of MAUs.Average daily active users (\"DAUs\") were 230 million in March 2021, a decrease of 5% year-over-year and an increase of 2% quarter-over-quarter.First Quarter 2021 Financial ResultsFor the first quarter of 2021, Weibo's total net revenues were $458.9 million, an increase of 42% compared to $323.4 million for the same period last year.Advertising and marketing revenues for the first quarter of 2021 were $390.0 million, an increase of 42% compared to $275.4 million for the same period last year. Advertising and marketing revenues excluding ad revenues from Alibaba were $356.7 million, an increase of 44% compared to $247.9 million for the same period last year, primarily attributable to broad-based robust growth of ad spend across industries from the trough for the same period last year.VAS revenues for the first quarter of 2021 were $68.9 million, an increase of 44% year-over-year compared to $48.0 million for the same period last year, mainly attributable to revenues derived from the interactive entertainment company acquired in November 2020.Costs and expenses for the first quarter of 2021 totaled $350.3 million, an increase of 32% compared to $265.4 million for the same period last year. The increase was primarily due to increased marketing expense and higher personal related cost.Income from operations for the first quarter of 2021 was $108.6 million, compared to $58.0 million for the same period last year. Operating margin was 24%, compared to 18% last year. Non-GAAP income from operations was $137.5 million, compared to $74.1 million for the same period last year. Non-GAAP operating margin was 30%, compared to 23% last year.Non-operating loss for the first quarter of 2021 was $44.7million, compared to an income of $10.0 million for the same period last year. Non-operating loss for the first quarter of 2021 mainly included (i) a $58.2 million net loss on sale of and fair value change of investments, which is excluded under non-GAAP measures; and (ii) a $13.5 million net interest and other income.Income tax expense were $14.9 million, compared to $15.9 million for the same period last year.Net income attributable to Weibo for the first quarter of 2021 was $49.8 million, compared to $52.1 million for the same period last year. Diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.22, at similar level for the same period last year. Non-GAAP net income attributable to Weibo for the first quarter of 2021 was $130.7 million, compared to $67.4 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo for the first quarter of 2021 was $0.57, compared to $0.30 for the same period last year.As of March 31, 2021, Weibo's cash, cash equivalents and short-term investments totaled $3.41 billion. For the first quarter of 2021, cash provided by operating activities was $244.3 million, capital expenditures totaled $6.0 million, and depreciation and amortization expenses amounted to $12.4 million.Appointment of Independent DirectorThe Company announced that its board of directors has appointed Mr.Yan Wangas an independent director of the Company.Mr. Wangserved as a director of SINA Corporation, the parent of the Company from May 2003 to March 2021 and also held various executive roles in SINA since its inception. The appointment is effective immediately.Business OutlookFor the second quarter of 2021, Weibo estimates its net revenues to increase by 25% to 30% year-over-year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, which is subject to change.","news_type":1,"symbols_score_info":{"WB":0.9}},"isVote":1,"tweetType":1,"viewCount":1228,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":102669982,"gmtCreate":1620207225046,"gmtModify":1631889816839,"author":{"id":"3571374794365493","authorId":"3571374794365493","name":"RichardChan","avatar":"https://static.tigerbbs.com/64d5734e0b23f1d7188c4305c41dbc4b","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3571374794365493","authorIdStr":"3571374794365493"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AABB\">$Asia Broadband, Inc.(AABB)$</a>Where is the dividend?","listText":"<a href=\"https://laohu8.com/S/AABB\">$Asia Broadband, Inc.(AABB)$</a>Where is the dividend?","text":"$Asia Broadband, Inc.(AABB)$Where is the dividend?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/102669982","isVote":1,"tweetType":1,"viewCount":1327,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}