jorden23的个人主页 - 老虎社区

jorden23

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2021-08-19

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2021-08-14

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Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</blockquote>

2021-08-12

Like thanks

Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet公司和巴菲特：他为何后悔以及为何从未购买</blockquote>

2021-08-10

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2021-08-07

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2021-08-06

Nice

Virgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</blockquote>

2021-08-06

Nice. Like pls

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2021-08-05

Nice. Like pls

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2021-08-04

Like and comment pls

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2021-08-04

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2021-08-03

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2021-08-03

Hmmmm... Buy.

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2021-08-02

Nice. Please like

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2021-07-30

Please like

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2021-07-28

Like please . To the mokn

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2021-07-27

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Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>

2021-07-26

Good.. please like thanks

Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布收益。这是最重要的。</blockquote>

2021-07-24

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Tesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉的收益即将到来。这是一个重要的数字。</blockquote>

2021-07-22

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2021-07-21

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Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>

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and comment[微笑]&nbsp;","listText":"Like and comment[微笑]&nbsp;","text":"Like and comment[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/838106410","repostId":"1148698240","repostType":4,"isVote":1,"tweetType":1,"viewCount":2806,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":897348690,"gmtCreate":1628895437510,"gmtModify":1631891649583,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like and comment[笑哭]&nbsp;","listText":"Like and comment[笑哭]&nbsp;","text":"Like and comment[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897348690","repostId":"2159721520","repostType":2,"repost":{"id":"2159721520","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1628887162,"share":"https://www.laohunote.com/m/news/2159721520?lang=zh_CN&edition=full","pubTime":"2021-08-14 04:39","market":"hk","language":"en","title":"Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159721520","media":"T-Reuters","summary":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil V","content":"<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - Sec 文件。特斯拉公司表示，硬币大师兼首席财务官扎卡里·柯克霍恩 (Zachary Kirkhorn) 2020 年的总薪酬为 4660 万美元，而 2019 年为 2120 万美元。更多公司报道：Tsla.O。((Reuters.Briefs@Thomsonreuters.Com;))</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></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>Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</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\">\nTesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-14 04:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - Sec 文件。特斯拉公司表示，硬币大师兼首席财务官扎卡里·柯克霍恩 (Zachary Kirkhorn) 2020 年的总薪酬为 4660 万美元，而 2019 年为 2120 万美元。更多公司报道：Tsla.O。((Reuters.Briefs@Thomsonreuters.Com;))</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSS":"Total System Services","TSLA":"特斯拉","CGEM":"Cullinan Therapeutics","SANA":"Sana Biotechnology, Inc.","LABP":"Landos Biopharma, Inc.","LHDX":"Lucira Health, Inc."},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159721520","content_text":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"SANA":1,"TSS":1,"LHDX":1,"TSLA":1,"APR":1,"CGEM":1,"LABP":1}},"isVote":1,"tweetType":1,"viewCount":4117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":895344043,"gmtCreate":1628726479682,"gmtModify":1631891649584,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like thanks","listText":"Like thanks","text":"Like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895344043","repostId":"1164396246","repostType":4,"repost":{"id":"1164396246","kind":"news","pubTimestamp":1628726291,"share":"https://www.laohunote.com/m/news/1164396246?lang=zh_CN&edition=full","pubTime":"2021-08-12 07:58","market":"us","language":"en","title":"Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet公司和巴菲特：他为何后悔以及为何从未购买</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1164396246","media":"Seeking Alpha","summary":"Summary\n\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li>  <li>This article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.</li>  <li>The results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.</li>  <li>And finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.</li> </ul> <img src=\"https://static.tigerbbs.com/5dc8d6cf86e99572d606fdc2326cc2de\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">Prykhodov/iStock Editorial via Getty Images</p><p><blockquote><ul><li>沃伦·巴菲特 (Warren Buffett) 在 2019 年承认，他没有收购谷歌（现称谷歌）是错误的看涨期权。<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li><li>本文分析了他后悔的原因——宽阔的护城河、自主增长的前景，以及他错过的令人难以置信的高而稳定的ROCE。</li><li>结果显示，即使目前估值较高，从长远来看，GOOG 仍有接近两位数的潜在回报。</li><li>最后，我们将反思这次投资遗憾，这似乎比他的一些投资成功提供了更多关于GOOG业务和价值投资的见解。</li></ul>Prykhodov/iStock 社论来自 Getty Images</blockquote></p><p> <h3><b>Thesis and Background</b></h3> Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.</p><p><blockquote><h3><b>论文与背景</b></h3>沃伦·巴菲特 (Warren Buffett) 在 2019 年承认，他没有收购谷歌（现称谷歌）是错误的看涨期权。<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>他后悔没有“对某些业务有所了解”，尤其是考虑到谷歌在从Geico上市时赚了“很多钱”。本文分析了他后悔的原因——宽阔的护城河，自主增长的前景，以及古格享受和错过的令人难以置信的高而一致的ROCE。他的投资遗憾似乎比他的一些投资成功更能让我们了解 GOOG 的业务和价值投资。最后，这篇文章还分享了我对他为什么在有了这些见解后从未购买 GOOG 的想法，以及我对其在当前市场下价值投资的影响的思考。</blockquote></p><p> <h3><b>The moat and the network effects</b></h3> Google derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!</p><p><blockquote><h3><b>护城河与网络效应</b></h3>谷歌80%以上的收入来自广告，但它不是一家广告公司。它真正的护城河是它的“免费”搜索服务，它完全占据主导地位，如下图所示。正如所看到的，谷歌一直保持着全球搜索流量近90%的市场份额——十多年来，它一直保持着这种主导地位!</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce762e8d299e63677d69af4856189893\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\">Source:&nbsp;Statista</p><p><blockquote>资料来源：Statista</blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非发生任何重大监管或反垄断立法变化）。网络效应是指某些产品或服务的价值随着越来越多的人使用而增加。换句话说，某些网络变得越来越有价值，或者变得越来越大。并不是每个网络都享受这种神奇的特性，事实上，大多数网络的边际回报率都在下降——也就是说，额外回报率随着网络的变大而下降。连锁餐厅网络就是一个例子。随着网络变大，节点开始相互竞争客户，回报减少。</blockquote></p><p> But certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但是某些网络，比如谷歌提供的搜索服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段还连接到连接其他城市的其他铁路时，这段铁路的价值要大得多）；B）网络越大，切换成本越高（如果每个人都用传真机，而你不想用，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的效力。一旦建立了领先优势——不管出于什么原因，智能人工智能算法、先进的机器学习算法，或者只是愚蠢的运气（谷歌肯定从这三者中受益）——网络效应就会发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更多相关和准确的搜索结果，这将使网络对用户来说更好和更有价值，这将吸引更多的新用户加入，并使现有用户更难离开，这反过来将导致更多用户和更大的网络。</blockquote></p><p> <h3><b>The perpetual growth prospects</b></h3> If you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p><p><blockquote><h3><b>永久增长前景</b></h3>如果你和这位作者一样，是一个长期投资者，认同巴菲特的所有者收益、永久增长率和股票债券概念，那么长期回报就更简单了。它“简单地”是业主盈利收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Longer-Term ROI = OEY + PGR</p><p><blockquote>长期投资回报率 = OEY + PGR</blockquote></p><p></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长远来看，估值的所有波动都是平均值的（所有运气最终都是平均值）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像GOOG过去所做的那样），它将被反映为对企业主的回报。</blockquote></p><p> OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收入的估计——企业的实际经济收入，而不是名义上的会计收入。这是一个粗略而保守的估计，我将只使用自由现金流（“FCF”）作为所有者的收入。严格来说，所有者的收入应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出），这是保守的。按照目前的价格水平，OEY 约为 GOOG 的 3.2%（约为 FCF 价格的 31.6 倍 - 一点也不便宜，但等待 PGR 部分）。</blockquote></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计所用资本回报率（“ROCE”）。请注意，ROCE 不同于股本回报率（在我看来更基本、更重要）。ROCE 考虑实际使用的资本回报率，因此可以深入了解企业需要投资多少额外资本才能赚取给定的额外收入——这是估算 PGR 的关键。对于像 GOOG 这样的企业，我会考虑资本实际使用的以下项目：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、流动资金，包括应付账款、应收款项、存货。这些是他们业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.财产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> 3. Research and development expenses are also considered as a capital investment for such a business.</p><p><blockquote>3.研发费用也被视为此类业务的资本投资。</blockquote></p><p> Based on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.</p><p><blockquote>基于上述考虑，GOOG过去十年的ROCE如下所示。如图所示，GOOG 能够长期保持极高且稳定的 ROCE：过去十年平均为 55%。由于如此超高的ROCE，它只需要一点再投资来推动未来的增长，正如下一节所详细阐述的那样。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3789be736d72b1083205f654bae2bc4d\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>The financial flexibility</b></h3> Buffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.</p><p><blockquote><h3><b>财务灵活性</b></h3>巴菲特多次表示，有些企业在一天结束时指着一堆折旧的财产和设备告诉投资者，“这些是我们的利润。”他讨厌他的生意。</blockquote></p><p> GOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).</p><p><blockquote>GOOG 与此类业务完全相反——它产生大量现金，同时只需要非常低的再投资水平来推动进一步增长。首先，GOOG基本上没有债务。与利润相比，利息支出可以忽略不计。然后，如下图所示，该企业产生了如此多的现金，以至于在资本分配方面具有如此大的财务灵活性。如图所示，近年来，GOOG只需要18%的运营现金（“OPC”）来支付维护资本支出。GOOG 不支付股息（尽管它很容易负担得起）。</blockquote></p><p> So this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.</p><p><blockquote>因此，这使得多达72%的OPC成为可有可无的现金，公司可以选择如何处理它：再投资以推动进一步增长，将其保留在银行账户中，支付股息，偿还债务，回购股票，等等。鉴于其 55% 的 ROCE，将其全部再投资以推动进一步增长显然是完全有意义的。在这个ROCE中，1美元的再投资将增加0.55美元的额外收入!但问题是，对于这种规模的企业来说，将收益再投资的机会并不多。因此，GOOG 一直将剩余收益的很大一部分（近年来平均为 37%）分配给回购股票。此类回购除了反映管理层对自身业务和现金产生能力的信心外，也再次表明缺乏可以推动投资的良好再投资机会。</blockquote></p><p> But all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).</p><p><blockquote>但总的来说，凭借 55% 的 ROCE，GOOG 不需要那么多再投资就能实现增长。我的估计是，GOOG 已将约 10% 的收益进行再投资，以推动未来的增长。在 55%ROCE 的情况下，它可以维持 5.5% 的 PGR（PGR = ROCE * 再投资收益分数 = 55%*10% = 5.5%）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3ce10644f6a839cad98e8bb2073a5259\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.</p><p><blockquote>现在，我们已经准备好了这两块拼图来估算长期回报，如下图所示。按照目前的价格水平，OEY 再次估计约为 3.2%，如上所述，PGR 约为 5.5%。因此，按当前估值计算，长期总回报率约为 8.7%，即使目前估值相对昂贵，也相当不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0c20f61c6521f8bf7c4a24c580fcf293\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>Then why he never bought GOOG (so far)?</b></h3> So in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.</p><p><blockquote><h3><b>那他为什么从来没有买过谷歌（到目前为止）？</b></h3>总而言之，以下是我对巴菲特为何后悔 GOOG 的看法。这是一个符合他作为自主和永久复合器的所有标准的企业——宽护城河、高转换成本、高ROCE、产生大量现金但只需要少量现金，以及在商业生态系统中的收费桥梁角色——而他错过了所有这些。</blockquote></p><p> Then the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?</p><p><blockquote>对我来说，下一个有趣的问题是——为什么他从来没有买过它？直到 2011 年（当时市盈率低于 20 倍），估值距离他的典型进入区域并不遥远。但他从来不买，为什么？</blockquote></p><p> The short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - <a href=\"https://laohu8.com/S/AAPL\">Apple</a> around that time he regretted GOOG. His AAPL investment was detailed in my&nbsp;other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a>, Burlington Northern, and even his recent $25B&nbsp;repurchases of BRK.A&nbsp;as analyzed in my other article.</p><p><blockquote>简短的回答是我当然不知道。我只能规定。我想一个可能的原因是他找到了一个更好的主意-<a href=\"https://laohu8.com/S/AAPL\">苹果</a>大约在那个时候，他后悔了古格。我的另一篇文章中详细介绍了他对 AAPL 的投资，我在这里就不赘述了。总之，他能够根据看涨期权巴菲特的 10 倍税前规则购买 AAPL——即他的许多最大和最好的交易都是以低于或接近税前收益 10 倍的价格购买的。除了 AAPL 之外，该名单还包括<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>伯灵顿北方，甚至他最近以 25B 美元回购 BRK.A，正如我在另一篇文章中分析的那样。</blockquote></p><p> As seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.</p><p><blockquote>从下图可以看出，他能够在2016~2107年左右以税前收益的10倍左右购买AAPL。AAPL 的 ROCE 甚至比 GOOG 还要高。因此，这是显而易见的，他肯定对 AAPL 的想法感到更舒服——从 BRK 目前超过 1/3 的账面价值是 AAPL 股票这一事实来看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84025fb81cb58b014a81ed7374eab50d\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p> It is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).</p><p><blockquote>看看下图也很有趣，比较了巴菲特 BRK 投资组合中几个大头寸与 GOOG 的市盈率与 ROCE。这张图表显示了我最近写的三个大型BRK控股公司（【【V】】、【【AAPL】】和【【ABBV】】）。ROC 数据直接取自我之前的分析，如果您想了解我如何获得这些数字的详细信息，您可以查找这些股票代码下的最近文章。我不确定当我们在上面添加更多的数据点时，这张照片会是什么样子（我确实计划整理我对他其他主要持股的笔记，并在这张图上添加更多的数据点）。</blockquote></p><p> But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.</p><p><blockquote>但是凭借我现在拥有的几个数据点，我不禁画出/看到了绿线——我看涨期权的巴菲特价值线。这是一条连接 ABBV 和 AAPL 的线——一个好价格的好生意，一个高质量的生意，一个高价格的高质量生意。因此，从价值投资者的角度来看，沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表着质量和价格之间的权衡，相当于或优于 ABBV 或 AAPL。投资高于这条线是没有意义的，因为任何高于这条线的东西都代表着质量和价格之间的劣质权衡——我们最好只投资 ABBV 和 AAPL。</blockquote></p><p> So this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.</p><p><blockquote>因此，这条巴菲特价值线实际上是我对他买入 GOOG 的另一个解释。尽管这项业务很好，但至少并不比他见过/看到的其他投资好。</blockquote></p><p> Finally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.</p><p><blockquote>最后，如果你想知道为什么他仍然持有V，因为它远远高于价值线，答案还是我真的不知道。在他的投资组合中，V这样的头寸需要考虑很多方面——纳税义务、另类投资候选人、机会成本等。我知道在目前的条件下，我自己会用V交易ABBV和/或AAPL。但我根本不知道他的考虑是什么。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/381b3149493c4a406c9faa82348300f7\" tg-width=\"640\" tg-height=\"411\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p></p><p> <h3><b>Conclusion and final thoughts</b></h3> This article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.</p><p><blockquote><h3><b>结论和最后的想法</b></h3>本文分析了巴菲特没有早点买入GOOG的遗憾。事实上，GOOG 是一家符合巴菲特作为自主和永久复合器的所有标准的企业——宽护城河、高转换成本、高且一致的 ROCE、产生大量现金但只需要少量现金，以及在商业生态系统中扮演收费桥梁的角色——而他错过了这一切。分析表明，即使目前估值较高，从长远来看，GOOG 仍有接近两位数（约 9%）的潜在回报。</blockquote></p><p> And finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.</p><p><blockquote>最后，这篇文章分享了我对他的这次投资遗憾的思考/规定，这似乎比他的一些投资成功提供了更多关于GOOG业务和价值投资的见解。他所有决策的基础都是同样的价值驱动哲学和长期思维。</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>Alphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet公司和巴菲特：他为何后悔以及为何从未购买</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\">\nAlphabet Inc. And Buffett: Why He Regrets And Why He Never Bought<blockquote>Alphabet公司和巴菲特：他为何后悔以及为何从未购买</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-08-12 07:58</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>Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li>  <li>This article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.</li>  <li>The results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.</li>  <li>And finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.</li> </ul> <img src=\"https://static.tigerbbs.com/5dc8d6cf86e99572d606fdc2326cc2de\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\">Prykhodov/iStock Editorial via Getty Images</p><p><blockquote><ul><li>沃伦·巴菲特 (Warren Buffett) 在 2019 年承认，他没有收购谷歌（现称谷歌）是错误的看涨期权。<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>.</li><li>本文分析了他后悔的原因——宽阔的护城河、自主增长的前景，以及他错过的令人难以置信的高而稳定的ROCE。</li><li>结果显示，即使目前估值较高，从长远来看，GOOG 仍有接近两位数的潜在回报。</li><li>最后，我们将反思这次投资遗憾，这似乎比他的一些投资成功提供了更多关于GOOG业务和价值投资的见解。</li></ul>Prykhodov/iStock 社论来自 Getty Images</blockquote></p><p> <h3><b>Thesis and Background</b></h3> Warren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as <a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.</p><p><blockquote><h3><b>论文与背景</b></h3>沃伦·巴菲特 (Warren Buffett) 在 2019 年承认，他没有收购谷歌（现称谷歌）是错误的看涨期权。<a href=\"https://laohu8.com/S/GOOG\">Alphabet</a>他后悔没有“对某些业务有所了解”，尤其是考虑到谷歌在从Geico上市时赚了“很多钱”。本文分析了他后悔的原因——宽阔的护城河，自主增长的前景，以及古格享受和错过的令人难以置信的高而一致的ROCE。他的投资遗憾似乎比他的一些投资成功更能让我们了解 GOOG 的业务和价值投资。最后，这篇文章还分享了我对他为什么在有了这些见解后从未购买 GOOG 的想法，以及我对其在当前市场下价值投资的影响的思考。</blockquote></p><p> <h3><b>The moat and the network effects</b></h3> Google derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!</p><p><blockquote><h3><b>护城河与网络效应</b></h3>谷歌80%以上的收入来自广告，但它不是一家广告公司。它真正的护城河是它的“免费”搜索服务，它完全占据主导地位，如下图所示。正如所看到的，谷歌一直保持着全球搜索流量近90%的市场份额——十多年来，它一直保持着这种主导地位!</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ce762e8d299e63677d69af4856189893\" tg-width=\"640\" tg-height=\"394\" width=\"100%\" height=\"auto\">Source:&nbsp;Statista</p><p><blockquote>资料来源：Statista</blockquote></p><p> Furthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.</p><p><blockquote>此外，由于所谓的“网络效应”，这种主导地位在未来不太可能改变（除非发生任何重大监管或反垄断立法变化）。网络效应是指某些产品或服务的价值随着越来越多的人使用而增加。换句话说，某些网络变得越来越有价值，或者变得越来越大。并不是每个网络都享受这种神奇的特性，事实上，大多数网络的边际回报率都在下降——也就是说，额外回报率随着网络的变大而下降。连锁餐厅网络就是一个例子。随着网络变大，节点开始相互竞争客户，回报减少。</blockquote></p><p> But certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).</p><p><blockquote>但是某些网络，比如谷歌提供的搜索服务，享有这种神奇的特性——网络越大，利润就越高。这个概念没有什么新意。铁路、电话和传真机都是如此。所有这些例子都有这些共同特征：a）网络变得越大，它就变得越有价值（当连接城市A和B的铁路的一段还连接到连接其他城市的其他铁路时，这段铁路的价值要大得多）；B）网络越大，切换成本越高（如果每个人都用传真机，而你不想用，祝你好运）。</blockquote></p><p> Again, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.</p><p><blockquote>同样，这个概念没有什么新意。但是互联网时代极大地放大了网络效应的效力。一旦建立了领先优势——不管出于什么原因，智能人工智能算法、先进的机器学习算法，或者只是愚蠢的运气（谷歌肯定从这三者中受益）——网络效应就会发挥作用，接管并自我复合。</blockquote></p><p> It is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.</p><p><blockquote>这是一个自我维持的正反馈循环：这个网络中更多的用户将导致更多相关和准确的搜索结果，这将使网络对用户来说更好和更有价值，这将吸引更多的新用户加入，并使现有用户更难离开，这反过来将导致更多用户和更大的网络。</blockquote></p><p> <h3><b>The perpetual growth prospects</b></h3> If you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p><p><blockquote><h3><b>永久增长前景</b></h3>如果你和这位作者一样，是一个长期投资者，认同巴菲特的所有者收益、永久增长率和股票债券概念，那么长期回报就更简单了。它“简单地”是业主盈利收益率（“OEY”）和永久增长率（“PGR”）的总和，即，</blockquote></p><p> Longer-Term ROI = OEY + PGR</p><p><blockquote>长期投资回报率 = OEY + PGR</blockquote></p><p></p><p> Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.</p><p><blockquote>因为从长远来看，估值的所有波动都是平均值的（所有运气最终都是平均值）。企业如何使用收益（作为股息支付、保留在银行账户中或回购股票）并不重要。只要明智地使用（就像GOOG过去所做的那样），它将被反映为对企业主的回报。</blockquote></p><p> OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).</p><p><blockquote>OEY是所有者的收入除以入场价格。所有的复杂性都在于对所有者收入的估计——企业的实际经济收入，而不是名义上的会计收入。这是一个粗略而保守的估计，我将只使用自由现金流（“FCF”）作为所有者的收入。严格来说，所有者的收入应该是自由现金流加上用于推动增长的资本支出部分（即增长资本支出），这是保守的。按照目前的价格水平，OEY 约为 GOOG 的 3.2%（约为 FCF 价格的 31.6 倍 - 一点也不便宜，但等待 PGR 部分）。</blockquote></p><p> The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:</p><p><blockquote>下一个也是更重要的项目是PGR。为了理解和估计它，我们需要首先估计所用资本回报率（“ROCE”）。请注意，ROCE 不同于股本回报率（在我看来更基本、更重要）。ROCE 考虑实际使用的资本回报率，因此可以深入了解企业需要投资多少额外资本才能赚取给定的额外收入——这是估算 PGR 的关键。对于像 GOOG 这样的企业，我会考虑资本实际使用的以下项目：</blockquote></p><p> 1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p><p><blockquote>1、流动资金，包括应付账款、应收款项、存货。这些是他们业务日常运营所需的资本。</blockquote></p><p> 2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p><p><blockquote>2.财产、厂房和设备总额。这些是实际开展业务和制造产品所需的资本。</blockquote></p><p> 3. Research and development expenses are also considered as a capital investment for such a business.</p><p><blockquote>3.研发费用也被视为此类业务的资本投资。</blockquote></p><p> Based on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.</p><p><blockquote>基于上述考虑，GOOG过去十年的ROCE如下所示。如图所示，GOOG 能够长期保持极高且稳定的 ROCE：过去十年平均为 55%。由于如此超高的ROCE，它只需要一点再投资来推动未来的增长，正如下一节所详细阐述的那样。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3789be736d72b1083205f654bae2bc4d\" tg-width=\"640\" tg-height=\"409\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>The financial flexibility</b></h3> Buffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.</p><p><blockquote><h3><b>财务灵活性</b></h3>巴菲特多次表示，有些企业在一天结束时指着一堆折旧的财产和设备告诉投资者，“这些是我们的利润。”他讨厌他的生意。</blockquote></p><p> GOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).</p><p><blockquote>GOOG 与此类业务完全相反——它产生大量现金，同时只需要非常低的再投资水平来推动进一步增长。首先，GOOG基本上没有债务。与利润相比，利息支出可以忽略不计。然后，如下图所示，该企业产生了如此多的现金，以至于在资本分配方面具有如此大的财务灵活性。如图所示，近年来，GOOG只需要18%的运营现金（“OPC”）来支付维护资本支出。GOOG 不支付股息（尽管它很容易负担得起）。</blockquote></p><p> So this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.</p><p><blockquote>因此，这使得多达72%的OPC成为可有可无的现金，公司可以选择如何处理它：再投资以推动进一步增长，将其保留在银行账户中，支付股息，偿还债务，回购股票，等等。鉴于其 55% 的 ROCE，将其全部再投资以推动进一步增长显然是完全有意义的。在这个ROCE中，1美元的再投资将增加0.55美元的额外收入!但问题是，对于这种规模的企业来说，将收益再投资的机会并不多。因此，GOOG 一直将剩余收益的很大一部分（近年来平均为 37%）分配给回购股票。此类回购除了反映管理层对自身业务和现金产生能力的信心外，也再次表明缺乏可以推动投资的良好再投资机会。</blockquote></p><p> But all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).</p><p><blockquote>但总的来说，凭借 55% 的 ROCE，GOOG 不需要那么多再投资就能实现增长。我的估计是，GOOG 已将约 10% 的收益进行再投资，以推动未来的增长。在 55%ROCE 的情况下，它可以维持 5.5% 的 PGR（PGR = ROCE * 再投资收益分数 = 55%*10% = 5.5%）。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/3ce10644f6a839cad98e8bb2073a5259\" tg-width=\"640\" tg-height=\"313\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p></p><p> Now we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.</p><p><blockquote>现在，我们已经准备好了这两块拼图来估算长期回报，如下图所示。按照目前的价格水平，OEY 再次估计约为 3.2%，如上所述，PGR 约为 5.5%。因此，按当前估值计算，长期总回报率约为 8.7%，即使目前估值相对昂贵，也相当不错。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0c20f61c6521f8bf7c4a24c580fcf293\" tg-width=\"640\" tg-height=\"423\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha</p><p><blockquote>资料来源：作者和Seeking Alpha</blockquote></p><p> <h3><b>Then why he never bought GOOG (so far)?</b></h3> So in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.</p><p><blockquote><h3><b>那他为什么从来没有买过谷歌（到目前为止）？</b></h3>总而言之，以下是我对巴菲特为何后悔 GOOG 的看法。这是一个符合他作为自主和永久复合器的所有标准的企业——宽护城河、高转换成本、高ROCE、产生大量现金但只需要少量现金，以及在商业生态系统中的收费桥梁角色——而他错过了所有这些。</blockquote></p><p> Then the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?</p><p><blockquote>对我来说，下一个有趣的问题是——为什么他从来没有买过它？直到 2011 年（当时市盈率低于 20 倍），估值距离他的典型进入区域并不遥远。但他从来不买，为什么？</blockquote></p><p> The short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - <a href=\"https://laohu8.com/S/AAPL\">Apple</a> around that time he regretted GOOG. His AAPL investment was detailed in my&nbsp;other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included <a href=\"https://laohu8.com/S/KO\">Coca-Cola</a>, <a href=\"https://laohu8.com/S/AXP\">American Express</a>, <a href=\"https://laohu8.com/S/WFC\">Wells Fargo</a>, <a href=\"https://laohu8.com/S/WMT\">Wal-Mart</a>, Burlington Northern, and even his recent $25B&nbsp;repurchases of BRK.A&nbsp;as analyzed in my other article.</p><p><blockquote>简短的回答是我当然不知道。我只能规定。我想一个可能的原因是他找到了一个更好的主意-<a href=\"https://laohu8.com/S/AAPL\">苹果</a>大约在那个时候，他后悔了古格。我的另一篇文章中详细介绍了他对 AAPL 的投资，我在这里就不赘述了。总之，他能够根据看涨期权巴菲特的 10 倍税前规则购买 AAPL——即他的许多最大和最好的交易都是以低于或接近税前收益 10 倍的价格购买的。除了 AAPL 之外，该名单还包括<a href=\"https://laohu8.com/S/KO\">可口可乐</a>,<a href=\"https://laohu8.com/S/AXP\">美国运通</a>,<a href=\"https://laohu8.com/S/WFC\">富国银行</a>,<a href=\"https://laohu8.com/S/WMT\">沃尔玛</a>伯灵顿北方，甚至他最近以 25B 美元回购 BRK.A，正如我在另一篇文章中分析的那样。</blockquote></p><p> As seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.</p><p><blockquote>从下图可以看出，他能够在2016~2107年左右以税前收益的10倍左右购买AAPL。AAPL 的 ROCE 甚至比 GOOG 还要高。因此，这是显而易见的，他肯定对 AAPL 的想法感到更舒服——从 BRK 目前超过 1/3 的账面价值是 AAPL 股票这一事实来看。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84025fb81cb58b014a81ed7374eab50d\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p> It is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).</p><p><blockquote>看看下图也很有趣，比较了巴菲特 BRK 投资组合中几个大头寸与 GOOG 的市盈率与 ROCE。这张图表显示了我最近写的三个大型BRK控股公司（【【V】】、【【AAPL】】和【【ABBV】】）。ROC 数据直接取自我之前的分析，如果您想了解我如何获得这些数字的详细信息，您可以查找这些股票代码下的最近文章。我不确定当我们在上面添加更多的数据点时，这张照片会是什么样子（我确实计划整理我对他其他主要持股的笔记，并在这张图上添加更多的数据点）。</blockquote></p><p> But with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.</p><p><blockquote>但是凭借我现在拥有的几个数据点，我不禁画出/看到了绿线——我看涨期权的巴菲特价值线。这是一条连接 ABBV 和 AAPL 的线——一个好价格的好生意，一个高质量的生意，一个高价格的高质量生意。因此，从价值投资者的角度来看，沿着这条线或低于这条线进行投资才有意义。因为沿着这条线或以下的投资代表着质量和价格之间的权衡，相当于或优于 ABBV 或 AAPL。投资高于这条线是没有意义的，因为任何高于这条线的东西都代表着质量和价格之间的劣质权衡——我们最好只投资 ABBV 和 AAPL。</blockquote></p><p> So this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.</p><p><blockquote>因此，这条巴菲特价值线实际上是我对他买入 GOOG 的另一个解释。尽管这项业务很好，但至少并不比他见过/看到的其他投资好。</blockquote></p><p> Finally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.</p><p><blockquote>最后，如果你想知道为什么他仍然持有V，因为它远远高于价值线，答案还是我真的不知道。在他的投资组合中，V这样的头寸需要考虑很多方面——纳税义务、另类投资候选人、机会成本等。我知道在目前的条件下，我自己会用V交易ABBV和/或AAPL。但我根本不知道他的考虑是什么。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/381b3149493c4a406c9faa82348300f7\" tg-width=\"640\" tg-height=\"411\" width=\"100%\" height=\"auto\">Source: author and Seeking Alpha data</p><p><blockquote>资料来源：作者和Seeking Alpha数据</blockquote></p><p></p><p> <h3><b>Conclusion and final thoughts</b></h3> This article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.</p><p><blockquote><h3><b>结论和最后的想法</b></h3>本文分析了巴菲特没有早点买入GOOG的遗憾。事实上，GOOG 是一家符合巴菲特作为自主和永久复合器的所有标准的企业——宽护城河、高转换成本、高且一致的 ROCE、产生大量现金但只需要少量现金，以及在商业生态系统中扮演收费桥梁的角色——而他错过了这一切。分析表明，即使目前估值较高，从长远来看，GOOG 仍有接近两位数（约 9%）的潜在回报。</blockquote></p><p> And finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.</p><p><blockquote>最后，这篇文章分享了我对他的这次投资遗憾的思考/规定，这似乎比他的一些投资成功提供了更多关于GOOG业务和价值投资的见解。他所有决策的基础都是同样的价值驱动哲学和长期思维。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4448281-alphabet-google-warren-buffett-regrets-never-bought\">Seeking Alpha</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":{"GOOG":"谷歌"},"source_url":"https://seekingalpha.com/article/4448281-alphabet-google-warren-buffett-regrets-never-bought","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164396246","content_text":"Summary\n\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as Alphabet.\nThis article analyzes the reasons for his regrets – the wide moat, the autonomous growth prospects, and the incredible high and consistent ROCE that he missed.\nThe results show that GOOG still offers potential return close to double digits in the long term even with the current elevated valuation.\nAnd finally, we will reflect on this investment regret, which seems to offer more insights on the business of GOOG and value investing than some of his investment success.\n\nPrykhodov/iStock Editorial via Getty Images\nThesis and Background\nWarren Buffett admitted in 2019 that he made the wrong call in not buying Google, now known as Alphabet. He regrets not having \"some insights into certain businesses\" especially given Google was making \"a lot of money\" at the time of its IPO from Geico. This article analyzes the reasons for his regrets - the wide moat, the autonomous growth prospects, and the incredibly high and consistent ROCE that GOOG enjoys and he missed. And his investment regrets seem to offer more insights on the business of GOOG and value investing than some of his investment success. Lastly, this article also shares my thoughts on why he never bought GOOG after he had those insights, and my reflections on its implications of value investing under the current market.\nThe moat and the network effects\nGoogle derives more than 80% of its revenue from advertising, but it is not an advertising company. Its true moat is in its \"free\" search services, where it totally dominates, as seen in the chart below. As seen, Google has been maintaining nearly 90% market share of the global search traffic - and it has been maintaining such dominance for OVER A DECADE!\nSource: Statista\nFurthermore, it is unlikely that such dominance would change in the future (barring any major regulation or antitrust legislation change) due to the so-called \"network effects\". The network effects refer to the fact that the value of certain products or services increases as more people use it. In other words, certain networks become increasingly more valuable or it becomes bigger. Not every network enjoy this magic feature, and as a matter of fact, most networks suffer a diminishing marginal rate of return - i.e., the additional return decreases as the network becomes bigger. A chain restaurant network is an example. As the network becomes larger, the nodes begin to compete against each other for customers and the return diminishes.\nBut certain networks, like the search services Google provides, enjoys this magic trait - the network becomes more profitable as it becomes bigger. There is nothing new about the concept. It was true of railways, telephones, and fax machines. All these examples share these common traits: A) the larger the network becomes, the more valuable it becomes (one segment of railway linking city A and B is far more valuable when this segment also links to other railways linking other cities); and B) the larger the network becomes, the higher the switching cost (if everyone uses a fax machine and you do not want to use one, good luck to you).\nAgain, there is nothing new about the concept. But the internet age dramatically amplified the potency of the network effects. Once a lead is established - for whatever the reason, smart AI algorithms, advanced ML algorithms, or just dumb luck (GOOG certainly had benefited from all three) - the network effects would just kick in, take over, and compound itself.\nIt is a self-sustaining positive feedback loop: more users in this network will lead to more relevant and accurate search results will be, which will make the network lead to an even better and more valuable for the users, which will attract more new users to join and make it harder for existing users to leave, which again will lead back to more users and an even larger network.\nThe perpetual growth prospects\nIf you, like this author, are a long-term investor who subscribes to Buffett's concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earning (payout as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as GOOG has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earning - the real economic earning of the business, not the nominal accounting earning. Here is a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earning. It is conservative in the sense that rigorously speaking, the owner's earning should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~3.2% for GOOG (~31.6x price to FCF - no cheap at all, but wait for the PGR part).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like GOOG, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. Research and development expenses are also considered as a capital investment for such a business.\nBased on the above considerations, the ROCE of GOOG over the past decade is shown below. As seen, GOOG was able to maintain a remarkably high and stable ROCE over the long term: on average 55% for the past decade. Thanks to such ultra-high ROCE, it only requires a bit of reinvestment to fuel future growth, as elaborated in the next section.\nSource: author and Seeking Alpha\nThe financial flexibility\nBuffett said multiple times that there are businesses which, at the end of the day, point to a bunch of depreciated properties and equipment and tell the investors, \"these are our profits.\" He hates his business.\nGOOG is the exact opposite of such businesses - it generates plenty of cash and at the same time only needs a very low level of reinvestment to fuel further growth. First, GOOG is essential debt-free. Interest expenses are negligible compared to profits. Then as seen in the chart below, the business generates so much cash that it has so much financial flexibility in terms of capital allocation. As seen, in recent years, GOOG only needs 18% of its operation cash (\"OPC\") to cover the maintenance CAPEx. GOOG does not pay a dividend (even though it can easily afford it).\nSo this leaves awhopping 72% of the OPC to be dispensable cash, and the company can choose what to do with it: reinvest to fuel further growth, retain it to the bank account, pay a dividend, pay down debt, buy back shares, et al. It obviously makes total sense to reinvest all of it to fuel further growth given its 55% ROCE. At this ROCE, $1 reinvested would be fuel $0.55 of additional earning! But the problem is that for businesses at this scale, there are just not that many opportunities to reinvest the earnings. As a result, GOOG has been allocating a large part of the remaining earning, on average 37% in recent years, to buy back shares. Such repurchases, besides reflecting the confidence of the management in their own business and the cash generation capability, again also signals the lack of good reinvestment opportunities that could move the needle.\nBut all things considered, with 55% ROCE, GOOG does not need that much reinvestment to grow. My estimation is that GOOG has been reinvesting about 10% of its earnings to fuel future growth. With a 55% ROCE, it could maintain a 5.5% PGR (PGR = ROCE * fraction of earning reinvested = 55% * 10% = 5.5%).\nSource: author and Seeking Alpha\nNow we have both pieces of the puzzle in place to estimate the long-term return, as shown in the next chart. At its current price levels, the OEY is again estimated to be ~3.2%, and the PGR is about 5.5% as mentioned above. So the total return in the long term at the current valuation is about 8.7%, pretty decent even with the current relatively expensive valuation.\nSource: author and Seeking Alpha\nThen why he never bought GOOG (so far)?\nSo in summary, here are my thoughts on why Buffett regrets on GOOG. It is a business that meets all his criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that.\nThen the next interesting question for me was that - why he never bought it? The valuation was not that far from his typical entry zone as late as 2011 (when the PE was below 20x). But he never bought, why?\nThe short answer is of course I do not know. I can only stipulate. And I think one possible reason is that he found a better idea - Apple around that time he regretted GOOG. His AAPL investment was detailed in my other articleand I won't go into details here. In summary, he was able to purchase AAPL under what I call the Buffett's 10x Pretax Rule - the observation that many of his largest and best deals were purchase with a price below or near 10x pretax earning. Besides AAPL, the list also included Coca-Cola, American Express, Wells Fargo, Wal-Mart, Burlington Northern, and even his recent $25B repurchases of BRK.A as analyzed in my other article.\nAs seen from the chart below, he was able to purchase AAPL around 10x pretax earning around 2016~2107. And AAPL features an even higher ROCE than GOOG. As a result, it was no-brainer and he must felt more comfortable with the AAPL idea - judging from the fact more than 1/3 of BRK's book value is in AAPL stocks currently.\nSource: author and Seeking Alpha data\nIt is also interesting to look at the following chart, comparing the PE vs ROCE of a few large positions in Buffett's BRK portfolio together with GOOG. This chart shows three of the large BRK holdings that I have written about recently ([[V]], [[AAPL]], and [[ABBV]]). The ROC data are directly pulled from my previous analyses, and in case you want to see the details of how I got these numbers, you can look up recent articles under these tickers. I am not sure what the picture will look like as we add more data points on it (I do plan to organize my notes on his other major holdings and add more data points onto this plot).\nBut with the few data points I have now, I cannot help drawing/seeing the green line - what I call a Buffett value line. It is a line linking ABBV and AAPL - a good business at a good price and a high-quality business at a high price. So from a value investor point of view, it only makes sense to make investments along this line or below it. Because investment along this line or below represents a trade-off between quality and price that is equivalent or better than ABBV or AAPL. It makes no sense to invest above this line, as anything above this line represents an inferior trade-off between quality and price - we'd be better off to just invest in ABBV and AAPL.\nSo this Buffett value line really is my other stipulation why he does buy into GOOG. As good as the business this, it is at least not better than other investments that he saw/sees.\nFinally, if you are wondering about why he is still holding V given it is far above the value line, the answer is again I really do not know. There are so many aspects that need to be considered with a position of V's size in his portfolio - tax liabilities, alternative investment candidates, opportunity cost, et al. I know I would trade V for ABBV and/or AAPL myself under current conditions. But I simply do not know what his considerations are.\nSource: author and Seeking Alpha data\nConclusion and final thoughts\nThis article analyzes Buffett's regrets for not buying GOOG earlier. Indeed, GOOG is a business that meets all of Buffett's criteria as an autonomous and perpetual compounder - wide moat, high switching cost, high and consistent ROCE, lots of cash generated and only a little cash required, and a toll bridge role in the business ecosystem - and he missed all of that. The analyses show that GOOG still offers potential return close to double digits (about 9%) in the long term even with the current elevated valuation.\nAnd finally, this article shared my reflections/stipulations on this investment regret of his, which seems to offer more insights on the business of GOOG and value investing than some of his investment success. Underlying all his decisions is the same value-driven philosophy and long-term thinking.","news_type":1,"symbols_score_info":{"GOOG":0.9}},"isVote":1,"tweetType":1,"viewCount":3433,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":896763321,"gmtCreate":1628605881563,"gmtModify":1631891649596,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/896763321","repostId":"2158479992","repostType":4,"isVote":1,"tweetType":1,"viewCount":1943,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891073740,"gmtCreate":1628311559880,"gmtModify":1631891649596,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls[微笑]&nbsp;","listText":"Like pls[微笑]&nbsp;","text":"Like pls[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/891073740","repostId":"1143051031","repostType":4,"isVote":1,"tweetType":1,"viewCount":2520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893109540,"gmtCreate":1628242279680,"gmtModify":1631891649595,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/893109540","repostId":"1194369383","repostType":4,"repost":{"id":"1194369383","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":1628207565,"share":"https://www.laohunote.com/m/news/1194369383?lang=zh_CN&edition=full","pubTime":"2021-08-06 07:52","market":"us","language":"en","title":"Virgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1194369383","media":"Tiger Newspress","summary":"Virgin Galactic delivered second-quarter results after the market closed on Thursday and announced t","content":"<p>Virgin Galactic&nbsp;delivered second-quarter results after the market closed on Thursday and announced that it will reopen ticket sales, with pricing beginning at $450,000 per seat.</p><p><blockquote>维珍银河在周四收盘后公布了第二季度业绩，并宣布将重新开放售票，每个座位起价为 45 万美元。</blockquote></p><p> \"We have a purposeful range of product offerings in order to satisfy the different ways people will want to share this experience of private astronaut flights,\" Virgin Galactic CEO Michael Colglazier said during the company's second quarter conference call.</p><p><blockquote>维珍银河首席执行官 Michael Colglazier 在公司第二季度电话会议上表示：“我们提供一系列有针对性的产品，以满足人们分享私人宇航员飞行体验的不同方式。”</blockquote></p><p> The company also announced its next spaceflight test is targeting late September from Spaceport America in New Mexico, carrying members of the Italian Air Force.</p><p><blockquote>该公司还宣布，其下一次太空飞行测试将于 9 月下旬从新墨西哥州的美国航天港进行，届时将搭载意大利空军成员。</blockquote></p><p> Shares of Virgin Galactic rose 5.1% in after-hours trading from its close of $31.53.</p><p><blockquote>维珍银河股价在盘后交易中较收盘价 31.53 美元上涨 5.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4895fe47826635f1f7aa9ee76ebc69c5\" tg-width=\"899\" tg-height=\"637\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Virgin Galactic reported an adjusted EBITDA loss of $56 million in the second quarter, just above the loss of $55.9 million in the prior quarter. It generated $571,000 of revenue in the second quarter, coming from the scientific research experiments onboard its May spaceflight test.</p><p><blockquote>维珍银河公布第二季度调整后 EBITDA 亏损 5600 万美元，略高于上一季度 5590 万美元的亏损。该公司第二季度产生了 571,000 美元的收入，来自 5 月份太空飞行试验中的科学研究实验。</blockquote></p><p> The company flew two spaceflight tests during the quarter, with&nbsp;the first marking its debut from Spaceport America in New Mexico. The second flight&nbsp;carried founder&nbsp;Richard Branson&nbsp;and three other mission specialists to test the vehicle's cabin.</p><p><blockquote>该公司在本季度进行了两次太空飞行测试，第一次是在新墨西哥州的美国太空港首次亮相。第二次飞行搭载了创始人理查德·布兰森和其他三名任务专家来测试飞行器的驾驶室。</blockquote></p><p> The company’s leadership previously announced that it would fly two more tests of spacecraft VSS Unity, with the first carrying another four “mission specialists” and the second flying members of the Italian Air Force. Branson had announced after his spaceflight that former Virgin Galactic CEO&nbsp;George Whitesides would fly on the company’s next spaceflight test, as CNBC reported last month. But that plan appears to have changed with the Italian spaceflight, designated as the Unity 23 flight, now scheduled next.</p><p><blockquote>该公司领导层此前宣布，它将再进行两次 VSS Unity 飞船测试，第一次测试将搭载另外四名 “任务专家 ”，第二次测试将搭载意大利空军的飞行成员。据 CNBC 上个月报道，布兰森在太空飞行后宣布，维珍银河前首席执行官乔治-怀特塞德斯（George Whitesides）将参加公司的下一次太空飞行测试。但随着意大利太空飞行（被命名为 Unity 23 飞行），该计划似乎发生了变化，现在定于接下来进行。</blockquote></p><p> Virgin Galactic will then pause spaceflight operations for a previously announced “enhancement period,” before then launching its Unity 24 spaceflight test. Then, with the Unity 25 flight, Virgin Galactic expects to begin commercial services with its first non-development flight.</p><p><blockquote>维珍银河随后将在之前宣布的 “增强期 ”内暂停太空飞行业务，然后启动 Unity 24 太空飞行测试。然后，随着Unity 25飞行，维珍银河希望通过其首次非开发飞行开始商业服务。</blockquote></p><p> Colglazier said during the shareholder call that the enhancement period, which will focus on refurbishing and reinforcing its jet-powered carrier aircraft VMS Eve, will run from after Unity 23 in September until mid-2022. That pushes back the company’s beginning of commercial service, as Virgin Galactic was targeting early 2022 for its first private customer spaceflight.</p><p><blockquote>Colglazier 在股东看涨期权上表示，增强期将从 9 月的 Unity 23 之后持续到 2022 年中期，重点是翻新和加固其喷气式舰载机 VMS Eve。这推迟了该公司开始商业服务的时间，因为维珍银河的目标是在 2022 年初进行首次私人客户太空飞行。</blockquote></p><p> A Virgin Galactic spokesperson told CNBC that the Unity 25 mission is targeting late third quarter 2022.</p><p><blockquote>维珍银河发言人告诉 CNBC，Unity 25 任务的目标是 2022 年第三季度末。</blockquote></p><p> The space tourism company is conducting the spaceflight tests as the final step in developing its vehicle. The company has about 600 reservations for tickets on future flights, with those tickets sold largely between $200,000 and $250,000 each.</p><p><blockquote>太空旅游公司正在进行太空飞行测试，作为开发其飞行器的最后一步。该公司预订了大约600张未来航班的机票，这些机票的售价大多在每张20万至25万美元之间。</blockquote></p><p> Virgin Galactic will have three different sales offerings, starting at $450,000 a seat, for space tourists: A single seat purchase, packaged seats for couples, friends or family, or opportunities to book entire flights. The company noted that sales will initially prioritize Virgin Galactic’s “significant list of early hand-raisers,” with a “follow-on priority list” to be opened for new customers.</p><p><blockquote>维珍银河将为太空游客提供三种不同的销售产品，每个座位起价 45 万美元：购买单个座位、情侣、朋友或家人的打包座位，或预订整个航班的机会。该公司指出，销售部门最初将优先考虑维珍银河的 “大量早期举手者名单 ”，并为新客户开放 “后续优先名单 ”。</blockquote></p><p> Its spacecraft VSS Unity was designed to carry six passengers — in addition to two pilots — but the vehicle is now outfitted to carry four, with Virgin Galactic confirming that its spaceflight with Branson represented a “fully crewed” launch.</p><p><blockquote>维珍银河公司证实，维珍银河公司与布兰森的太空飞行是一次 “全载人 ”发射。</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>Virgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</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\">\nVirgin Galactic posted Q2 results and reopened ticket sales<blockquote>维珍银河公布第二季度业绩并重新开放机票销售</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\">2021-08-06 07:52</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Virgin Galactic&nbsp;delivered second-quarter results after the market closed on Thursday and announced that it will reopen ticket sales, with pricing beginning at $450,000 per seat.</p><p><blockquote>维珍银河在周四收盘后公布了第二季度业绩，并宣布将重新开放售票，每个座位起价为 45 万美元。</blockquote></p><p> \"We have a purposeful range of product offerings in order to satisfy the different ways people will want to share this experience of private astronaut flights,\" Virgin Galactic CEO Michael Colglazier said during the company's second quarter conference call.</p><p><blockquote>维珍银河首席执行官 Michael Colglazier 在公司第二季度电话会议上表示：“我们提供一系列有针对性的产品，以满足人们分享私人宇航员飞行体验的不同方式。”</blockquote></p><p> The company also announced its next spaceflight test is targeting late September from Spaceport America in New Mexico, carrying members of the Italian Air Force.</p><p><blockquote>该公司还宣布，其下一次太空飞行测试将于 9 月下旬从新墨西哥州的美国航天港进行，届时将搭载意大利空军成员。</blockquote></p><p> Shares of Virgin Galactic rose 5.1% in after-hours trading from its close of $31.53.</p><p><blockquote>维珍银河股价在盘后交易中较收盘价 31.53 美元上涨 5.1%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4895fe47826635f1f7aa9ee76ebc69c5\" tg-width=\"899\" tg-height=\"637\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Virgin Galactic reported an adjusted EBITDA loss of $56 million in the second quarter, just above the loss of $55.9 million in the prior quarter. It generated $571,000 of revenue in the second quarter, coming from the scientific research experiments onboard its May spaceflight test.</p><p><blockquote>维珍银河公布第二季度调整后 EBITDA 亏损 5600 万美元，略高于上一季度 5590 万美元的亏损。该公司第二季度产生了 571,000 美元的收入，来自 5 月份太空飞行试验中的科学研究实验。</blockquote></p><p> The company flew two spaceflight tests during the quarter, with&nbsp;the first marking its debut from Spaceport America in New Mexico. The second flight&nbsp;carried founder&nbsp;Richard Branson&nbsp;and three other mission specialists to test the vehicle's cabin.</p><p><blockquote>该公司在本季度进行了两次太空飞行测试，第一次是在新墨西哥州的美国太空港首次亮相。第二次飞行搭载了创始人理查德·布兰森和其他三名任务专家来测试飞行器的驾驶室。</blockquote></p><p> The company’s leadership previously announced that it would fly two more tests of spacecraft VSS Unity, with the first carrying another four “mission specialists” and the second flying members of the Italian Air Force. Branson had announced after his spaceflight that former Virgin Galactic CEO&nbsp;George Whitesides would fly on the company’s next spaceflight test, as CNBC reported last month. But that plan appears to have changed with the Italian spaceflight, designated as the Unity 23 flight, now scheduled next.</p><p><blockquote>该公司领导层此前宣布，它将再进行两次 VSS Unity 飞船测试，第一次测试将搭载另外四名 “任务专家 ”，第二次测试将搭载意大利空军的飞行成员。据 CNBC 上个月报道，布兰森在太空飞行后宣布，维珍银河前首席执行官乔治-怀特塞德斯（George Whitesides）将参加公司的下一次太空飞行测试。但随着意大利太空飞行（被命名为 Unity 23 飞行），该计划似乎发生了变化，现在定于接下来进行。</blockquote></p><p> Virgin Galactic will then pause spaceflight operations for a previously announced “enhancement period,” before then launching its Unity 24 spaceflight test. Then, with the Unity 25 flight, Virgin Galactic expects to begin commercial services with its first non-development flight.</p><p><blockquote>维珍银河随后将在之前宣布的 “增强期 ”内暂停太空飞行业务，然后启动 Unity 24 太空飞行测试。然后，随着Unity 25飞行，维珍银河希望通过其首次非开发飞行开始商业服务。</blockquote></p><p> Colglazier said during the shareholder call that the enhancement period, which will focus on refurbishing and reinforcing its jet-powered carrier aircraft VMS Eve, will run from after Unity 23 in September until mid-2022. That pushes back the company’s beginning of commercial service, as Virgin Galactic was targeting early 2022 for its first private customer spaceflight.</p><p><blockquote>Colglazier 在股东看涨期权上表示，增强期将从 9 月的 Unity 23 之后持续到 2022 年中期，重点是翻新和加固其喷气式舰载机 VMS Eve。这推迟了该公司开始商业服务的时间，因为维珍银河的目标是在 2022 年初进行首次私人客户太空飞行。</blockquote></p><p> A Virgin Galactic spokesperson told CNBC that the Unity 25 mission is targeting late third quarter 2022.</p><p><blockquote>维珍银河发言人告诉 CNBC，Unity 25 任务的目标是 2022 年第三季度末。</blockquote></p><p> The space tourism company is conducting the spaceflight tests as the final step in developing its vehicle. The company has about 600 reservations for tickets on future flights, with those tickets sold largely between $200,000 and $250,000 each.</p><p><blockquote>太空旅游公司正在进行太空飞行测试，作为开发其飞行器的最后一步。该公司预订了大约600张未来航班的机票，这些机票的售价大多在每张20万至25万美元之间。</blockquote></p><p> Virgin Galactic will have three different sales offerings, starting at $450,000 a seat, for space tourists: A single seat purchase, packaged seats for couples, friends or family, or opportunities to book entire flights. The company noted that sales will initially prioritize Virgin Galactic’s “significant list of early hand-raisers,” with a “follow-on priority list” to be opened for new customers.</p><p><blockquote>维珍银河将为太空游客提供三种不同的销售产品，每个座位起价 45 万美元：购买单个座位、情侣、朋友或家人的打包座位，或预订整个航班的机会。该公司指出，销售部门最初将优先考虑维珍银河的 “大量早期举手者名单 ”，并为新客户开放 “后续优先名单 ”。</blockquote></p><p> Its spacecraft VSS Unity was designed to carry six passengers — in addition to two pilots — but the vehicle is now outfitted to carry four, with Virgin Galactic confirming that its spaceflight with Branson represented a “fully crewed” launch.</p><p><blockquote>维珍银河公司证实，维珍银河公司与布兰森的太空飞行是一次 “全载人 ”发射。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1194369383","content_text":"Virgin Galactic delivered second-quarter results after the market closed on Thursday and announced that it will reopen ticket sales, with pricing beginning at $450,000 per seat.\n\"We have a purposeful range of product offerings in order to satisfy the different ways people will want to share this experience of private astronaut flights,\" Virgin Galactic CEO Michael Colglazier said during the company's second quarter conference call.\nThe company also announced its next spaceflight test is targeting late September from Spaceport America in New Mexico, carrying members of the Italian Air Force.\nShares of Virgin Galactic rose 5.1% in after-hours trading from its close of $31.53.\n\nVirgin Galactic reported an adjusted EBITDA loss of $56 million in the second quarter, just above the loss of $55.9 million in the prior quarter. It generated $571,000 of revenue in the second quarter, coming from the scientific research experiments onboard its May spaceflight test.\nThe company flew two spaceflight tests during the quarter, with the first marking its debut from Spaceport America in New Mexico. The second flight carried founder Richard Branson and three other mission specialists to test the vehicle's cabin.\nThe company’s leadership previously announced that it would fly two more tests of spacecraft VSS Unity, with the first carrying another four “mission specialists” and the second flying members of the Italian Air Force. Branson had announced after his spaceflight that former Virgin Galactic CEO George Whitesides would fly on the company’s next spaceflight test, as CNBC reported last month. But that plan appears to have changed with the Italian spaceflight, designated as the Unity 23 flight, now scheduled next.\nVirgin Galactic will then pause spaceflight operations for a previously announced “enhancement period,” before then launching its Unity 24 spaceflight test. Then, with the Unity 25 flight, Virgin Galactic expects to begin commercial services with its first non-development flight.\nColglazier said during the shareholder call that the enhancement period, which will focus on refurbishing and reinforcing its jet-powered carrier aircraft VMS Eve, will run from after Unity 23 in September until mid-2022. That pushes back the company’s beginning of commercial service, as Virgin Galactic was targeting early 2022 for its first private customer spaceflight.\nA Virgin Galactic spokesperson told CNBC that the Unity 25 mission is targeting late third quarter 2022.\nThe space tourism company is conducting the spaceflight tests as the final step in developing its vehicle. The company has about 600 reservations for tickets on future flights, with those tickets sold largely between $200,000 and $250,000 each.\nVirgin Galactic will have three different sales offerings, starting at $450,000 a seat, for space tourists: A single seat purchase, packaged seats for couples, friends or family, or opportunities to book entire flights. The company noted that sales will initially prioritize Virgin Galactic’s “significant list of early hand-raisers,” with a “follow-on priority list” to be opened for new customers.\nIts spacecraft VSS Unity was designed to carry six passengers — in addition to two pilots — but the vehicle is now outfitted to carry four, with Virgin Galactic confirming that its spaceflight with Branson represented a “fully crewed” launch.","news_type":1,"symbols_score_info":{"SPCE":0.9}},"isVote":1,"tweetType":1,"viewCount":2286,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":893377425,"gmtCreate":1628242171567,"gmtModify":1631891649597,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice. Like pls","listText":"Nice. Like pls","text":"Nice. Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893377425","repostId":"1128779869","repostType":4,"isVote":1,"tweetType":1,"viewCount":3522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890775504,"gmtCreate":1628138548408,"gmtModify":1631891649600,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice. Like pls","listText":"Nice. Like pls","text":"Nice. 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Buy.","listText":"Hmmmm... Buy.","text":"Hmmmm... Buy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/804501516","repostId":"1147488941","repostType":4,"isVote":1,"tweetType":1,"viewCount":766,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805658590,"gmtCreate":1627878334910,"gmtModify":1633755666522,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice. Please like","listText":"Nice. Please like","text":"Nice. Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805658590","repostId":"2156741169","repostType":4,"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808297215,"gmtCreate":1627587306837,"gmtModify":1633758083336,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Please like","listText":"Please like","text":"Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808297215","repostId":"2155188411","repostType":4,"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801302132,"gmtCreate":1627481630326,"gmtModify":1633764586015,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","listText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","text":"Like please . To the mokn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801302132","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809077940,"gmtCreate":1627342477980,"gmtModify":1633766023482,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809077940","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohunote.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社） - 特斯拉公司周二公布的第二季度利润高于预期，得益于其价格较低的电动汽车销量大幅增加，同时提高了价格以提高利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自 2019 年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这是制造业务财务状况不断改善的迹象。特斯拉通过削减其认为未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值的汽车制造商的股价在盘后交易中上涨了 1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权上，特斯拉高管表示，批量生产增长将取决于零部件的可用性，马斯克警告说，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“马斯克说：”全球芯片短缺形势仍然相当严重。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，马斯克表示，特斯拉预计今年将在德克萨斯州和德国在建工厂开始生产 Model Y SUV。他表示，该公司预计电池供应商明年将产量增加一倍。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，特斯拉本季度的交付量仍创下历史新高，这要归功于包括 Model 3 轿车和 Model Ys 在内的廉价车型的销售。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克 (Elon Musk) 领导的汽车制造商表示，收入从去年同期的 60.4 亿美元跃升至 119.6 亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预计收入约为 113 亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>不包括项目，特斯拉公布的每股利润为 1.45 美元，轻松超过分析师预期的每股利润 98 美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，经营利润随着销量增长和成本降低而上涨，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失 2300 万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力往往依赖于向其他汽车制造商出售监管积分，但在第二季度，特斯拉自 2019 年底以来首次在没有这些积分的情况下实现盈利。其第二季度 GAAP 净利润为 11.4 亿美元。信贷收入总计仅3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>“Investing.com 高级分析师杰西-科恩（Jesse Cohen）说：”特斯拉的数据给人留下了深刻的印象，因为其大部分收入来自汽车销售。</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商 Stellantis 预计今年将在不从特斯拉购买环境信用额度的情况下实现欧洲二氧化碳 (CO2) 排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将半挂卡车计划的启动时间推迟到 2022 年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型 4680 电池尚未准备好批量生产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>马斯克在一旁表示，他 “很可能不会在财报评级上 ”与投资者和分析师讨论财务业绩。这些评级一直是马斯克用来谈论特斯拉技术或回击竞争对手或批评者的丰富多彩的季度仪式。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</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\">\nTesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社） - 特斯拉公司周二公布的第二季度利润高于预期，得益于其价格较低的电动汽车销量大幅增加，同时提高了价格以提高利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自 2019 年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这是制造业务财务状况不断改善的迹象。特斯拉通过削减其认为未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值的汽车制造商的股价在盘后交易中上涨了 1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权上，特斯拉高管表示，批量生产增长将取决于零部件的可用性，马斯克警告说，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“马斯克说：”全球芯片短缺形势仍然相当严重。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，马斯克表示，特斯拉预计今年将在德克萨斯州和德国在建工厂开始生产 Model Y SUV。他表示，该公司预计电池供应商明年将产量增加一倍。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，特斯拉本季度的交付量仍创下历史新高，这要归功于包括 Model 3 轿车和 Model Ys 在内的廉价车型的销售。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克 (Elon Musk) 领导的汽车制造商表示，收入从去年同期的 60.4 亿美元跃升至 119.6 亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预计收入约为 113 亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>不包括项目，特斯拉公布的每股利润为 1.45 美元，轻松超过分析师预期的每股利润 98 美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，经营利润随着销量增长和成本降低而上涨，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失 2300 万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力往往依赖于向其他汽车制造商出售监管积分，但在第二季度，特斯拉自 2019 年底以来首次在没有这些积分的情况下实现盈利。其第二季度 GAAP 净利润为 11.4 亿美元。信贷收入总计仅3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>“Investing.com 高级分析师杰西-科恩（Jesse Cohen）说：”特斯拉的数据给人留下了深刻的印象，因为其大部分收入来自汽车销售。</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商 Stellantis 预计今年将在不从特斯拉购买环境信用额度的情况下实现欧洲二氧化碳 (CO2) 排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将半挂卡车计划的启动时间推迟到 2022 年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型 4680 电池尚未准备好批量生产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>马斯克在一旁表示，他 “很可能不会在财报评级上 ”与投资者和分析师讨论财务业绩。这些评级一直是马斯克用来谈论特斯拉技术或回击竞争对手或批评者的丰富多彩的季度仪式。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</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":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800654498,"gmtCreate":1627300858914,"gmtModify":1633766389513,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Good.. please like thanks","listText":"Good.. please like thanks","text":"Good.. please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800654498","repostId":"1151724613","repostType":4,"repost":{"id":"1151724613","kind":"news","pubTimestamp":1627292512,"share":"https://www.laohunote.com/m/news/1151724613?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:41","market":"us","language":"en","title":"Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布收益。这是最重要的。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1151724613","media":"Barrons","summary":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe ","content":"<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于 7 月 26 日星期一收盘后发布报告。据 FactSet 称，华尔街希望特斯拉（股票代码：TSLA）在 115 亿美元的销售额中报告每股收益约 94 美分。超出分析师预期对于任何股票在财报后交易中保持稳定来说都很重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>不过，对于世界上最有价值的汽车公司及其打破常规的首席执行官埃隆-马斯克（Elon Musk）来说，将会有很多移动部件，甚至比平时还要多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响利润的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者会希望看到营业利润创纪录——无论如何发生。这可能会打破股价近期的区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布 2020 年第三季度营业利润超过 8 亿美元，在接下来的三个月内，该股股价翻了一番多，达到 860 美元左右。但由于营业利润增长在随后几个季度基本暂停，股价已从约 860 美元跌至最近的 640 美元左右。利润停滞也意味着库存停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计将达到 8.35 亿美元。2021年第二季度标志着特斯拉首次在单季度交付超过20万辆汽车。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>财报消化完毕后，多头和空头之间关于财报质量的争论应该会层出不穷。例如，特斯拉创造销售额的一种方式是出售监管积分——它通过生产超过其公平份额的电动汽车来获得这些积分。该公司第一季度信贷销售额为 5.18 亿美元，帮助特斯拉超出盈利预期。关于信用销售额的 “正常 ”数量以及这些销售额何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将出售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉承认其持有的比特币在第一季度略有增加，但这种加密货币的价格自 4 月份的峰值以来已经下跌了大约一半。这意味着有可能出现小幅亏损。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉在德国的新工厂和德克萨斯州奥斯汀的工厂何时开始交付汽车。奥斯汀工厂将生产特斯拉的 Cybertruck。特斯拉驾驶辅助功能的进步--该公司最近开始以订阅的形式销售其驾驶辅助软件--以及该公司能从其充电网络中赚多少钱，也可能会有人质疑。马斯克本周在推特上表示，特斯拉将向未来的其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午 5:30 举行的财报电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约 9%，落后于标普500和道琼斯工业平均指数分别 17% 和 15% 的可比涨幅。尽管如此，特斯拉股价仍表现强劲，过去 12 个月上涨了约 112%。</blockquote></p><p></p>","source":"lsy1601382232898","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>Tesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布收益。这是最重要的。</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\">\nTesla Reports Earnings Today. Here's What Matters Most.<blockquote>特斯拉今天公布收益。这是最重要的。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-26 17:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.</p><p><blockquote>特斯拉将于周一公布第二季度收益。准备好一份非常复杂的报告。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>这家电动汽车先驱将于 7 月 26 日星期一收盘后发布报告。据 FactSet 称，华尔街希望特斯拉（股票代码：TSLA）在 115 亿美元的销售额中报告每股收益约 94 美分。超出分析师预期对于任何股票在财报后交易中保持稳定来说都很重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There will be a lot of moving parts, however, even more than usual for the world’s most valuable&nbsp;car company&nbsp;and its iconoclast CEO&nbsp;Elon Musk.</p><p><blockquote>不过，对于世界上最有价值的汽车公司及其打破常规的首席执行官埃隆-马斯克（Elon Musk）来说，将会有很多移动部件，甚至比平时还要多。</blockquote></p><p> Factors that will contribute to bottom-line earnings include the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>影响利润的因素包括全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者会希望看到营业利润创纪录——无论如何发生。这可能会打破股价近期的区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d908f359ce3333ed256684e007ff74d0\" tg-width=\"871\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布 2020 年第三季度营业利润超过 8 亿美元，在接下来的三个月内，该股股价翻了一番多，达到 860 美元左右。但由于营业利润增长在随后几个季度基本暂停，股价已从约 860 美元跌至最近的 640 美元左右。利润停滞也意味着库存停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计将达到 8.35 亿美元。2021年第二季度标志着特斯拉首次在单季度交付超过20万辆汽车。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>财报消化完毕后，多头和空头之间关于财报质量的争论应该会层出不穷。例如，特斯拉创造销售额的一种方式是出售监管积分——它通过生产超过其公平份额的电动汽车来获得这些积分。该公司第一季度信贷销售额为 5.18 亿美元，帮助特斯拉超出盈利预期。关于信用销售额的 “正常 ”数量以及这些销售额何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将出售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉承认其持有的比特币在第一季度略有增加，但这种加密货币的价格自 4 月份的峰值以来已经下跌了大约一半。这意味着有可能出现小幅亏损。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉在德国的新工厂和德克萨斯州奥斯汀的工厂何时开始交付汽车。奥斯汀工厂将生产特斯拉的 Cybertruck。特斯拉驾驶辅助功能的进步--该公司最近开始以订阅的形式销售其驾驶辅助软件--以及该公司能从其充电网络中赚多少钱，也可能会有人质疑。马斯克本周在推特上表示，特斯拉将向未来的其他电动汽车开放其充电网络。</blockquote></p><p> Those topics and more should be discussed on the earnings&nbsp;conference call&nbsp;scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>这些话题以及更多话题应该在定于下午 5:30 举行的财报电话会议上讨论。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约 9%，落后于标普500和道琼斯工业平均指数分别 17% 和 15% 的可比涨幅。尽管如此，特斯拉股价仍表现强劲，过去 12 个月上涨了约 112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3\">Barrons</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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_LEADSUPP_3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1151724613","content_text":"Tesla is set to report second-quarter earnings Monday. Get ready for a very complicated report.\nThe EV pioneer will report after the close of trading on Monday, July 26. Wall Street is looking for Tesla (ticker: TSLA) to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere will be a lot of moving parts, however, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk.\nFactors that will contribute to bottom-line earnings include the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nThose topics and more should be discussed on the earnings conference call scheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of the S&P 500 and Dow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":692,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174627129,"gmtCreate":1627096526461,"gmtModify":1633767998153,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Please like and comment&nbsp;[微笑]&nbsp;","listText":"Please like and comment&nbsp;[微笑]&nbsp;","text":"Please like and comment [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/174627129","repostId":"1191636755","repostType":4,"repost":{"id":"1191636755","kind":"news","pubTimestamp":1627084309,"share":"https://www.laohunote.com/m/news/1191636755?lang=zh_CN&edition=full","pubTime":"2021-07-24 07:51","market":"us","language":"en","title":"Tesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉的收益即将到来。这是一个重要的数字。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191636755","media":"Barrons","summary":"Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likel","content":"<p>Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likely very complicated report.</p><p><blockquote>特斯拉第二季度财报即将发布，投资者应该为一份可能非常复杂的报告做好准备。</blockquote></p><p> There are a lot of moving parts, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk. Figuring out if the stock will go up or down, however, shouldn’t be all that difficult.</p><p><blockquote>对于世界上最有价值的汽车公司及其打破常规的首席执行官埃隆-马斯克（Elon Musk）来说，有很多移动部件，甚至比平时还要多。不过，判断股票是上涨还是下跌应该并不难。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday,July 26. Wall Street is looking for&nbsp;Tesla to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>电动汽车先锋将于 7 月 26 日星期一收盘后发布报告。据 FactSet 称，华尔街希望特斯拉在 115 亿美元的销售额中报告每股收益约 94 美分。超出分析师预期对于任何股票在财报后交易中保持稳定来说都很重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There are plenty of factors that will contribute to bottom-line earnings—the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>有很多因素会影响底线收益--全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者会希望看到营业利润创纪录——无论如何发生。这可能会打破股价近期的区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb9cfd5cbe6d36d06167f82af45447d1\" tg-width=\"869\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布 2020 年第三季度营业利润超过 8 亿美元，在接下来的三个月内，该股股价翻了一番多，达到 860 美元左右。但由于营业利润增长在随后几个季度基本暂停，股价已从约 860 美元跌至最近的 640 美元左右。利润停滞也意味着库存停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计将达到 8.35 亿美元。2021年第二季度是特斯拉首次在单季度交付超过20万辆汽车。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>财报消化完毕后，多头和空头之间关于财报质量的争论应该会层出不穷。例如，特斯拉创造销售额的一种方式是出售监管积分——它通过生产超过其公平份额的电动汽车来获得这些积分。该公司第一季度信贷销售额为 5.18 亿美元，帮助特斯拉超出盈利预期。关于信用销售额的 “正常 ”数量以及这些销售额何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将出售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉承认其持有的比特币在第一季度略有增加，但这种加密货币的价格自 4 月份的峰值以来已经下跌了大约一半。这意味着有可能出现小幅亏损。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉在德国的新工厂和德克萨斯州奥斯汀的工厂何时开始交付汽车。奥斯汀工厂将生产特斯拉的 Cybertruck。特斯拉驾驶辅助功能的进步--该公司最近开始以订阅的形式销售其驾驶辅助软件--以及该公司能从其充电网络中赚多少钱，也可能会有人质疑。马斯克本周在推特上表示，特斯拉将向未来的其他电动汽车开放其充电网络。</blockquote></p><p> All those topics and more should come up on the earningsconference callscheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of theS&amp;P 500andDow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>所有这些话题以及更多话题都应该在定于下午 5:30 举行的财报电话会议上提出。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约 9%，落后于标准普尔 500 指数和道琼斯工业平均指数分别 17% 和 15% 的可比涨幅。尽管如此，特斯拉股价仍表现强劲，过去 12 个月上涨了约 112%。</blockquote></p><p></p>","source":"lsy1601382232898","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>Tesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉的收益即将到来。这是一个重要的数字。</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\">\nTesla Earnings Are Coming. Here’s the One Number That Matters.<blockquote>特斯拉的收益即将到来。这是一个重要的数字。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-24 07:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likely very complicated report.</p><p><blockquote>特斯拉第二季度财报即将发布，投资者应该为一份可能非常复杂的报告做好准备。</blockquote></p><p> There are a lot of moving parts, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk. Figuring out if the stock will go up or down, however, shouldn’t be all that difficult.</p><p><blockquote>对于世界上最有价值的汽车公司及其打破常规的首席执行官埃隆-马斯克（Elon Musk）来说，有很多移动部件，甚至比平时还要多。不过，判断股票是上涨还是下跌应该并不难。</blockquote></p><p> The EV pioneer will report after the close of trading on Monday,July 26. Wall Street is looking for&nbsp;Tesla to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.</p><p><blockquote>电动汽车先锋将于 7 月 26 日星期一收盘后发布报告。据 FactSet 称，华尔街希望特斯拉在 115 亿美元的销售额中报告每股收益约 94 美分。超出分析师预期对于任何股票在财报后交易中保持稳定来说都很重要，几乎是必需的。特斯拉也是如此。</blockquote></p><p> There are plenty of factors that will contribute to bottom-line earnings—the global&nbsp;semiconductor&nbsp;shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.</p><p><blockquote>有很多因素会影响底线收益--全球半导体短缺、汽车定价、汽车毛利率以及特斯拉电池存储业务的盈利水平。然而，最终，投资者会希望看到营业利润创纪录——无论如何发生。这可能会打破股价近期的区间。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/eb9cfd5cbe6d36d06167f82af45447d1\" tg-width=\"869\" tg-height=\"580\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Tesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.</p><p><blockquote>特斯拉公布 2020 年第三季度营业利润超过 8 亿美元，在接下来的三个月内，该股股价翻了一番多，达到 860 美元左右。但由于营业利润增长在随后几个季度基本暂停，股价已从约 860 美元跌至最近的 640 美元左右。利润停滞也意味着库存停滞。</blockquote></p><p> The good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered&nbsp;more than 200,000&nbsp;vehicles in a single quarter.</p><p><blockquote>对于特斯拉多头来说，好消息是华尔街预计将创下新纪录：在强劲交付的推动下，第二季度营业利润预计将达到 8.35 亿美元。2021年第二季度是特斯拉首次在单季度交付超过20万辆汽车。</blockquote></p><p> After earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla&nbsp;beat earnings&nbsp;estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.</p><p><blockquote>财报消化完毕后，多头和空头之间关于财报质量的争论应该会层出不穷。例如，特斯拉创造销售额的一种方式是出售监管积分——它通过生产超过其公平份额的电动汽车来获得这些积分。该公司第一季度信贷销售额为 5.18 亿美元，帮助特斯拉超出盈利预期。关于信用销售额的 “正常 ”数量以及这些销售额何时会枯竭，一直存在争议。最终，多头和空头都预计其他汽车制造商将出售自己的电动汽车，从而切断特斯拉的收入来源。</blockquote></p><p> There is also the issue&nbsp;of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.</p><p><blockquote>还有比特币的问题。特斯拉承认其持有的比特币在第一季度略有增加，但这种加密货币的价格自 4 月份的峰值以来已经下跌了大约一半。这意味着有可能出现小幅亏损。投资者的反应谁也说不准，但不要指望特斯拉会抛售其比特币头寸。马斯克继续表示，当比特币矿业使用更可持续的电力时，他的公司将以加密货币进行交易。</blockquote></p><p> Investors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s&nbsp;Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software&nbsp;as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its&nbsp;charging network&nbsp;to other EVs down the road.</p><p><blockquote>投资者还想知道特斯拉在德国的新工厂和德克萨斯州奥斯汀的工厂何时开始交付汽车。奥斯汀工厂将生产特斯拉的 Cybertruck。特斯拉驾驶辅助功能的进步--该公司最近开始以订阅的形式销售其驾驶辅助软件--以及该公司能从其充电网络中赚多少钱，也可能会有人质疑。马斯克本周在推特上表示，特斯拉将向未来的其他电动汽车开放其充电网络。</blockquote></p><p> All those topics and more should come up on the earningsconference callscheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of theS&amp;P 500andDow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.</p><p><blockquote>所有这些话题以及更多话题都应该在定于下午 5:30 举行的财报电话会议上提出。美国东部时间周一。今年迄今为止，特斯拉股价已下跌约 9%，落后于标准普尔 500 指数和道琼斯工业平均指数分别 17% 和 15% 的可比涨幅。尽管如此，特斯拉股价仍表现强劲，过去 12 个月上涨了约 112%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_DAY_Theme_2_1\">Barrons</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":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-earnings-preview-51627061822?mod=hp_DAY_Theme_2_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191636755","content_text":"Tesla’s second-quarter earnings are just around the corner, and investors should gear up for a likely very complicated report.\nThere are a lot of moving parts, even more than usual for the world’s most valuable car company and its iconoclast CEO Elon Musk. Figuring out if the stock will go up or down, however, shouldn’t be all that difficult.\nThe EV pioneer will report after the close of trading on Monday,July 26. Wall Street is looking for Tesla to report about 94 cents in per-share earnings from $11.5 billion in sales, according to FactSet. Beating analyst estimates is important, almost required, for any stock to remain stable in post-earnings trading. That’s true for Tesla as well.\nThere are plenty of factors that will contribute to bottom-line earnings—the global semiconductor shortage,vehicle pricing, vehicle gross profit margins, and the level of profitability in Tesla’s battery storage business. In the end, however, investors will want to see a record in operating profits—no matter how it happens. That’s what could break shares out of their recent range.\n\nTesla reported more than $800 million in operating profits in the 2020 third quarter, and the stock more than doubled to around $860 in the three-month span that followed. But since operating profit growth largely paused in the subsequent quarters, shares have traded down from roughly $860 to around $640 recently. Profit stagnation has meant stock stagnation, too.\nThe good news for Tesla bulls is Wall Street is projecting a fresh record: Operating profit is expected to be $835 million for the second quarter, driven by strong deliveries. The 2021 second quarter marked the first time Tesla delivered more than 200,000 vehicles in a single quarter.\nAfter earnings are digested, there should be endless arguments among bulls and bears about the quality of earnings. For instance, one way Tesla generates sales is by selling regulatory credits—which it earns by producing more than its fair share of electric vehicles. The company generated $518 million in first-quarter credit sales, which helped Tesla beat earnings estimates. There is always debate about what is the “normal” amount of credit sales and when will those sales dry up. Eventually, both the bulls and bears expect other auto makers to sell their own EVs, cutting off that source of revenue for Tesla.\nThere is also the issue of Bitcoin. Tesla recognized a small gain on its Bitcoin holdings in the first quarter, but the cryptocurrency’s prices have fallen by roughly half since their April peak. That means there is a chance of a small loss. How investors react is anyone’s guess, but don’t expect Tesla to sell out of its Bitcoin position. Musk continues to indicate his company will transact in the cryptocurrency when Bitcoin mining uses more sustainable power.\nInvestors will also want to know when Tesla’s new Germany plant and Austin, Texas facility will start delivering cars. The Austin plant will build Tesla’s Cybertruck. There will also likely be questions about advances in Tesla’s driver-assistance functions—the company recently started selling its driver-assistance software as a subscription—and how much money the company could make from its charging network. Musk tweeted this week Tesla would open its charging network to other EVs down the road.\nAll those topics and more should come up on the earningsconference callscheduled for 5:30 p.m. ET on Monday. Year to date, Tesla stock is down roughly 9%, trailing behind comparable 17% and 15% respective gains of theS&P 500andDow Jones Industrial Average.Still, Tesla shares have had a strong run, up about 112% over the past 12 months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1234,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":172197475,"gmtCreate":1626942746097,"gmtModify":1633769529889,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Help like[微笑]&nbsp;","listText":"Help like[微笑]&nbsp;","text":"Help like[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/172197475","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":1407,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":176969932,"gmtCreate":1626855149826,"gmtModify":1633770385282,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582261505147752","authorIdStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176969932","repostId":"1183563723","repostType":4,"repost":{"id":"1183563723","kind":"news","pubTimestamp":1626853969,"share":"https://www.laohunote.com/m/news/1183563723?lang=zh_CN&edition=full","pubTime":"2021-07-21 15:52","market":"us","language":"en","title":"Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183563723","media":"zerohedge","summary":"Recent earnings reports from streaming giant $Netflix$ have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo qu","content":"<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">网飞</a>喜忧参半：三个季度前，当该公司报告其第一个完整的“后新冠”季度收益并警告称，该股暴跌<i>“增长正在放缓”，</i>三个季度前再次暴跌，当时该公司报告每股收益和新订阅量均大幅下滑，为 220 万份，并列过去五年来最糟糕的季度，同时本季度的前景也比预期更差。两个季度前，当 Netflix 报告用户数量激增并预计现金流很快就会为正时，这种情况发生了逆转，导致其股价飙升至历史新高——哪怕只是短暂的，然后在上个季度再次逆转，然后暴跌时，Netflix 再次令人失望，当时它报告了巨大的用户失误并给出了令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天很紧张，不是要弄清楚该公司是否会超出或低于预期，而是要弄清楚首席执行官里德·黑斯廷斯（Reed Hastings）警告的经济放缓是否是真实的，并且由于covid而吸引了更多的订户？毕竟，Netflix 几个月来一直警告称，与去年疫情封锁开始时惊人的注册率相比，2021 年的增长将会放缓。是的，准备好迎接巨大的基地效果打击：<i>2020年第二季度，该服务新增了1000万客户，仅次于2020年第一季度创纪录的1577万客户。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列波动，但该公司一直乘着乐观浪潮，其股价在 2021 年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直波动，未能突破新高。毫无疑问，在美国和世界大部分地区的 Covid-19 封锁期间，收视率激增，但也存在一些复杂情况： 病毒使电视和电影制作陷入停滞，随着时间的推移，这种情况对 Netflix 来说只会变得更加糟糕。但最大的问题仍然是<b>covid给现在带来了多少未来的潜艇，与此相关的是——对Delta菌株的恐慌会导致未来几个季度的用户再次小规模爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，共识预计第二季度仅新增 112 万用户，略高于该公司自己预测的 100 万新用户。收入预计为 73.2 亿美元，高于上一季度的 71.6 亿美元，每股收益为 3.36 美元，略低于上一季度的 3.75 美元。这是因为自疫情袭击以来，流媒体视频仍然火爆。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博情报公司（Bloomberg Intelligence）分析师吉塔-兰加纳坦（Geetha Ranganathan）和阿明-本赛德（Amine Bensaid）在预览季度业绩时警告说，Netflix 2020 年的巨额业绩将导致今年的用户增长更加平淡： Netflix,Inc.将继续感受到 2020 年上半年超负荷运转的余波，需求的大幅拉动促使人们对第二季度新增 100 万用户的预期有所降低，这是自 2011 年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引存在不确定性，但几部备受瞩目的影片（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度到 2022 年用户增长正常化的明显催化剂”。</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners 媒体分析师 Rich Greenfield 发表了他认为 Netflix 投资者在财报发布后应该向管理层提出的关键问题。其中包括 Netflix 的用户增长何时恢复正常、印度能否成为有意义的盈利驱动力，以及该公司在视频游戏领域看到的机遇。格林菲尔德问道： “目标是利用你为电视/电影创作的知识产权，还是创造可以用于电视/电影制作的原创视频游戏知识产权？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本上陷入停滞，这限制了接下来几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>所以考虑到这一切，<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>这个季度最终会让 Netflix 股票再次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，并且增加了比预期更多的订户，但该公司的每股收益和<i>再一次</i>报告了另一份令人沮丧的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34B，<i><b>殴打</b></i>是的。$73.2亿美元</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12万</li><li>营业利润率为 25.2%，高于预期的 25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益为 2.97 美元，低于市场预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化为+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>不好，<b>该公司报告称，美国/加拿大付费用户首次下降，减少了43万，至73.95毫米。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>换句话说，虽然第二季度收入增长了19%，经营利润增长了36%，<b>第三季度用户预测未达到预期，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是美国/加拿大付费订阅量下降的第二季度订阅量的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN 流媒体付费净变化 -430,000，预估 +52,190</b></li><li>EMEA 流媒体付费净变化 +190,000，估计 +429,335</li><li>LATAM streaming 付费净变化 +760,000，预估 +128,719</li><li>APAC streaming 付费净变化 +102 万，预计 +524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化 +154 万美元，预计 +112 万美元（彭博共识）</li></ul>和视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员增加11%和平均每个会员收入（ARM）增长8%推动的。“COVID 给我们的会员增长带来了一些波动（2020 年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了为什么该公司的盈利持续出现“波动”：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“大流行病给我们的增长带来了不同寻常的波动，并扭曲了同比比较，因为在 COVID 爆发的最初几个月，每户成员家庭的购买量和参与度激增。在 21 年第二季度，我们的每户成员家庭参与度不出所料地下降了，但与 19 年第二季度相比，仍增长了 17%。同样，尽管在这两年期间，每个会员的平均收入增长了 8%，但留存率仍然强劲，好于 2019 年第二季度的水平，这表明我们的会员是多么重视 Netflix，随着我们改善服务，我们可以收取更多的费用。”</i>NFLX 还表示，第二季度新增了 150 万付费会员，“略高于我们 100 万的指导预测”<b>本季度亚太地区约占全球付费净增加额的三分之二</b>同时，如上所述，<b>UCAN 地区第二季度付费会员数量环比下降（付费净增加 -40 万）：</b>\"<i>我们相信，我们在 UCAN 的庞大会员基础加上季节性较小的收购季度是这种动态的主要原因。这与我们在 2019 年第二季度经历的情况类似，当时我们的 UCAN 付费净增为 -10 万；从那时起，我们在 UCAN 新增了近 750 万付费净增用户”。</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情推动了如此多的潜艇，以至于2021年将成为至少自2016年以来最糟糕的一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司的目标是 2019 年而不是 2020 年（由于基数效应令人沮丧），Netflix 敦促投资者将今年与 2019 年进行比较，而不是与一年前的同一季度（当时疫情促进了订户增长）进行比较。奇怪的是，该公司在比较2020年和2019年的数据对其有利时没有问题，但我们跑题了……该公司指出，与 2020 年 “前所未有的水平 ”相比，第二季度每个家庭成员的用户参与度有所下降，但 “与 2019 年第二季度相比 ”增长了 17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>也许是为了转移人们对（缺乏）用户增长的注意力，Netflix 表示，它正在兑现 2016 年的承诺，稳步增长营业利润率。这家流媒体巨头的目标是 2021 年营业利润率达到 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现了利润率目标，那么在过去五年中，我们的营业利润率将增长五倍，并将比平均每年增长三个百分点。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅上升（尽管我们一直在大量投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>不过，尽管股东们可能会原谅美国潜艇销量的下降，但他们对公司的整体指引并不满意，<b>目前，第三季度新增潜艇数量仅为 350 万，远低于预期的 586 万。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix 表示，由于 Covid，上半年内容将会清淡。该公司目前正在迎头赶上，上半年新电视节目和电影的支出增长了 41%，达到 80 亿美元。该公司今年的内容支出目标是 120 亿美元，增长 12%，具体如下：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至 2021 年上半年，我们已在内容上花费了 80 亿美元现金（同比增长 41%，是内容摊销额的 1.4 倍）。</b></i><i>我们预计全年内容摊销约为 120 亿美元（同比增长 12%）。我们的第三季度名单将包括粉丝最喜欢的《纸钞屋》（又名《金钱抢劫》）、《性教育》、《处女河》和《我从未有过》等新一季，以及真人电影，包括《甜心女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画长片《Vivo》，其中收录了林·曼努埃尔·米兰达的全新歌曲。</i>Netflix offers 分享了有关其即将进军游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“在我们早期围绕互动性（如《黑镜抢劫案》）和《怪奇物语》游戏的基础上，我们还处于进一步向游戏扩张的早期阶段。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无剧本电视的扩张。</i><i><b>游戏将免费包含在会员的 Netflix 订阅中，类似于电影和剧集</b></i><i>. 最初，我们将主要关注移动设备游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们现有的所有内容类别都将有很长的时间来增加投资和增长，但由于我们推进原创节目已经近十年了，我们认为现在是时候更多地了解我们的会员如何看待游戏了。</i>在对竞争格局的粗略概述中，Netflix 指出了华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>他们 “不认为这次合并对我们的增长产生了太大影响，如果有的话”。该公司还指出，虽然它一直在评估合并机会： “我们不认为任何资产是'必须拥有'的，我们还没有发现任何大规模的资产足以令人信服地采取行动”。</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX 现金流还有更多坏消息，在上季度激增后再次逆转，下降了 1.75 亿美元，而去年同期为正现金流 8.99 亿美元。NFLX 指出，它“仍然预计 2021 年全年自由现金流将大致达到收支平衡”。本公司亦认为不再需要筹集外部融资来资助我们的日常运营。我们会看看这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他新闻方面，在第二季度，NFLX 将其循环信贷额度（仍未提取）从 7.5 亿美元增加到 10 亿美元，并将期限从 2024 年延长至 2026 年。该公司还根据我们 50 亿美元的股票授权，以 5 亿美元（平均每股价格约为 500 美元）回购了 100 万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保持战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并没有留下深刻印象，但情况可能会更糟：在最初短暂跌破 500 美元后，该股此后已下跌 2%，稳定在 515 美元左右。在同情心下跌的股票中，视频流平台Roku下跌 1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix 盘前交易下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></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>Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</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\">\nNetflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 15:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">网飞</a>喜忧参半：三个季度前，当该公司报告其第一个完整的“后新冠”季度收益并警告称，该股暴跌<i>“增长正在放缓”，</i>三个季度前再次暴跌，当时该公司报告每股收益和新订阅量均大幅下滑，为 220 万份，并列过去五年来最糟糕的季度，同时本季度的前景也比预期更差。两个季度前，当 Netflix 报告用户数量激增并预计现金流很快就会为正时，这种情况发生了逆转，导致其股价飙升至历史新高——哪怕只是短暂的，然后在上个季度再次逆转，然后暴跌时，Netflix 再次令人失望，当时它报告了巨大的用户失误并给出了令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天很紧张，不是要弄清楚该公司是否会超出或低于预期，而是要弄清楚首席执行官里德·黑斯廷斯（Reed Hastings）警告的经济放缓是否是真实的，并且由于covid而吸引了更多的订户？毕竟，Netflix 几个月来一直警告称，与去年疫情封锁开始时惊人的注册率相比，2021 年的增长将会放缓。是的，准备好迎接巨大的基地效果打击：<i>2020年第二季度，该服务新增了1000万客户，仅次于2020年第一季度创纪录的1577万客户。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列波动，但该公司一直乘着乐观浪潮，其股价在 2021 年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直波动，未能突破新高。毫无疑问，在美国和世界大部分地区的 Covid-19 封锁期间，收视率激增，但也存在一些复杂情况： 病毒使电视和电影制作陷入停滞，随着时间的推移，这种情况对 Netflix 来说只会变得更加糟糕。但最大的问题仍然是<b>covid给现在带来了多少未来的潜艇，与此相关的是——对Delta菌株的恐慌会导致未来几个季度的用户再次小规模爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，共识预计第二季度仅新增 112 万用户，略高于该公司自己预测的 100 万新用户。收入预计为 73.2 亿美元，高于上一季度的 71.6 亿美元，每股收益为 3.36 美元，略低于上一季度的 3.75 美元。这是因为自疫情袭击以来，流媒体视频仍然火爆。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博情报公司（Bloomberg Intelligence）分析师吉塔-兰加纳坦（Geetha Ranganathan）和阿明-本赛德（Amine Bensaid）在预览季度业绩时警告说，Netflix 2020 年的巨额业绩将导致今年的用户增长更加平淡： Netflix,Inc.将继续感受到 2020 年上半年超负荷运转的余波，需求的大幅拉动促使人们对第二季度新增 100 万用户的预期有所降低，这是自 2011 年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引存在不确定性，但几部备受瞩目的影片（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度到 2022 年用户增长正常化的明显催化剂”。</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners 媒体分析师 Rich Greenfield 发表了他认为 Netflix 投资者在财报发布后应该向管理层提出的关键问题。其中包括 Netflix 的用户增长何时恢复正常、印度能否成为有意义的盈利驱动力，以及该公司在视频游戏领域看到的机遇。格林菲尔德问道： “目标是利用你为电视/电影创作的知识产权，还是创造可以用于电视/电影制作的原创视频游戏知识产权？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本上陷入停滞，这限制了接下来几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>所以考虑到这一切，<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>这个季度最终会让 Netflix 股票再次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，并且增加了比预期更多的订户，但该公司的每股收益和<i>再一次</i>报告了另一份令人沮丧的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34B，<i><b>殴打</b></i>是的。$73.2亿美元</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12万</li><li>营业利润率为 25.2%，高于预期的 25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益为 2.97 美元，低于市场预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化为+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>不好，<b>该公司报告称，美国/加拿大付费用户首次下降，减少了43万，至73.95毫米。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>换句话说，虽然第二季度收入增长了19%，经营利润增长了36%，<b>第三季度用户预测未达到预期，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是美国/加拿大付费订阅量下降的第二季度订阅量的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN 流媒体付费净变化 -430,000，预估 +52,190</b></li><li>EMEA 流媒体付费净变化 +190,000，估计 +429,335</li><li>LATAM streaming 付费净变化 +760,000，预估 +128,719</li><li>APAC streaming 付费净变化 +102 万，预计 +524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化 +154 万美元，预计 +112 万美元（彭博共识）</li></ul>和视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员增加11%和平均每个会员收入（ARM）增长8%推动的。“COVID 给我们的会员增长带来了一些波动（2020 年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了为什么该公司的盈利持续出现“波动”：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“大流行病给我们的增长带来了不同寻常的波动，并扭曲了同比比较，因为在 COVID 爆发的最初几个月，每户成员家庭的购买量和参与度激增。在 21 年第二季度，我们的每户成员家庭参与度不出所料地下降了，但与 19 年第二季度相比，仍增长了 17%。同样，尽管在这两年期间，每个会员的平均收入增长了 8%，但留存率仍然强劲，好于 2019 年第二季度的水平，这表明我们的会员是多么重视 Netflix，随着我们改善服务，我们可以收取更多的费用。”</i>NFLX 还表示，第二季度新增了 150 万付费会员，“略高于我们 100 万的指导预测”<b>本季度亚太地区约占全球付费净增加额的三分之二</b>同时，如上所述，<b>UCAN 地区第二季度付费会员数量环比下降（付费净增加 -40 万）：</b>\"<i>我们相信，我们在 UCAN 的庞大会员基础加上季节性较小的收购季度是这种动态的主要原因。这与我们在 2019 年第二季度经历的情况类似，当时我们的 UCAN 付费净增为 -10 万；从那时起，我们在 UCAN 新增了近 750 万付费净增用户”。</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情推动了如此多的潜艇，以至于2021年将成为至少自2016年以来最糟糕的一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司的目标是 2019 年而不是 2020 年（由于基数效应令人沮丧），Netflix 敦促投资者将今年与 2019 年进行比较，而不是与一年前的同一季度（当时疫情促进了订户增长）进行比较。奇怪的是，该公司在比较2020年和2019年的数据对其有利时没有问题，但我们跑题了……该公司指出，与 2020 年 “前所未有的水平 ”相比，第二季度每个家庭成员的用户参与度有所下降，但 “与 2019 年第二季度相比 ”增长了 17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>也许是为了转移人们对（缺乏）用户增长的注意力，Netflix 表示，它正在兑现 2016 年的承诺，稳步增长营业利润率。这家流媒体巨头的目标是 2021 年营业利润率达到 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现了利润率目标，那么在过去五年中，我们的营业利润率将增长五倍，并将比平均每年增长三个百分点。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅上升（尽管我们一直在大量投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>不过，尽管股东们可能会原谅美国潜艇销量的下降，但他们对公司的整体指引并不满意，<b>目前，第三季度新增潜艇数量仅为 350 万，远低于预期的 586 万。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix 表示，由于 Covid，上半年内容将会清淡。该公司目前正在迎头赶上，上半年新电视节目和电影的支出增长了 41%，达到 80 亿美元。该公司今年的内容支出目标是 120 亿美元，增长 12%，具体如下：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至 2021 年上半年，我们已在内容上花费了 80 亿美元现金（同比增长 41%，是内容摊销额的 1.4 倍）。</b></i><i>我们预计全年内容摊销约为 120 亿美元（同比增长 12%）。我们的第三季度名单将包括粉丝最喜欢的《纸钞屋》（又名《金钱抢劫》）、《性教育》、《处女河》和《我从未有过》等新一季，以及真人电影，包括《甜心女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画长片《Vivo》，其中收录了林·曼努埃尔·米兰达的全新歌曲。</i>Netflix offers 分享了有关其即将进军游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“在我们早期围绕互动性（如《黑镜抢劫案》）和《怪奇物语》游戏的基础上，我们还处于进一步向游戏扩张的早期阶段。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无剧本电视的扩张。</i><i><b>游戏将免费包含在会员的 Netflix 订阅中，类似于电影和剧集</b></i><i>. 最初，我们将主要关注移动设备游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们现有的所有内容类别都将有很长的时间来增加投资和增长，但由于我们推进原创节目已经近十年了，我们认为现在是时候更多地了解我们的会员如何看待游戏了。</i>在对竞争格局的粗略概述中，Netflix 指出了华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>他们 “不认为这次合并对我们的增长产生了太大影响，如果有的话”。该公司还指出，虽然它一直在评估合并机会： “我们不认为任何资产是'必须拥有'的，我们还没有发现任何大规模的资产足以令人信服地采取行动”。</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX 现金流还有更多坏消息，在上季度激增后再次逆转，下降了 1.75 亿美元，而去年同期为正现金流 8.99 亿美元。NFLX 指出，它“仍然预计 2021 年全年自由现金流将大致达到收支平衡”。本公司亦认为不再需要筹集外部融资来资助我们的日常运营。我们会看看这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他新闻方面，在第二季度，NFLX 将其循环信贷额度（仍未提取）从 7.5 亿美元增加到 10 亿美元，并将期限从 2024 年延长至 2026 年。该公司还根据我们 50 亿美元的股票授权，以 5 亿美元（平均每股价格约为 500 美元）回购了 100 万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保持战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并没有留下深刻印象，但情况可能会更糟：在最初短暂跌破 500 美元后，该股此后已下跌 2%，稳定在 515 美元左右。在同情心下跌的股票中，视频流平台Roku下跌 1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix 盘前交易下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates\">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":{"GUID":"Guident","QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞"},"source_url":"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183563723","content_text":"Recent earnings reports from streaming giant Netflix have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.\nWhich brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.\nTo be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remainshow many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?\nIndicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.\nPreviewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"\nLightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”\nAnother thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.\n* * *\nSo with all that in mind, was Q2 the quarter that would finally unleash another repricing higher for Netflix stock?Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS andagainreported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).\nFirst, the good news:\n\nQ2 revenue $7.34B,beatingEst. $7.32B\nQ2 Streaming Paid Net Change +1.54M,beatingEst. +1.12M\nOperating margin of 25.2% came in on top of estiamtes of 25.2%\n\nAnd then the bad news:\n\nQ2 EPS $2.97 missing consensus Est. $3.14\nCompany sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M\n\nJust as bad,the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.\nIn other words, while q2 revenue rose 19% and operating income rose 36%,shares tumbled after its third-quarter subscriber forecast missed estimates.\nHere is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:\n\nUCAN streaming paid net change -430,000, estimate +52,190\nEMEA streaming paid net change +190,000, estimate +429,335\nLATAM streaming paid net change +760,000, estimate +128,719\nAPAC streaming paid net change +1.02 million, estimate +524,900\nTotal Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)\n\nAnd visually:\nCommenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”\nA more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:\n\n\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"\n\nNFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"with the APAC region representing about two-thirds of global paid net adds in the quarter. Meanwhile, as noted above,Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):\"We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"\nThis means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.\nUnderstandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”\nPerhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.\nSome more details here:\n\n“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..\n.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.\n\nBut while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.\n* * *\nLooking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:\n\nThrough the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)\nand we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.\n\nNetflix offers shared some more details on its upcoming entrance into the gaming arena:\n\n“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.\nGames will be included in members’ Netflix subscription at no additional cost, similar to films and series\n. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”\n\nIn its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/Discovery, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”\nThere was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.\nIn other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"\nAfter all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.\nNetflix Slides in premarket trading.","news_type":1,"symbols_score_info":{"NFLX":0.9,"GUID":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":148092139,"gmtCreate":1625897426621,"gmtModify":1633936237297,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/148092139","repostId":"1177397700","repostType":4,"isVote":1,"tweetType":1,"viewCount":688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801302132,"gmtCreate":1627481630326,"gmtModify":1633764586015,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","listText":"Like please . To the mokn<a href=\"https://laohu8.com/S/TSLA\"></a>","text":"Like please . To the mokn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/801302132","repostId":"2154360923","repostType":4,"isVote":1,"tweetType":1,"viewCount":863,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145823893,"gmtCreate":1626218257012,"gmtModify":1633929040403,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Please like and comment thanks 🙂","listText":"Please like and comment thanks 🙂","text":"Please like and comment thanks 🙂","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/145823893","repostId":"2151560584","repostType":4,"isVote":1,"tweetType":1,"viewCount":679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":897348690,"gmtCreate":1628895437510,"gmtModify":1631891649583,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like and comment[笑哭]&nbsp;","listText":"Like and comment[笑哭]&nbsp;","text":"Like and comment[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/897348690","repostId":"2159721520","repostType":2,"repost":{"id":"2159721520","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"T-Reuters","id":"1086160438","head_image":"https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5"},"pubTimestamp":1628887162,"share":"https://www.laohunote.com/m/news/2159721520?lang=zh_CN&edition=full","pubTime":"2021-08-14 04:39","market":"hk","language":"en","title":"Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2159721520","media":"T-Reuters","summary":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil V","content":"<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - Sec 文件。特斯拉公司表示，硬币大师兼首席财务官扎卡里·柯克霍恩 (Zachary Kirkhorn) 2020 年的总薪酬为 4660 万美元，而 2019 年为 2120 万美元。更多公司报道：Tsla.O。((Reuters.Briefs@Thomsonreuters.Com;))</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></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>Tesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</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\">\nTesla Inc Says Technoking Of Tesla And CEO, Elon Musk's 2020 Total Compensation Was Nil Versus $23,760 In 2019 - SEC Filing<blockquote>特斯拉公司称特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - SEC 文件</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086160438\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/a113a995fbbc262262d15a5ce37e7bc5);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">T-Reuters </p>\n<p class=\"h-time smaller\">2021-08-14 04:39</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Tesla Inc <tsla.o>:Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).</tsla.o></p><p><blockquote><html><body>特斯拉公司<tsla.o>：特斯拉公司表示，特斯拉兼首席执行官埃隆·马斯克 (Elon Musk) 2020 年的总薪酬为零，而 2019 年为 23,760 美元 - Sec 文件。特斯拉公司表示，硬币大师兼首席财务官扎卡里·柯克霍恩 (Zachary Kirkhorn) 2020 年的总薪酬为 4660 万美元，而 2019 年为 2120 万美元。更多公司报道：Tsla.O。((Reuters.Briefs@Thomsonreuters.Com;))</tsla.o></body></html></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSS":"Total System Services","TSLA":"特斯拉","CGEM":"Cullinan Therapeutics","SANA":"Sana Biotechnology, Inc.","LABP":"Landos Biopharma, Inc.","LHDX":"Lucira Health, Inc."},"source_url":"https://www.trkd.thomsonreuters.com","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2159721520","content_text":"Tesla Inc :Tesla Inc Says Technoking Of Tesla And Ceo, Elon Musk'S 2020 Total Compensation Was Nil Versus $23,760 In 2019 - Sec Filing.Tesla Inc Says Master Of Coin And Cfo, Zachary Kirkhorn'S 2020 Total Compensation Was $46.6 Million Versus $21.2 Million In 2019.Further Company Coverage: Tsla.O. ((Reuters.Briefs@Thomsonreuters.Com;)).","news_type":1,"symbols_score_info":{"SANA":1,"TSS":1,"LHDX":1,"TSLA":1,"APR":1,"CGEM":1,"LABP":1}},"isVote":1,"tweetType":1,"viewCount":4117,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893377425,"gmtCreate":1628242171567,"gmtModify":1631891649597,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice. Like pls","listText":"Nice. Like pls","text":"Nice. Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/893377425","repostId":"1128779869","repostType":4,"isVote":1,"tweetType":1,"viewCount":3522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":805658590,"gmtCreate":1627878334910,"gmtModify":1633755666522,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Nice. Please like","listText":"Nice. Please like","text":"Nice. Please like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/805658590","repostId":"2156741169","repostType":4,"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809077940,"gmtCreate":1627342477980,"gmtModify":1633766023482,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809077940","repostId":"1153028059","repostType":4,"repost":{"id":"1153028059","kind":"news","pubTimestamp":1627340900,"share":"https://www.laohunote.com/m/news/1153028059?lang=zh_CN&edition=full","pubTime":"2021-07-27 07:08","market":"us","language":"en","title":"Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153028059","media":"Reuters","summary":" -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operati","content":"<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社） - 特斯拉公司周二公布的第二季度利润高于预期，得益于其价格较低的电动汽车销量大幅增加，同时提高了价格以提高利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自 2019 年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这是制造业务财务状况不断改善的迹象。特斯拉通过削减其认为未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值的汽车制造商的股价在盘后交易中上涨了 1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权上，特斯拉高管表示，批量生产增长将取决于零部件的可用性，马斯克警告说，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“马斯克说：”全球芯片短缺形势仍然相当严重。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，马斯克表示，特斯拉预计今年将在德克萨斯州和德国在建工厂开始生产 Model Y SUV。他表示，该公司预计电池供应商明年将产量增加一倍。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，特斯拉本季度的交付量仍创下历史新高，这要归功于包括 Model 3 轿车和 Model Ys 在内的廉价车型的销售。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克 (Elon Musk) 领导的汽车制造商表示，收入从去年同期的 60.4 亿美元跃升至 119.6 亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预计收入约为 113 亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>不包括项目，特斯拉公布的每股利润为 1.45 美元，轻松超过分析师预期的每股利润 98 美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，经营利润随着销量增长和成本降低而上涨，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失 2300 万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力往往依赖于向其他汽车制造商出售监管积分，但在第二季度，特斯拉自 2019 年底以来首次在没有这些积分的情况下实现盈利。其第二季度 GAAP 净利润为 11.4 亿美元。信贷收入总计仅3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>“Investing.com 高级分析师杰西-科恩（Jesse Cohen）说：”特斯拉的数据给人留下了深刻的印象，因为其大部分收入来自汽车销售。</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商 Stellantis 预计今年将在不从特斯拉购买环境信用额度的情况下实现欧洲二氧化碳 (CO2) 排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将半挂卡车计划的启动时间推迟到 2022 年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型 4680 电池尚未准备好批量生产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>马斯克在一旁表示，他 “很可能不会在财报评级上 ”与投资者和分析师讨论财务业绩。这些评级一直是马斯克用来谈论特斯拉技术或回击竞争对手或批评者的丰富多彩的季度仪式。</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>Tesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</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\">\nTesla sales surge 98%; company boosts margins on its less-costly electric cars<blockquote>特斯拉销量激增98%；公司提高低成本电动汽车的利润率</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-07-27 07:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.</p><p><blockquote>（路透社） - 特斯拉公司周二公布的第二季度利润高于预期，得益于其价格较低的电动汽车销量大幅增加，同时提高了价格以提高利润率。</blockquote></p><p> Tesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.</p><p><blockquote>特斯拉还削减了成本，这有助于抵消汽车行业面临的许多供应链和微芯片短缺问题。</blockquote></p><p> For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.</p><p><blockquote>自 2019 年底以来，特斯拉的利润首次不依赖于向其他汽车制造商出售环境信用，这是制造业务财务状况不断改善的迹象。特斯拉通过削减其认为未使用或不需要的功能以及提高美国汽车价格来提高其业绩。</blockquote></p><p> Shares of the world’s most valuable automaker rose 1.5% in extended trade.</p><p><blockquote>这家全球最有价值的汽车制造商的股价在盘后交易中上涨了 1.5%。</blockquote></p><p> In a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.</p><p><blockquote>在与投资者和分析师的看涨期权上，特斯拉高管表示，批量生产增长将取决于零部件的可用性，马斯克警告说，半导体短缺将持续。</blockquote></p><p> “The global chip shortage situation remains quite serious,” Musk said.</p><p><blockquote>“马斯克说：”全球芯片短缺形势仍然相当严重。</blockquote></p><p> Still, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.</p><p><blockquote>尽管如此，马斯克表示，特斯拉预计今年将在德克萨斯州和德国在建工厂开始生产 Model Y SUV。他表示，该公司预计电池供应商明年将产量增加一倍。</blockquote></p><p> Despite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.</p><p><blockquote>尽管面临疫情和供应链危机，特斯拉本季度的交付量仍创下历史新高，这要归功于包括 Model 3 轿车和 Model Ys 在内的廉价车型的销售。</blockquote></p><p> The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.</p><p><blockquote>这家由亿万富翁企业家埃隆·马斯克 (Elon Musk) 领导的汽车制造商表示，收入从去年同期的 60.4 亿美元跃升至 119.6 亿美元，当时其加州工厂因当地抗击疫情的封锁令而关闭了六周多。</blockquote></p><p> Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.</p><p><blockquote>根据 Refinitiv 的 IBES 数据，分析师此前预计收入约为 113 亿美元。</blockquote></p><p> Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.</p><p><blockquote>不包括项目，特斯拉公布的每股利润为 1.45 美元，轻松超过分析师预期的每股利润 98 美分。</blockquote></p><p> Tesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.</p><p><blockquote>特斯拉表示，经营利润随着销量增长和成本降低而上涨，这抵消了供应链成本上升、监管信贷收入下降和其他项目，包括加密货币比特币投资损失 2300 万美元。</blockquote></p><p> Tesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.</p><p><blockquote>特斯拉的盈利能力往往依赖于向其他汽车制造商出售监管积分，但在第二季度，特斯拉自 2019 年底以来首次在没有这些积分的情况下实现盈利。其第二季度 GAAP 净利润为 11.4 亿美元。信贷收入总计仅3.54亿美元。</blockquote></p><p> “Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.</p><p><blockquote>“Investing.com 高级分析师杰西-科恩（Jesse Cohen）说：”特斯拉的数据给人留下了深刻的印象，因为其大部分收入来自汽车销售。</blockquote></p><p> Carmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.</p><p><blockquote>汽车制造商 Stellantis 预计今年将在不从特斯拉购买环境信用额度的情况下实现欧洲二氧化碳 (CO2) 排放目标。</blockquote></p><p> Tesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.</p><p><blockquote>特斯拉表示，由于今年电池和其他零部件的供应有限，该公司已将半挂卡车计划的启动时间推迟到 2022 年，以专注于启动工厂。</blockquote></p><p> But the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.</p><p><blockquote>但该公司的新型 4680 电池尚未准备好批量生产；高管们表示，很难预测技术挑战何时会得到解决。</blockquote></p><p> In an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.</p><p><blockquote>马斯克在一旁表示，他 “很可能不会在财报评级上 ”与投资者和分析师讨论财务业绩。这些评级一直是马斯克用来谈论特斯拉技术或回击竞争对手或批评者的丰富多彩的季度仪式。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5\">Reuters</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":{"TSLA":"特斯拉"},"source_url":"https://www.reuters.com/article/tesla-results/update-4-tesla-sales-surge-98-company-boosts-margins-on-its-less-costly-electric-cars-idUSL4N2P23I5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153028059","content_text":"(Reuters) -Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to sharply higher sales of its less-expensive electric vehicles, as it raised prices to boost its margins on them.\nTesla also cut costs which helped it offset many of the supply chain and microchip shortfalls facing the auto industry.\nFor the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation. Tesla boosted its performance by cutting features it said were unused or unneeded and raising U.S. vehicle prices.\nShares of the world’s most valuable automaker rose 1.5% in extended trade.\nIn a call with investors and analysts, Tesla executives said that volume production growth will depend on parts availability, and Musk cautioned the shortage of semiconductors will continue.\n“The global chip shortage situation remains quite serious,” Musk said.\nStill, Musk said Tesla expects to launch production this year of the Model Y SUV at factories under construction in Texas and Germany. He said the company expects battery cell suppliers to double production next year.\nDespite the pandemic and the supply chain crisis, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Ys.\nThe carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96 billion from $6.04 billion a year earlier, when its California factory was shut down for more than six weeks due to local lockdown orders to fight the pandemic.\nAnalysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.\nExcluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.\nTesla said operating income rose with volume growth and cost reduction, which offset higher supply chain costs, lower regulatory credit revenue and other items including $23 million in losses on investment in cryptocurrency bitcoin.\nTesla’s profitability has often relied on selling regulatory credits to other automakers, but in the second quarter, Tesla was profitable without these credits for the first time since the end of 2019. Its GAAP net income was $1.14 billion in the second quarter. Revenue from the credits only totaled $354 million.\n“Tesla impressed with its numbers, as most of its revenue came from vehicle sales,” Jesse Cohen, senior analyst at Investing.com, said.\nCarmaker Stellantis expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla.\nTesla said it said it has delayed the launch of the Semi truck program to 2022 to focus on starting factories and due to limited availability of battery cells and other parts this year.\nBut the company’s new 4680 batteries are not ready for volume production; executives said it was difficult to predict when technological challenges would be resolved.\nIn an aside, Musk said he “most likely will not be on earnings calls” going forward to discuss financial results with investors and analysts. These calls have been a colorful quarterly ritual Musk has used for discourses on Tesla technology, or to fire back at rivals or critics.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":784,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176969932,"gmtCreate":1626855149826,"gmtModify":1633770385282,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176969932","repostId":"1183563723","repostType":4,"repost":{"id":"1183563723","kind":"news","pubTimestamp":1626853969,"share":"https://www.laohunote.com/m/news/1183563723?lang=zh_CN&edition=full","pubTime":"2021-07-21 15:52","market":"us","language":"en","title":"Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183563723","media":"zerohedge","summary":"Recent earnings reports from streaming giant $Netflix$ have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo qu","content":"<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">网飞</a>喜忧参半：三个季度前，当该公司报告其第一个完整的“后新冠”季度收益并警告称，该股暴跌<i>“增长正在放缓”，</i>三个季度前再次暴跌，当时该公司报告每股收益和新订阅量均大幅下滑，为 220 万份，并列过去五年来最糟糕的季度，同时本季度的前景也比预期更差。两个季度前，当 Netflix 报告用户数量激增并预计现金流很快就会为正时，这种情况发生了逆转，导致其股价飙升至历史新高——哪怕只是短暂的，然后在上个季度再次逆转，然后暴跌时，Netflix 再次令人失望，当时它报告了巨大的用户失误并给出了令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天很紧张，不是要弄清楚该公司是否会超出或低于预期，而是要弄清楚首席执行官里德·黑斯廷斯（Reed Hastings）警告的经济放缓是否是真实的，并且由于covid而吸引了更多的订户？毕竟，Netflix 几个月来一直警告称，与去年疫情封锁开始时惊人的注册率相比，2021 年的增长将会放缓。是的，准备好迎接巨大的基地效果打击：<i>2020年第二季度，该服务新增了1000万客户，仅次于2020年第一季度创纪录的1577万客户。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列波动，但该公司一直乘着乐观浪潮，其股价在 2021 年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直波动，未能突破新高。毫无疑问，在美国和世界大部分地区的 Covid-19 封锁期间，收视率激增，但也存在一些复杂情况： 病毒使电视和电影制作陷入停滞，随着时间的推移，这种情况对 Netflix 来说只会变得更加糟糕。但最大的问题仍然是<b>covid给现在带来了多少未来的潜艇，与此相关的是——对Delta菌株的恐慌会导致未来几个季度的用户再次小规模爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，共识预计第二季度仅新增 112 万用户，略高于该公司自己预测的 100 万新用户。收入预计为 73.2 亿美元，高于上一季度的 71.6 亿美元，每股收益为 3.36 美元，略低于上一季度的 3.75 美元。这是因为自疫情袭击以来，流媒体视频仍然火爆。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博情报公司（Bloomberg Intelligence）分析师吉塔-兰加纳坦（Geetha Ranganathan）和阿明-本赛德（Amine Bensaid）在预览季度业绩时警告说，Netflix 2020 年的巨额业绩将导致今年的用户增长更加平淡： Netflix,Inc.将继续感受到 2020 年上半年超负荷运转的余波，需求的大幅拉动促使人们对第二季度新增 100 万用户的预期有所降低，这是自 2011 年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引存在不确定性，但几部备受瞩目的影片（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度到 2022 年用户增长正常化的明显催化剂”。</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners 媒体分析师 Rich Greenfield 发表了他认为 Netflix 投资者在财报发布后应该向管理层提出的关键问题。其中包括 Netflix 的用户增长何时恢复正常、印度能否成为有意义的盈利驱动力，以及该公司在视频游戏领域看到的机遇。格林菲尔德问道： “目标是利用你为电视/电影创作的知识产权，还是创造可以用于电视/电影制作的原创视频游戏知识产权？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本上陷入停滞，这限制了接下来几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>所以考虑到这一切，<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>这个季度最终会让 Netflix 股票再次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，并且增加了比预期更多的订户，但该公司的每股收益和<i>再一次</i>报告了另一份令人沮丧的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34B，<i><b>殴打</b></i>是的。$73.2亿美元</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12万</li><li>营业利润率为 25.2%，高于预期的 25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益为 2.97 美元，低于市场预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化为+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>不好，<b>该公司报告称，美国/加拿大付费用户首次下降，减少了43万，至73.95毫米。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>换句话说，虽然第二季度收入增长了19%，经营利润增长了36%，<b>第三季度用户预测未达到预期，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是美国/加拿大付费订阅量下降的第二季度订阅量的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN 流媒体付费净变化 -430,000，预估 +52,190</b></li><li>EMEA 流媒体付费净变化 +190,000，估计 +429,335</li><li>LATAM streaming 付费净变化 +760,000，预估 +128,719</li><li>APAC streaming 付费净变化 +102 万，预计 +524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化 +154 万美元，预计 +112 万美元（彭博共识）</li></ul>和视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员增加11%和平均每个会员收入（ARM）增长8%推动的。“COVID 给我们的会员增长带来了一些波动（2020 年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了为什么该公司的盈利持续出现“波动”：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“大流行病给我们的增长带来了不同寻常的波动，并扭曲了同比比较，因为在 COVID 爆发的最初几个月，每户成员家庭的购买量和参与度激增。在 21 年第二季度，我们的每户成员家庭参与度不出所料地下降了，但与 19 年第二季度相比，仍增长了 17%。同样，尽管在这两年期间，每个会员的平均收入增长了 8%，但留存率仍然强劲，好于 2019 年第二季度的水平，这表明我们的会员是多么重视 Netflix，随着我们改善服务，我们可以收取更多的费用。”</i>NFLX 还表示，第二季度新增了 150 万付费会员，“略高于我们 100 万的指导预测”<b>本季度亚太地区约占全球付费净增加额的三分之二</b>同时，如上所述，<b>UCAN 地区第二季度付费会员数量环比下降（付费净增加 -40 万）：</b>\"<i>我们相信，我们在 UCAN 的庞大会员基础加上季节性较小的收购季度是这种动态的主要原因。这与我们在 2019 年第二季度经历的情况类似，当时我们的 UCAN 付费净增为 -10 万；从那时起，我们在 UCAN 新增了近 750 万付费净增用户”。</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情推动了如此多的潜艇，以至于2021年将成为至少自2016年以来最糟糕的一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司的目标是 2019 年而不是 2020 年（由于基数效应令人沮丧），Netflix 敦促投资者将今年与 2019 年进行比较，而不是与一年前的同一季度（当时疫情促进了订户增长）进行比较。奇怪的是，该公司在比较2020年和2019年的数据对其有利时没有问题，但我们跑题了……该公司指出，与 2020 年 “前所未有的水平 ”相比，第二季度每个家庭成员的用户参与度有所下降，但 “与 2019 年第二季度相比 ”增长了 17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>也许是为了转移人们对（缺乏）用户增长的注意力，Netflix 表示，它正在兑现 2016 年的承诺，稳步增长营业利润率。这家流媒体巨头的目标是 2021 年营业利润率达到 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现了利润率目标，那么在过去五年中，我们的营业利润率将增长五倍，并将比平均每年增长三个百分点。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅上升（尽管我们一直在大量投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>不过，尽管股东们可能会原谅美国潜艇销量的下降，但他们对公司的整体指引并不满意，<b>目前，第三季度新增潜艇数量仅为 350 万，远低于预期的 586 万。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix 表示，由于 Covid，上半年内容将会清淡。该公司目前正在迎头赶上，上半年新电视节目和电影的支出增长了 41%，达到 80 亿美元。该公司今年的内容支出目标是 120 亿美元，增长 12%，具体如下：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至 2021 年上半年，我们已在内容上花费了 80 亿美元现金（同比增长 41%，是内容摊销额的 1.4 倍）。</b></i><i>我们预计全年内容摊销约为 120 亿美元（同比增长 12%）。我们的第三季度名单将包括粉丝最喜欢的《纸钞屋》（又名《金钱抢劫》）、《性教育》、《处女河》和《我从未有过》等新一季，以及真人电影，包括《甜心女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画长片《Vivo》，其中收录了林·曼努埃尔·米兰达的全新歌曲。</i>Netflix offers 分享了有关其即将进军游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“在我们早期围绕互动性（如《黑镜抢劫案》）和《怪奇物语》游戏的基础上，我们还处于进一步向游戏扩张的早期阶段。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无剧本电视的扩张。</i><i><b>游戏将免费包含在会员的 Netflix 订阅中，类似于电影和剧集</b></i><i>. 最初，我们将主要关注移动设备游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们现有的所有内容类别都将有很长的时间来增加投资和增长，但由于我们推进原创节目已经近十年了，我们认为现在是时候更多地了解我们的会员如何看待游戏了。</i>在对竞争格局的粗略概述中，Netflix 指出了华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>他们 “不认为这次合并对我们的增长产生了太大影响，如果有的话”。该公司还指出，虽然它一直在评估合并机会： “我们不认为任何资产是'必须拥有'的，我们还没有发现任何大规模的资产足以令人信服地采取行动”。</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX 现金流还有更多坏消息，在上季度激增后再次逆转，下降了 1.75 亿美元，而去年同期为正现金流 8.99 亿美元。NFLX 指出，它“仍然预计 2021 年全年自由现金流将大致达到收支平衡”。本公司亦认为不再需要筹集外部融资来资助我们的日常运营。我们会看看这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他新闻方面，在第二季度，NFLX 将其循环信贷额度（仍未提取）从 7.5 亿美元增加到 10 亿美元，并将期限从 2024 年延长至 2026 年。该公司还根据我们 50 亿美元的股票授权，以 5 亿美元（平均每股价格约为 500 美元）回购了 100 万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保持战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并没有留下深刻印象，但情况可能会更糟：在最初短暂跌破 500 美元后，该股此后已下跌 2%，稳定在 515 美元左右。在同情心下跌的股票中，视频流平台Roku下跌 1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix 盘前交易下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></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>Netflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</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\">\nNetflix Slides After Subscriber Guidance Misses Estimates<blockquote>订户指导未达到预期后 Netflix 下滑</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-21 15:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Recent earnings reports from streaming giant <a href=\"https://laohu8.com/S/NFLX\">Netflix</a> have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that<i>\"growth is slowing\",</i>before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.</p><p><blockquote>流媒体巨头最近的收益报告<a href=\"https://laohu8.com/S/NFLX\">网飞</a>喜忧参半：三个季度前，当该公司报告其第一个完整的“后新冠”季度收益并警告称，该股暴跌<i>“增长正在放缓”，</i>三个季度前再次暴跌，当时该公司报告每股收益和新订阅量均大幅下滑，为 220 万份，并列过去五年来最糟糕的季度，同时本季度的前景也比预期更差。两个季度前，当 Netflix 报告用户数量激增并预计现金流很快就会为正时，这种情况发生了逆转，导致其股价飙升至历史新高——哪怕只是短暂的，然后在上个季度再次逆转，然后暴跌时，Netflix 再次令人失望，当时它报告了巨大的用户失误并给出了令人沮丧的指导。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/04fe65be48d8a2ae27f38c5f2f476d77\" tg-width=\"1223\" tg-height=\"670\" referrerpolicy=\"no-referrer\">Which brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:<i>in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.</i></p><p><blockquote>这就把我们带到了今天，投资者今天很紧张，不是要弄清楚该公司是否会超出或低于预期，而是要弄清楚首席执行官里德·黑斯廷斯（Reed Hastings）警告的经济放缓是否是真实的，并且由于covid而吸引了更多的订户？毕竟，Netflix 几个月来一直警告称，与去年疫情封锁开始时惊人的注册率相比，2021 年的增长将会放缓。是的，准备好迎接巨大的基地效果打击：<i>2020年第二季度，该服务新增了1000万客户，仅次于2020年第一季度创纪录的1577万客户。</i></blockquote></p><p> To be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remains<b>how many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?</b></p><p><blockquote>可以肯定的是，尽管盈利出现了一系列波动，但该公司一直乘着乐观浪潮，其股价在 2021 年初飙升。尽管如此，在一月份创下历史新高后，该股在过去七个月里一直波动，未能突破新高。毫无疑问，在美国和世界大部分地区的 Covid-19 封锁期间，收视率激增，但也存在一些复杂情况： 病毒使电视和电影制作陷入停滞，随着时间的推移，这种情况对 Netflix 来说只会变得更加糟糕。但最大的问题仍然是<b>covid给现在带来了多少未来的潜艇，与此相关的是——对Delta菌株的恐慌会导致未来几个季度的用户再次小规模爆发吗？</b></blockquote></p><p> Indicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.</p><p><blockquote>值得注意的是，共识预计第二季度仅新增 112 万用户，略高于该公司自己预测的 100 万新用户。收入预计为 73.2 亿美元，高于上一季度的 71.6 亿美元，每股收益为 3.36 美元，略低于上一季度的 3.75 美元。这是因为自疫情袭击以来，流媒体视频仍然火爆。</blockquote></p><p> Previewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"</p><p><blockquote>彭博情报公司（Bloomberg Intelligence）分析师吉塔-兰加纳坦（Geetha Ranganathan）和阿明-本赛德（Amine Bensaid）在预览季度业绩时警告说，Netflix 2020 年的巨额业绩将导致今年的用户增长更加平淡： Netflix,Inc.将继续感受到 2020 年上半年超负荷运转的余波，需求的大幅拉动促使人们对第二季度新增 100 万用户的预期有所降低，这是自 2011 年第四季度以来的最低季度水平。价格上涨和户外娱乐需求被压抑，导致第三季度指引存在不确定性，但几部备受瞩目的影片（《巫师》、《眼镜蛇凯》、《你》和《金钱大劫案》）的回归将成为第四季度到 2022 年用户增长正常化的明显催化剂”。</blockquote></p><p> LightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”</p><p><blockquote>LightShed Partners 媒体分析师 Rich Greenfield 发表了他认为 Netflix 投资者在财报发布后应该向管理层提出的关键问题。其中包括 Netflix 的用户增长何时恢复正常、印度能否成为有意义的盈利驱动力，以及该公司在视频游戏领域看到的机遇。格林菲尔德问道： “目标是利用你为电视/电影创作的知识产权，还是创造可以用于电视/电影制作的原创视频游戏知识产权？”</blockquote></p><p> Another thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.</p><p><blockquote>另一件需要注意的事情是去年生产放缓如何影响服务。新节目和电影的拍摄在2020年初基本上陷入停滞，这限制了接下来几个月的产量。</blockquote></p><p> * * *</p><p><blockquote>***</blockquote></p><p> <b>So with all that in mind, was <a href=\"https://laohu8.com/S/QTWO\">Q2</a> the quarter that would finally unleash another repricing higher for Netflix stock?</b>Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS and<i>again</i>reported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).</p><p><blockquote><b>所以考虑到这一切，<a href=\"https://laohu8.com/S/QTWO\">第二季度</a>这个季度最终会让 Netflix 股票再次重新定价？</b>唉，这次又不会了，因为尽管营收超出预期，并且增加了比预期更多的订户，但该公司的每股收益和<i>再一次</i>报告了另一份令人沮丧的季度指引，远低于预期（致股东的完整信）。</blockquote></p><p> <a href=\"https://laohu8.com/S/FBNC\">First</a>, the good news:</p><p><blockquote><a href=\"https://laohu8.com/S/FBNC\">第一</a>好消息是：</blockquote></p><p></p><p> <ul>  <li>Q2 revenue $7.34B,<i><b>beating</b></i>Est. $7.32B</li>  <li>Q2 Streaming Paid Net Change +1.54M,<i><b>beating</b></i>Est. +1.12M</li>  <li>Operating margin of 25.2% came in on top of estiamtes of 25.2%</li> </ul> And then the bad news:</p><p><blockquote><ul><li>第二季度收入$7.34B，<i><b>殴打</b></i>是的。$73.2亿美元</li><li>第二季度流媒体付费净变化+154万，<i><b>殴打</b></i>是的。+1.12万</li><li>营业利润率为 25.2%，高于预期的 25.2%</li></ul>然后是坏消息：</blockquote></p><p> <ul>  <li><b>Q2 EPS $2.97 missing consensus Est. $3.14</b></li>  <li><b>Company sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M</b></li> </ul> <a href=\"https://laohu8.com/S/JE\">Just</a> as bad,<b>the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.</b></p><p><blockquote><ul><li><b>第二季度每股收益为 2.97 美元，低于市场预期。$3.14</b></li><li><b>公司预计第三季度流媒体付费净变化为+350万，远低于华尔街预期的+586万</b></li></ul><a href=\"https://laohu8.com/S/JE\">刚刚</a>不好，<b>该公司报告称，美国/加拿大付费用户首次下降，减少了43万，至73.95毫米。这是NFLX自2019年以来首次在国内失去客户。</b></blockquote></p><p> In other words, while q2 revenue rose 19% and operating income rose 36%,<b>shares tumbled after its third-quarter subscriber forecast missed estimates.</b></p><p><blockquote>换句话说，虽然第二季度收入增长了19%，经营利润增长了36%，<b>第三季度用户预测未达到预期，股价暴跌。</b></blockquote></p><p> Here is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:</p><p><blockquote>以下是美国/加拿大付费订阅量下降的第二季度订阅量的完整明细：</blockquote></p><p> <ul>  <li><b>UCAN streaming paid net change -430,000, estimate +52,190</b></li>  <li>EMEA streaming paid net change +190,000, estimate +429,335</li>  <li>LATAM streaming paid net change +760,000, estimate +128,719</li>  <li>APAC streaming paid net change +1.02 million, estimate +524,900</li>  <li><a href=\"https://laohu8.com/S/TSS\">Total</a> Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)</li> </ul> And visually:</p><p><blockquote><ul><li><b>UCAN 流媒体付费净变化 -430,000，预估 +52,190</b></li><li>EMEA 流媒体付费净变化 +190,000，估计 +429,335</li><li>LATAM streaming 付费净变化 +760,000，预估 +128,719</li><li>APAC streaming 付费净变化 +102 万，预计 +524,900</li><li><a href=\"https://laohu8.com/S/TSS\">总的</a>流媒体付费净变化 +154 万美元，预计 +112 万美元（彭博共识）</li></ul>和视觉上：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/85f0ab057ffe490df75bde4db70226d4\" tg-width=\"863\" tg-height=\"842\" referrerpolicy=\"no-referrer\">Commenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”</p><p><blockquote>NFLX在评论第二季度业绩时表示，收入增长是由平均付费流媒体会员增加11%和平均每个会员收入（ARM）增长8%推动的。“COVID 给我们的会员增长带来了一些波动（2020 年增长较高，今年增长较慢），但这种情况正在得到解决。”</blockquote></p><p> A more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:</p><p><blockquote>更详细地分析了为什么该公司的盈利持续出现“波动”：</blockquote></p><p>   <i>\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"</i>  NFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"<b>with the APAC region representing about two-thirds of global paid net adds in the quarter</b>. Meanwhile, as noted above,<b>Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):</b>\"<i>We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"</i></p><p><blockquote><i>“大流行病给我们的增长带来了不同寻常的波动，并扭曲了同比比较，因为在 COVID 爆发的最初几个月，每户成员家庭的购买量和参与度激增。在 21 年第二季度，我们的每户成员家庭参与度不出所料地下降了，但与 19 年第二季度相比，仍增长了 17%。同样，尽管在这两年期间，每个会员的平均收入增长了 8%，但留存率仍然强劲，好于 2019 年第二季度的水平，这表明我们的会员是多么重视 Netflix，随着我们改善服务，我们可以收取更多的费用。”</i>NFLX 还表示，第二季度新增了 150 万付费会员，“略高于我们 100 万的指导预测”<b>本季度亚太地区约占全球付费净增加额的三分之二</b>同时，如上所述，<b>UCAN 地区第二季度付费会员数量环比下降（付费净增加 -40 万）：</b>\"<i>我们相信，我们在 UCAN 的庞大会员基础加上季节性较小的收购季度是这种动态的主要原因。这与我们在 2019 年第二季度经历的情况类似，当时我们的 UCAN 付费净增为 -10 万；从那时起，我们在 UCAN 新增了近 750 万付费净增用户”。</i></blockquote></p><p> This means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.</p><p><blockquote>这意味着2020年的covid疫情推动了如此多的潜艇，以至于2021年将成为至少自2016年以来最糟糕的一年。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b1a78edf8126b85753fd3218713aba96\" tg-width=\"820\" tg-height=\"413\" referrerpolicy=\"no-referrer\">Understandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”</p><p><blockquote>可以理解的是，现在公司的目标是 2019 年而不是 2020 年（由于基数效应令人沮丧），Netflix 敦促投资者将今年与 2019 年进行比较，而不是与一年前的同一季度（当时疫情促进了订户增长）进行比较。奇怪的是，该公司在比较2020年和2019年的数据对其有利时没有问题，但我们跑题了……该公司指出，与 2020 年 “前所未有的水平 ”相比，第二季度每个家庭成员的用户参与度有所下降，但 “与 2019 年第二季度相比 ”增长了 17%。</blockquote></p><p> Perhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.</p><p><blockquote>也许是为了转移人们对（缺乏）用户增长的注意力，Netflix 表示，它正在兑现 2016 年的承诺，稳步增长营业利润率。这家流媒体巨头的目标是 2021 年营业利润率达到 20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6f26d1f9fee9dc38cc58bff5bdc43c73\" tg-width=\"663\" tg-height=\"399\" referrerpolicy=\"no-referrer\">Some more details here:</p><p><blockquote>更多详情请点击此处：</blockquote></p><p></p><p>   <i><b>“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..</b></i>   <i>.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.</i>  But while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,<b>where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.</b></p><p><blockquote><i><b>“假设我们今年实现了利润率目标，那么在过去五年中，我们的营业利润率将增长五倍，并将比平均每年增长三个百分点。</b></i><i>..随着收入和利润率的增长，我们的营业利润也大幅上升（尽管我们一直在大量投资），从2016年的每季度约1亿美元增加到2021年迄今为止的每季度近20亿美元。</i>不过，尽管股东们可能会原谅美国潜艇销量的下降，但他们对公司的整体指引并不满意，<b>目前，第三季度新增潜艇数量仅为 350 万，远低于预期的 586 万。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/23205a0bb2f7fde61b3ef2da7b7a56bb\" tg-width=\"856\" tg-height=\"399\" referrerpolicy=\"no-referrer\">* * *</p><p><blockquote>***</blockquote></p><p> Looking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:</p><p><blockquote>从其内容清单来看，Netflix 表示，由于 Covid，上半年内容将会清淡。该公司目前正在迎头赶上，上半年新电视节目和电影的支出增长了 41%，达到 80 亿美元。该公司今年的内容支出目标是 120 亿美元，增长 12%，具体如下：</blockquote></p><p>   <i><b>Through the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)</b></i>   <i>and we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.</i>  Netflix offers shared some more details on its upcoming entrance into the gaming arena:</p><p><blockquote><i><b>截至 2021 年上半年，我们已在内容上花费了 80 亿美元现金（同比增长 41%，是内容摊销额的 1.4 倍）。</b></i><i>我们预计全年内容摊销约为 120 亿美元（同比增长 12%）。我们的第三季度名单将包括粉丝最喜欢的《纸钞屋》（又名《金钱抢劫》）、《性教育》、《处女河》和《我从未有过》等新一季，以及真人电影，包括《甜心女孩》（由杰森·莫玛主演）、《接吻亭3》和《凯特》（由玛丽·伊丽莎白·温斯蒂德主演）和动画长片《Vivo》，其中收录了林·曼努埃尔·米兰达的全新歌曲。</i>Netflix offers 分享了有关其即将进军游戏领域的更多细节：</blockquote></p><p>   <i>“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.</i>   <i><b>Games will be included in members’ Netflix subscription at no additional cost, similar to films and series</b></i>   <i>. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”</i>  In its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/<a href=\"https://laohu8.com/S/DISCA\">Discovery</a>, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”</p><p><blockquote><i>“在我们早期围绕互动性（如《黑镜抢劫案》）和《怪奇物语》游戏的基础上，我们还处于进一步向游戏扩张的早期阶段。我们将游戏视为我们的另一个新内容类别，类似于我们向原创电影、动画和无剧本电视的扩张。</i><i><b>游戏将免费包含在会员的 Netflix 订阅中，类似于电影和剧集</b></i><i>. 最初，我们将主要关注移动设备游戏。我们一如既往地对我们的电影和电视剧产品感到兴奋，我们预计我们现有的所有内容类别都将有很长的时间来增加投资和增长，但由于我们推进原创节目已经近十年了，我们认为现在是时候更多地了解我们的会员如何看待游戏了。</i>在对竞争格局的粗略概述中，Netflix 指出了华纳媒体/<a href=\"https://laohu8.com/S/DISCA\">发现</a>他们 “不认为这次合并对我们的增长产生了太大影响，如果有的话”。该公司还指出，虽然它一直在评估合并机会： “我们不认为任何资产是'必须拥有'的，我们还没有发现任何大规模的资产足以令人信服地采取行动”。</blockquote></p><p> There was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.</p><p><blockquote>NFLX 现金流还有更多坏消息，在上季度激增后再次逆转，下降了 1.75 亿美元，而去年同期为正现金流 8.99 亿美元。NFLX 指出，它“仍然预计 2021 年全年自由现金流将大致达到收支平衡”。本公司亦认为不再需要筹集外部融资来资助我们的日常运营。我们会看看这个承诺是否会实现。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4ceb3aed0130e94558eb4acfb4ed6369\" tg-width=\"1022\" tg-height=\"676\" referrerpolicy=\"no-referrer\">In other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"</p><p><blockquote>其他新闻方面，在第二季度，NFLX 将其循环信贷额度（仍未提取）从 7.5 亿美元增加到 10 亿美元，并将期限从 2024 年延长至 2026 年。该公司还根据我们 50 亿美元的股票授权，以 5 亿美元（平均每股价格约为 500 美元）回购了 100 万股股票：该公司表示，其“主要优先事项是投资于我们业务的有机增长，同时保持强劲的流动性并保持战略投资的财务灵活性。”</blockquote></p><p> After all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.</p><p><blockquote>毕竟，市场并没有留下深刻印象，但情况可能会更糟：在最初短暂跌破 500 美元后，该股此后已下跌 2%，稳定在 515 美元左右。在同情心下跌的股票中，视频流平台Roku下跌 1.4%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cd7e85e2830bd58f17652f92dedb29b4\" tg-width=\"1280\" tg-height=\"663\" referrerpolicy=\"no-referrer\">Netflix Slides&nbsp;in&nbsp;premarket&nbsp;trading.</p><p><blockquote>Netflix 盘前交易下滑。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/304dae8666ce15371c9686fbd96d32bb\" tg-width=\"704\" tg-height=\"486\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates\">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":{"GUID":"Guident","QNETCN":"纳斯达克中美互联网老虎指数","NFLX":"奈飞"},"source_url":"https://www.zerohedge.com/markets/netflix-slides-after-subscriber-guidance-misses-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183563723","content_text":"Recent earnings reports from streaming giant Netflix have been a mixed bag: the stock tumbled three quarters ago when the company reported earnings for its first full \"post Corona\" quarter and warned that\"growth is slowing\",before againplunging three quarters agowhen the company reported a huge miss in both EPS and new subs, which at 2.2 million was tied for the worst quarter in the past five years, while also reporting a worse than expected outlook for the current quarter. This reversedtwo quarters agowhen Netflix reported a blowout subscriber beat and projected it would soon be cash flow positive, sending its stock soaring to an all time high - if only briefly before again reversing and then tumblinglast quarterwhen Netflix again disappointed when it reported a huge subscriber miss and giving dismal guidance.\nWhich brings us to today, when investors are on edge today to find out not whether the company would beat or miss expectations, but rather if the slowdown CEO Reed Hastings warned about is for real and has pulled forward even more subscribers due to covid? After all, Netflix has been warning for months that growth would slow in 2021 compared to the phenomenal signup rate at the start of the pandemic lockdown last year. And yes, brace for a huge base effect hit:in the second quarter of 2020, the service added 10 million new customers, second only to the 15.77 million it added in the record first quarter of 2020.\nTo be sure, despite a series of hit or miss earnings, the company has been riding a wave of optimism, its stock soaring in early 2021. Still, after hitting to a record high in January, the stock has traded rangbeound, unable to break out to a new high, for the past seven months. And while there’s no doubt that viewership has surged during the Covid-19 lockdowns in the U.S. and much of the world, there are complications: the virus has brought TV and film production to a halt, a situation that may only get more dire for Netflix as the months wear on. But the biggest question remainshow many future subs has covid brought to the present, and tied to that - will the panic over the Delta strain lead to another mini burst in subscribers in the coming quater(s)?\nIndicatively, consensus expects just 1.12 million new subscribers to be added in the second quarter, just above the company's own projection of 1 million new subs. Revenue are expected to come in at $7.32 billion, up from $7.16 billion last quarter, and resulting in EPS of $3.36, down slightly from last quarter's $3.75. This, as streaming video remains on a hot streak since the pandemic struck.\nPreviewing the quarterly result, Bloomberg Intelligence analysts Geetha Ranganathan and Amine Bensaid cautioned that Netflix’s massive 2020 is leading to more muted subscriber gains this year: \"Netflix will continue to feel the aftereffects of a super-charged 1H20, with a massive pull-forward of demand prompting tempered expectations for 1 million additions in 2Q, its lowest quarterly level since 4Q11. The pull-forward may have also been amplified by price increases and pent-up demand for outdoor entertainment leading to uncertainty in 3Q guidance, though the return of several high-profile titles (‘Witcher,’ ‘Cobra Kai,’ ‘You’ and ‘Money Heist’) will be a clear catalyst for normalizing subscriber gains from 4Q and into 2022.\"\nLightShed Partners media analyst Rich Greenfield published what he sees as the key questions Netflix investors should ask management after its earnings report. Among them are when Netflix’s subscriber growth will normalize, whether India can be a meaningful driver of profitability, and where the company sees opportunities in video games. Greenfield asks: “Is the goal to leverage IP you create for TV/film or create original video game IP that can be leveraged into TV/film production?”\nAnother thing to watch out for is how a slowdown in production last year is affecting the service. The filming of new shows and movies basically came to a standstill in early 2020, which curbed output in the following months.\n* * *\nSo with all that in mind, was Q2 the quarter that would finally unleash another repricing higher for Netflix stock?Alas, it would again not be this time because despite beating on the top line, and adding more subscribers than expected, the company missed on EPS andagainreported another dismal quarterly guidance which came in well below expectations (full letter to shareholders).\nFirst, the good news:\n\nQ2 revenue $7.34B,beatingEst. $7.32B\nQ2 Streaming Paid Net Change +1.54M,beatingEst. +1.12M\nOperating margin of 25.2% came in on top of estiamtes of 25.2%\n\nAnd then the bad news:\n\nQ2 EPS $2.97 missing consensus Est. $3.14\nCompany sees Q3 Streaming Paid Net Change +3.50M, far below the Wall Street estimate of +5.86M\n\nJust as bad,the company reported its first decline in US/Canada paid subscribers, which shrank by 430K to 73.95MM. This was the first time NFLX lost customers domestically since 2019.\nIn other words, while q2 revenue rose 19% and operating income rose 36%,shares tumbled after its third-quarter subscriber forecast missed estimates.\nHere is the full breakdown of Q2 subs which saw a drop in US/Canada paid subs:\n\nUCAN streaming paid net change -430,000, estimate +52,190\nEMEA streaming paid net change +190,000, estimate +429,335\nLATAM streaming paid net change +760,000, estimate +128,719\nAPAC streaming paid net change +1.02 million, estimate +524,900\nTotal Streaming paid net change +1.54 million, estimate +1.12 million (Bloomberg Consensus)\n\nAnd visually:\nCommenting on the Q2 results, NFLX said that revenue growth was driven by an 11% increase in average paid streaming memberships and 8% growth in average revenue per membership (ARM). “COVID has created some lumpiness in our membership growth (higher growth in 2020, slower growth this year), which is working its way through.”\nA more detailed breakdown of why the company continues to see \"choppiness\" in its earnings:\n\n\"The pandemic has created unusual choppiness in our growth and distorts year-over-year comparisons as acquisition and engagement per member household spiked in the early months of COVID. In Q2’21, our engagement per member household was, as expected, down vs. those unprecedented levels but was still up 17% compared with a more comparable Q2’19. Similarly, retention continues to be strong and better than pre-COVID Q2’19 levels, even as average revenue per membership has grown 8% over this two-year period, demonstrating how much our members value Netflix and that as we improve our service we can charge a bit more. \"\n\nNFLX also said that it added 1.5m paid memberships in Q2, \"slightly ahead of our 1.0m guidance forecast\"with the APAC region representing about two-thirds of global paid net adds in the quarter. Meanwhile, as noted above,Q2 paid memberships in the UCAN region were down sequentially (-0.4m paid net adds):\"We believe our large membership base in UCAN coupled with a seasonally smaller quarter for acquisition is the main reason for this dynamic. This is similar to what we experienced in Q2’19 when our UCAN paid net adds were -0.1m; since then we’ve added nearly 7.5m paid net adds in UCAN\"\nThis means that the covid pandemic in 2020 pulled forward so many subs that 2021 is shaping up to be the wirst year since at least 2016.\nUnderstandably, now that companies are comping to 2019 not to 2020 (for the dismal base effect), Netflix is urging investors to compare this year to 2019 and not to the same quarter a year ago (when the pandemic boosted subscriber growth). Oddly the company had no problem comparing 2020 to 2019 when the numbers were in its favor, but we digress... The company points out that user engagement per member household was down in the second quarter compared with “those unprecedented levels” of 2020, but it was up 17% “compared with a more comparable Q2’19.”\nPerhaps in an attempt to divert attention from (lack of) subscriber growth, Netflix said it was making good on its promise back in 2016 to steadily grow its operating margin. The streaming giant is targeting a 20% operating margin for 2021.\nSome more details here:\n\n“Assuming we achieve our margin target this year, we will have quintupled our operating margin in the last five years and are tracking ahead of this average annual three percentage point pace..\n.. With revenue and margin both increasing, our operating profit dollars have risen dramatically as well (even as we have been investing heavily), from about $100 million per quarter in 2016 to nearly $2 billion per quarter so far in 2021.\n\nBut while shareholders may excuse the decline in US subs, they were not happy with the company's overall guidance,where it now sees just 3.5 million new subs in Q3, far below the 5.86 million expected.\n* * *\nLooking at its content slate, Netflix said it would be light in the first half due to Covid. The company is now playing catch-up, with spending on new TV shows and movies up 41% to $8 billion in the first half. The company is targeting $12 billion in content spending for the year, a 12% bump, to wit:\n\nThrough the first half of 2021 we’ve already spent $8 billion in cash on content (up 41% yr-over-yr and 1.4x our content amortization)\nand we expect content amortization to be around $12 billion for the full year (+12% year over year). Our Q3 slate will include new seasons of fan favorites La Casa de Papel (aka Money Heist), Sex Education, Virgin River and Never Have I Ever as well as live action films including Sweet Girl (starring Jason Momoa), Kissing Booth 3, and Kate (starring Mary Elizabeth Winstead) and the animated feature film Vivo, featuring all-new songs from Lin-Manuel Miranda.\n\nNetflix offers shared some more details on its upcoming entrance into the gaming arena:\n\n“We’re also in the early stages of further expanding into games, building on our earlier efforts around interactivity (e.g., Black Mirror Bandersnatch) and our Stranger Things games. We view gaming as another new content category for us, similar to our expansion into original films, animation and unscripted TV.\nGames will be included in members’ Netflix subscription at no additional cost, similar to films and series\n. Initially, we’ll be primarily focused on games for mobile devices. We’re excited as ever about our movies and TV series offering and we expect a long runway of increasing investment and growth across all of our existing content categories, but since we are nearly a decade into our push into original programming, we think the time is right to learn more about how our members value games.”\n\nIn its cursory overview of the competitive landscape, Netflix pointed out mergers like WarnerMedia/Discovery, saying they “don’t believe this consolidation has affected our growth much, if at all.” The company also noted that while it’s always evaluating merger opportunities: “We don’t view any assets as ‘must-have’ and we haven’t yet found any large scale ones to be sufficiently compelling to act upon.”\nThere was more bad news in NFLX cash flow, which after last quarter's surge reversed again, and dropped by $175 million, vs a positive cash flow of $899 million a year ago. NFLX notes that it is \"still expecting full year 2021 free cash flow to be approximately break even.\" The company also believes it no longer needs to raise external financing to fund our day-to-day operations. We'll see if at least that promise pans out.\nIn other news, during Q2, NFLX increased its revolving credit facility (which remains undrawn) to $1 billion from $750 million and extended the maturity from 2024 to 2026. The company also repurchased 1 million shares for $500 million (at an average per share price of about $500) under our $5 billion share authorization: the company said its \"main priority is to invest in the organic growth of our business while maintaining strong liquidity and retaining financial flexibility for strategic investments.\"\nAfter all that, the market was unimpressed but it could have been worse: after initially plunging below $500 briefly, the stock has since stabilized down 2% around $515. Among stocks that are down in sympathy, video-streaming platform Roku falls 1.4%.\nNetflix Slides in premarket trading.","news_type":1,"symbols_score_info":{"NFLX":0.9,"GUID":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":482,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":171615648,"gmtCreate":1626741756584,"gmtModify":1633771546403,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like and comment thanks","listText":"Like and comment thanks","text":"Like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/171615648","repostId":"2152652683","repostType":4,"isVote":1,"tweetType":1,"viewCount":444,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142289735,"gmtCreate":1626152484627,"gmtModify":1633929583524,"author":{"id":"3582261505147752","authorId":"3582261505147752","name":"jorden23","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582261505147752","idStr":"3582261505147752"},"themes":[],"title":"","htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/142289735","repostId":"1101566017","repostType":4,"isVote":1,"tweetType":1,"viewCount":640,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}