c********a
发帖数: 32 | 1 Miserable Q1 non gaap margin 10%... drop from 30% from q4 |
|
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c********r
发帖数: 562 | 3 GAAP Gross Margin 25%
2014 delivery 35000 |
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r**********n
发帖数: 230 | 4 Fourth Quarter 2013 Highlights
Net revenues increased by 129.5% to RMB612.3 million (US$101.1 million) from
RMB266.8 million in the corresponding period of 2012, primarily driven by a
144.1% increase in revenues from internet value-added services, or IVAS
revenues.
Net income attributable to YY Inc. increased by 477.9% to RMB192.0 million (
US$31.7 million) from RMB33.2 million in the corresponding period of 2012.
Non-GAAP net income attributable to YY Inc.1 increased by 268.7% to RMB216.9
milli... 阅读全帖 |
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p********o
发帖数: 8012 | 5 gaap利润少了很多，ngaap利润是两块多一股 |
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m********o
发帖数: 2088 | 6 CFO leaving should be a non-news. ER唯一一个concern是40%-45% growth of non-
GAAP OpEx. Overall, a very good ER. |
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l******2
发帖数: 5522 | 7 Mr. Buffett expressed support for the management of Bank of America, a
company in which Berkshire Hathaway owns preferred stock. Last month, Bank
of America had to reverse course on a buyback and dividend-increase plan
after miscalculating capital levels. “That error they made does not bother
me,” Mr. Buffett said, noting that reporting requirements are voluminous.
“You do the best you can” with them, he said. What matters is “that error
did not affect their GAAP.” “It doesn’t change my feeling ... 阅读全帖 |
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i*********n
发帖数: 5465 | 8 新浪科技讯 北京时间5月22日上午消息，58同城(41.73, 2.54, 6.48%)今天发布了截至
3月31日的2014年第一季度财报，财报显示，该公司第一季度总营收4820万美元，同比
增长103.3%；净利润230万美元，去年同期净亏损470万美元，不按照美国通用会计准则
，第一季度净利润330万美元，去年同期净亏损410万美元。
根据雅虎(34.36, 0.49, 1.45%)财经汇总的数据，华尔街4位分析师平均预计，按
美国通用会计准则(GAAP)计算，58同城第一季度每股摊薄净收益0.04美元。财报显示，
58同城第一季度每股摊薄净收益0.03美元，不及分析师预期。
另外，华尔街4位分析师平均预计，58同城第一季度总营收4458万美元。财报显示
，58同城第一季度总营收4820万美元，超出分析师预期。(无双) |
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j***u
发帖数: 836 | 9 http://seekingalpha.com/news/1861835-gilead-ramps-up-guidance-a
Gilead Sciences Q2 results: Total Revenues: $6,534M (+136.1%), Sovaldi sales
Expense: $613.6M (+50.2%); Net Income: $3,655.6M (+208.4%); EPS: $2.20 (+209
.3%); Gross Profit: $5,610.2M (+120.6%); Gross Margin: 85.8% (+14.1%); COGS:
14.2% (-42.8%); Operating Profit: $4,412.8M (+262.1%); Net Earnings Yield:
55.9% (+100.4%).
2014 Guidance: Net product sales: $21B - 23B from $11.3B - 11.5B; Non-
GAAP GM: 85 - 88% from 75 - 77%; R&D: ... 阅读全帖 |
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w**k
发帖数: 6722 | 10 "We now project revenue growth of 25% to 26% year-over-year, an increase
from the previous guidance of 21% to 23% growth and non-GAAP diluted EPS of
$2.26 to $2.28, higher than our prior guidance of $2.10 to $2.15."
----Quoted from ER conference call transcript |
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c******n
发帖数: 65 | 11 Total revenues in the second quarter of 2014 were RMB11.986 billion ($1.932
billion), a 58.5% increase from the corresponding period in 2013.
Operating profit in the second quarter of 2014 was RMB3.558 billion ($573.6
million), a 22.5% increase from the corresponding period in 2013.
Net income attributable to Baidu in the second quarter of 2014 was RMB3.547
billion ($571.7 million), a 34.1% increase from the corresponding period in
2013. Diluted earnings attributable to Baidu per ADS for the sec... 阅读全帖 |
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m*****i
发帖数: 4342 | 12 谢谢分析。不过如果有硬件上投入，是可执旧的，对GAAP赢利的影响不大! |
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M***7
发帖数: 2420 | 13 "Tesla said Thursday it posted a loss of $61.9 million, or 50 cents a share,
compared to $30.5 million, or 26 cents a share, in the year-ago period. On
an adjusted basis, per-share earnings fell to 11 cents from 20 cents.
Revenue climbed 90% to $769.3 million. Non-GAAP revenue checked in at $858
million, up 55%."
感觉没beat啊！ |
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N*****d
发帖数: 9872 | 14 下看28，上看32-35
GAAP EPS
Csco 43c
INTC 55c
fair value： 34＊43/55 ＝ 26.60
cash/shr 还没考虑
csco 9.85 vs intc 3.50 |
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l****n
发帖数: 711 | 15 药明康德 wx
目前市值2.6B
基本面：
1.美国各大药厂重磅药专利过期，中国biosimilar遍地开始搞;中国新药研发也开始起
步，投入疯狂增加；21世纪是生物学的世纪，现在在逐渐应验。
2.外包已经成为制药业趋势，而且是从研发，临床，生产的全面外包，可以想象今后的
药厂只负责卖药和收购，其它一切包给cro公司，节约成本。中国无疑是外包首选，劳
动力便宜且素质高。wx是典型的从美国大公司高薪挖人领项目，从内地底薪招人做实验
（这个内行人都知道，国内招的硕士博士都累成狗，没两年就跳槽了，但似乎到处都很
受欢迎）。目前主要业务在小分子，但大分子和cmo在大幅扩张。目前占中国外包业务
的40-50%，基本没有像样的对手。
3.目前revenue增速在15%左右，主要是国内药厂的贡献。估值其实很低，目前股价36，
2015年non-gaap eps在2.15左右。估值低的原因一个是eps增速比较慢，不少分析师认
为中国工资和物价飞涨使目前的利润率无法长期维持。经我分析，毛利率（主要是原料
和人工）其实在升高，运营利率确实在下降，但主要是扩张，挖人和研发导致的（最近
总是试图从我公司挖人所... 阅读全帖 |
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d*****d
发帖数: 10658 | 16 都是联合起来坑小散的，两个月前ER那个CEO还信心满满的呢，我就不信他什么都不知
道。
"Results during the second quarter were in line with our guidance," said Tom
Gutierrez, president and chief executive officer. "We have continued to see
strong interest in our suite of sapphire production tools, including our
ASF™ equipment. In fact, the sapphire segment of our business
accounted for over 75% of the revenue in the quarter, with the majority of
it related to the sale of sapphire production equipment.
"The build-out of our Arizona... 阅读全帖 |
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d******5
发帖数: 4273 | 17 Celgene (NASDAQ:CELG): Q3 EPS of $0.97 beats by
$0.02.
Revenue of $1.98B (+18.6% Y/Y) beats by $20M.
Celgene (NASDAQ:CELG) Q3 results ($M): Total
Revenues: 1,982.2 (+18.4%); Product Revenues:
1,956.8 (+19.0%); COGS: 97.7 (+13.3%); R&D Expense:
675.1 (+15.5%); SG&A Expense: 497.6 (+10.9%);
Operating Income: 646.6 (+41.9%); Net Income: 508.5
(+36.5%); EPS: 0.61 (+41.9%); Quick Assets: 6,860.7
(+20.6%); CF Ops: 901.0.
Revenue By Product: Revlimid: 1,300.0 (+19.3%);
Abraxane: 212.2 (+25.1%); Vidaza:... 阅读全帖 |
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m******e
发帖数: 1399 | 19 预期1.19实际1.109 net non gaap income |
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m******e
发帖数: 1399 | 20 Non gaap income和不non 的year to year change 怎么差这么多啊？ |
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N****p
发帖数: 1691 | 21 市场万一出问题 最先跌的就是TSLA 因为它太依赖于整体市场形势 所以就算不投资
TSLA 也值得关注这支股票
汽车行业全都是这样 即使传统的汽车企业福特 09年的时候也跌到了1块钱
TSLA的确是全靠政府补贴才能盈利
这季度的regulatory credit是93M，就这样GAAP还是lose 75M
下个季度的regulatory credit会非常少 具体看TSLA网站上的shareholder letter：
ZEV credit revenue in Q4 is expected to be quite minimal based on our
existing arrangements.
http://files.shareholder.com/downloads/ABEA-4CW8X0/3607300657x0
公司有形资产一共600M 一旦补贴没了 每年可能要亏500M以上 好在今年TSLA借到了一
笔钱 可以撑一段时间 |
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d******5
发帖数: 4273 | 22 Tesla misses by $0.44, misses on revenue
Tesla (NASDAQ:TSLA): Q4 EPS of -$0.13 misses by $0.44.
Revenue of $956.66M (+55.5% Y/Y) misses by $273.34M.
Tesla's Q4 hurt by delayed deliveries; strong 2015 growth expected
Tesla Motors (NASDAQ:TSLA) announces it delivered 9,834 vehicles in
Q4. 11,627 vehicles were produced, leading the company to hit a 2014
production target of 35K Model S units.
Q4 results were hurt by delayed Model S P85D deliveries caused by "a
combination of customers being on vaca... 阅读全帖 |
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d******5
发帖数: 4273 | 23 Tesla misses by $0.44, misses on revenue
Tesla (NASDAQ:TSLA): Q4 EPS of -$0.13 misses by $0.44.
Revenue of $956.66M (+55.5% Y/Y) misses by $273.34M.
Tesla's Q4 hurt by delayed deliveries; strong 2015 growth expected
Tesla Motors (NASDAQ:TSLA) announces it delivered 9,834 vehicles in
Q4. 11,627 vehicles were produced, leading the company to hit a 2014
production target of 35K Model S units.
Q4 results were hurt by delayed Model S P85D deliveries caused by "a
combination of customers being on vaca... 阅读全帖 |
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m********o
发帖数: 2088 | 24 200就是100倍的2015 EPS了. 这还是Non-GAAP的. |
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d******5
发帖数: 4273 | 25 TripAdvisor misses by $0.02, beats on revenue
TripAdvisor (NASDAQ:TRIP): Q4 EPS of $0.35 misses by $0.02.
Revenue of $288M (+35.2% Y/Y) beats by $2.99M.
TripAdvisor soars to $76 on revenue beat, strong 2015 outlook
In addition to beating Q4 revenue estimates (while missing on
EPS), TripAdvisor (NASDAQ:TRIP) guided on its CC (webcast) for
high-20s 2015 revenue growth, above a 24% consensus. Adjusted
EBITDA is expected to grow at a low-to-mid teens clip.
A 97% Y/Y increase in subscription, transac... 阅读全帖 |
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d******5
发帖数: 4273 | 26 FireEye beats by $0.11, beats on revenue
FireEye (NASDAQ:FEYE): Q4 EPS of -$0.38 beats by $0.11.
Revenue of $143M (+149.7% Y/Y) beats by $1.56M.
FireEye Q4 beat, billings overshadow sales guidance
FireEye (NASDAQ:FEYE) expects Q1 revenue of $118M-$122M and
full-year revenue of $605M-$625M, below consensus estimates of
$121.1M and $622.4M at the midpoints. Q1 and full-year EPS
guidance is respectively at -$0.49 to -$0.53 and -$1.80 to -
$1.90 vs. consensus estimates of -$0.53 and -$1.87.
Q4 billi... 阅读全帖 |
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d******5
发帖数: 4273 | 27 TripAdvisor misses by $0.02, beats on revenue
TripAdvisor (NASDAQ:TRIP): Q4 EPS of $0.35 misses by $0.02.
Revenue of $288M (+35.2% Y/Y) beats by $2.99M.
TripAdvisor soars to $76 on revenue beat, strong 2015 outlook
In addition to beating Q4 revenue estimates (while missing on
EPS), TripAdvisor (NASDAQ:TRIP) guided on its CC (webcast) for
high-20s 2015 revenue growth, above a 24% consensus. Adjusted
EBITDA is expected to grow at a low-to-mid teens clip.
A 97% Y/Y increase in subscription, transac... 阅读全帖 |
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d******8
发帖数: 1972 | 28 http://blogs.wsj.com/moneybeat/2015/01/08/what-companies-strip-
LendingClub Corp.LC -6.82%, a peer-to-peer lender which went public in
December, uses a non-GAAP performance measure called “contribution margin”
intended to measure the profitability of its loans. But the earnings figure
the company uses to compute that margin strips out general and
administrative expenses – ordinary corporate overhead costs, in other words.
If those expenses had not been excluded, LendingClub’s contribution margin... 阅读全帖 |
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N****p
发帖数: 1691 | 29 看了一眼 GAAP的margin从44%掉到了29%
是在招人扩张 仍然准备重仓（20%）持有FB |
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w**c
发帖数: 32 | 30 Broadcom $BRCM Q4 Non-GAAP EPS USD 0.76 vs. Exp. USD 0.87" |
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b********0
发帖数: 91 | 31 4th Quarter 2014 Earnings: VDSI announced Tuesday continued positive non-
GAAP earnings of $0.28 per share, 211.11% above the same quarter a year ago,
beating the mean consensus estimate of $0.20. |
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m********o
发帖数: 2088 | 32 LOL. Box还发Tweet说：
Some analyst consensus for $Box non-GAAP EPS for Q4’15 had wrong share
count; FactSet had estimate of -$1.99; at -$1.65, Box beat by $0.34. |
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m***e
发帖数: 810 | 33 王二又在瞎扯，2013年3月份的时候，Musk已经知道会有第一个GAAP positive的ER了。
随后的2013 Q1 ER马上把市值推向15B。 |
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v****e
发帖数: 19471 | 34 加一句：事关growth company, 凡是在equity research report第一页用超过30%的篇
幅谈论近期GAAP EPS和相关multiples的分析师，你都可以直接拉黑，不需要问为什么
。直接拉黑就好——他们要么没你聪明，要么是存心装傻，either way they do you
no good. 这里包括BOA ML的两个CFA，JP Morgan的两个，还有几个小行的蠢货。
了。 |
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o****x
发帖数: 287 | 35 呵呵, 你不说我还没去细看BABA的ER, 因为我没有BABA的position,
我特意去看了一下, 其实 topline growth YoY掉了一半多, 从去年同期的5451掉到今
年的2599.
这恰恰说明了BABA的growth potential 不行,
45%的增长是non-GAAP EBITA的数据,
你这SB如果懂的话, 不要空谈, 把你懂的东西说出来, 比你这么空放P要好很多, LOL! |
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o****x
发帖数: 287 | 36 从第一个帖子, 说了半天的问题, 就是BABA没有增长呀, 所以PE 50是高估了呀,
去年1Q的operation income是5451, 今年是2599, 这是增长还是开倒车呢?
只是用会计手法, 把non-GAAP的revenue做成增长45%而已,
这也是为什么BABA不招人的原因吧?
again, 我没有任何BABA的position.
VIPS |
|
o****x
发帖数: 287 | 37 我虽然不是会计, 也不是金融专业的, 但我炒股的时间long enough to understand
that大部分公司在topline growth不行的情况下, 就是用所谓的one time expense, 比
如share-based compensation expense来pop-up non-GAAP的revenue的,
你如果仔细看表, 去年4Q也有4313的share-based compensation expense, 都快成常态
了, 还叫one time吗?
LOL!!!
March
the |
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P*S
发帖数: 381 | 38 goog pe才20出头，年增长有10%左右，这个估值大跌你觉得会没人买？
btw，GAAP会计准则将期权当费用处理，净盈利里已经减去了。
2 |
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s***n
发帖数: 678 | 39 可能morningstar用的是GAAP吧，估计差的是一大笔股权激励，放在expense里面了。 |
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s******1
发帖数: 4987 | 40 EPS guidance下调，non-GAAP EPS guidance unchanged或者上调，请问什么样的情况
会导致这样的预期变化？ |
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d********1
发帖数: 2462 | 41 现在的成本其实是非常低的：
石油低&天然气低 -> 生产种子和肥料的cost低 -> profit margin高。
唯一短期内受影响的，除了天气，就是美元汇率，Fed加息与否对它影响也大。
卖到国外去的肥料和种子，在换回美元报GAAP的时候，有currency loss risk，
但是这个loss是extraordinary currency loss,在EBIT下面，所以美元涨，报表不好看
。 |
|
B******e
发帖数: 16928 | 42 Anything that violates US GAAP can be reported to SEC. Have some common
sense. |
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m********6
发帖数: 606 | 43 Miss
Revenue of $400 million, Up 43% Year-Over-Year
Non-GAAP EPS of $0.25, Up from $0.12 a Year Earlier |
|
s******1
发帖数: 4987 | 44 随便说几点
1. EPS
不要被VRX财务报表上的"cash EPS"所蒙蔽，这种non-GAAP EPS虽然好看，但是排除的
很多expense可能是会压垮公司的，而且price gauging和各种走在法律边缘的激进策略
对于EPS有多大贡献不清楚，这种是不可持续的。看看Q3的net income，现在还是刚好
维持在收支平衡的状态
2. Debt
现在有30B的债务了，年初收购SLXP举债11B |
|
H***F
发帖数: 2501 | 45 gaap eps都是负数，哪来的pe
已经快没啥增长了 pe还几百？
[在 lostinna (大熊) 的大作中提到：]
：看起来够便宜的了。 |
|
O**l
发帖数: 12923 | 46 15年 non gaap rev 5.3B
今年预计达到10B
[在 letgo (减肥中,请勿投喂) 的大作中提到：]
：【 以下文字转载自 bullish_bear 俱乐部 】
：发信人: letgo (减肥中,请勿投喂), 信区: bullish_bear
：........... |
|
c*******y
发帖数: 1630 | 47 从革，联合收割机
涉及到诸多方面：
首先，Due Diligence并没有做好，到事发前一周才发现Philidor，今天两封态度截然
不同的邮件更是彰显此刻比尔内心的挣扎。
其次，Bill Ackman对该公司的商业模式过分自信，根据其在sohn conference上的
presentation 来看，他当时给出了16*16=256（有一个16是预估的CASH EPS）的估值，
相比现在70+，的确让人大跌眼镜。
Bill Ackman在PPT中的对比，主要是列数了平台型的Valeant 和传统药企的区别，认为
Valeant的属性更像是一个hedge fund, portfolio较为多样化，因此能分散风险，同时
，由于可以直接收购Phase III阶段的药企，这样实际上FDA审查的阻力会小很多。另外
自己几乎等于砍掉了R&D方面的支出，省了一笔钱，在收购完之后也能砍掉原公司大部
分的研发部门方面的支出，岂不爽快？
当然，Bill 没把话讲完。
Valeant 在2010年和Biovail合体之后，留下一个问题，也是最近WSJ有在市场专栏头条
提到的——tax inversion，... 阅读全帖 |
|
T**m
发帖数: 142 | 48 之前价位高是因为VRX的定价权。还有就是它利用canada的tax优势买了很多资产。以为
这样的模式可以持续下去。后来被搞了，就SB了。
他家的财务有很大的问题，报的EPS 是 non－GAAP的，这放在一般公司就算了，可放在
这么重债务的公司，不可以啊。
目前看来，只有卖资产一条路。即使稳住了，卖到最后20的价位可能就是fair value了。
，可
VRX |
|
发帖数: 1 | 49 定价权还是在他手上，就算给了Ackman承诺的30%的折扣来挽回public image 他们还是
谋取了暴利。选举期间的炒作，必将随着选举的结束而结束。Vrx 在“妖界”是个异类
，完全不研发新药，靠兼并来获得/垄断药的销售特权，谋取暴利，这让很多人看的眼
红，难免要痛打落水狗，消灭异己。其他的药厂就没有搞垄断，谋暴利了吗？都这样干
的！区别就是人家是自己前期投入了大量的资金搞研发，这好像让大众比较接受似的，
而vrx 靠举债等金融手段运作，就可以不劳而获，占有别人的成果，难免被人记恨。
[在 Thom (River) 的大作中提到：]
:之前价位高是因为VRX的定价权。还有就是它利用canada的tax优势买了很多资产。以
为这样的模式可以持续下去。后来被搞了，就SB了。
:他家的财务有很大的问题，报的EPS 是 non－GAAP的，这放在一般公司就算了，可放
在这么重债务的公司，不可以啊。
:目前看来，只有卖资产一条路。即使稳住了，卖到最后20的价位可能就是fair value
了。
:，可
:VRX |
|
N******s
发帖数: 10555 | 50 ☆─────────────────────────────────────☆
hotmail99 (Nancy) 于 (Wed Jun 8 01:50:56 2016, 美东) 提到:
今天虽然创了新低，但是却收在了上次最低点的上方，而且量还不小。看来最坏的已经
过去了，花街早就料到，开始扫货了，继续下跌的可能不大。就算按照他们修正后的
EPS guidance $7来算，医药界平均的P/E ratio也是32左右（VRX应该是业界的领先者
了,用平均值来算应该已经很保守了），所以理论上VRX“应该”是200以上的股票的，可
是现在P/E ratio才4都不到，严重低估了10倍呀，这就是Ackman坚信自己投资的原因。
除非是VRX有fraud（现在看来已经排除这种可能）, 要不就是花街的那套价值理论出了
问题，否则，VRX怎么看都不应该是只20多块钱的股票。退一万步来看，让我们忘记VRX
是一只200的股票（可能一两年内回不去了），但一只$30以下的股票with EPS $7,你认
为合理吗？如果这个比例合理的话，花街上绝大多数的上市公司可以关门大吉了，股票
也就失去了... 阅读全帖 |
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