Udemy 2Q23: Adjusted EBITDA is first-time positive
2023-08-25
Academic and Educational Services
Technology
North America
Quarterly Results
Udemy reported revenue of $178.2mn in 2Q23, up 16.4% YoY and 1.0% QoQ. The result includes a 3% FX headwind. The company reported a first-time positive Adj EBITDA margin of 1%.
The Mosaic Company delivered revenue of $3.4bn in 2Q23, down 37% YoY. Adjusted EBITDA reached $744mn, down 63% YoY in 2Q23, compared to $777mn in 1Q23. Mosaic’s results reflect declining YoY product prices.
Nutrien reports $576mn of net earnings, down 58% YoY, and adjusted EBITDA of $1.4bn, down 42% YoY in 1Q23 as product prices corrected from their highs.
Lyft reports quarterly revenue of $1.0bn, up 14.3% YoY and down 14.8% QoQ in 1Q23. The result came above the guidance of $975mn in a seasonally weak quarter.
Anglo American: Metals aiding in energy transition
2023-05-02
Materials
Global
Initiation
We initiate coverage of Anglo American, one of the leading global mining groups, and its publicly traded subsidiaries Anglo American Platinum and Kumba Iron Ore. Benefiting from a diversified long-life portfolio of mining assets, the group is targeting markets with sustainable development and exposure to renewable energy.
Udemy reports revenue up 22% YoY to $165.3mn in 4Q22. The revenue was driven by a 57% YoY increase in Udemy Business revenue to $90.6mn in 4Q, which compensated for a 4% YoY decline in Consumer segment revenue. We update TP.
Mosaic 4Q22: strong prices, increased distribution, margin in the focus
2023-02-28
Materials
North America
Quarterly Results
The Mosaic Company reports $4.48bn revenue (+17% YoY) and $523mn net income (down 21% YoY) in 4Q22. FY22 net income is up 120% YoY to $3.6bn which translates to EPS of $10.06 per share. We update our model and price target.
Nutrien 4Q22: mix of volumes, costs & prices to support earnings
2023-02-22
Materials
North America
Quarterly Results
Nutrien reports $7.7bn net earnings or $14.18 per share and adjusted EBITDA of $12.2bn in FY22 on the back of high fertilizer prices offsetting the reduction in sales volumes. We review our model.
Lyft 4Q22: whirlpool on weaker guidance, higher reserves
2023-02-15
Technology
North America
Quarterly Results
Lyft reports historically record quarterly revenue of $1,175mn, up 21% YoY 4Q22 driven by higher revenue per active rider. We update our forecasts and TP.
Uber Technologies 4Q22: up on higher volumes and reclassifications
2023-02-10
Technology
North America
Quarterly Results
Uber reports 4Q22 and FY22 results. Gross Bookings grew 19% YoY to $30.7bn in 4Q22, and reached $115.4bn in FY22, up 28% YoY. Adjusted EBITDA reached $1,713mn in FY22 compared to a $774mn loss a year ago. We update our model and TP.
Udemy reports revenue of $158mn, up 22% YoY in 3Q22. Loss from operations reached $43.3mn. We expected revenue of $159.1mn and an operating loss of $18.8mn for the period. We adjust our forecasts and TP.
We initiate coverage of Wise, a financial infrastructure platform for money transfers. The company is disrupting a large and underserved market of cross-border transfers with traditionally high costs of foreign currency exchange for customers implied by traditional banks.
Lyft reports revenue of $1,054mn, up 22% YoY and 6% QoQ in 3Q22. The number of active riders increased by 7.2% YoY to 20.3mn. We review our model and price target.