Udemy Inc
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%.
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Lyft Inc
Lyft 2Q23: in line with guidance
2023-08-23
Technology
North America
Quarterly Results
Lyft reports quarterly revenue of $1.02bn, up 3% YoY and up 2% QoQ in 2Q23, in line with expectations. We update forecasts and TP.
Uber Technologies Inc
Uber 2Q23: convincing results, growth options available
2023-08-10
Information Technology
North America
Quarterly Results
Uber’s Gross Bookings grew 16% YoY to $33.6bn in 2Q23 generating Adj EBITDA of $916mn, that came above the company’s guidance of $800-850mn.
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Nutrien Ltd
Nutrien 2Q23: guidance downgraded but the demand is promising
2023-08-04
Materials
North America
Quarterly Results
Nutrien reports $11,654mn in revenue, down 20% YoY, and adjusted EBITDA of $2,478mn, down 50% YoY in 2Q23, driven by lower product prices.
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Mosaic Co
Mosaic 2Q23: robust demand is coming back
2023-08-03
Materials
North America
Quarterly Results
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.
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Wise PLC
Wise FY23: strong results, multi-features among drivers
2023-07-07
Financials
Europe
Company Update
Wise reports strong FY23 results. Wise increased revenue by 51% YoY to £846mn in FY23, some 2.5% below our expectations.
Nutrien Ltd
Nutrien 1Q23: prices down to mid-cycle averages
2023-05-19
Materials
North America
Quarterly Results
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.
Mosaic Co
Mosaic 1Q23: weak prices, even weaker guidance
2023-05-17
Materials
North America
Quarterly Results
The Mosaic Company reports $3.6bn revenue, down 8% YoY and $435mn net income, down 63% YoY in 1Q23 on the back of lower product prices.
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Uber Technologies Inc
Uber 1Q23: robust results, on track to its targets
2023-05-10
Technology
North America
Quarterly Results
Uber reports Gross Bookings growth of 19% YoY to $31.4bn in 1Q23 with a strong 40% YoY growth of Gross Bookings in Mobility.
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Lyft Inc
Lyft 1Q23: revenue lower QoQ, questionable growth
2023-05-09
Technology
North America
Quarterly Results
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.
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Anglo American PLC
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 Inc
Udemy 4Q22 results and company update
2023-03-07
Academic and Educational Services
Technology
North America
Quarterly Results
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 Co
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.
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Nutrien Ltd
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.
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Lyft Inc
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 Inc
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 Inc
Udemy: 3Q22 and Investor Day takeaways
2022-11-25
Academic and Educational Services
Information Technology
North America
Quarterly Results
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.
Wise PLC
Wise - Disrupting underserved market
2022-11-21
Financials
Technology
Europe
Initiation
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 Inc
Lyft 3Q22: record revenue, cost-cutting ahead
2022-11-11
Technology
North America
Quarterly Results
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.
Mosaic Co
Mosaic 3Q22: strong revenue, lower phosphate volumes
2022-11-10
Materials
North America
Quarterly Results
Mosaic reports a 56% YoY revenue growth to $5.3bn in 3Q22, and Adj EBITDA of $1.7bn, up 74% YoY. We revise our forecasts and TP.