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Active Mover: Blue Apron Holdings (NYSE: APRN)

Ruby Warren

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On Monday, Shares of Blue Apron Holdings (NYSE: APRN) showed no change to its price and ended its trading session at $3.20. The company traded total volume of 1,883,319 shares as contrast to its average volume of 4.10M shares. The company has a market value of $623.30M and about 194.78M shares outstanding.

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Blue Apron Holdings, Inc. (APRN) declared recently financial results for the quarter ended March 31, 2018.

First Quarter 2018 Financial Results:

  • Net revenue reduced 20% year-over-year to $196.70M in the first quarter of 2018 contrast to the first quarter of 2017, driven mainly by a decrease in Customers and Orders following the deliberate pull back in marketing spend in the second half of 2017, as Blue Apron builds toward momentum in the business in 2018. Net revenue increased 5% quarter-over-quarter reflecting Blue Apron’s methodical reacceleration of its marketing efforts and advanced product merchandising capabilities in the first quarter of 2018.
  • Marketing expense was $39.30M, or 20.0% as a percentage of net revenue, in the first quarter of 2018, contrast to $60.60M, or 24.8% as a percentage of net revenue, in the first quarter of 2017. Blue Apron methodically reaccelerated marketing efforts in the first quarter of 2018 with a focus on building efficient and sustainable growth.
  • Product, technology, general, and administrative (PTGA) costs reduced 22% year-over-year from $63.20M in the first quarter of 2017 to $49.50M in the first quarter of 2018 mainly because of continued focus on expense management.
  • Net loss was $(31.70)M and diluted loss per share was $(0.17) in the first quarter of 2018 based on 191.50M weighted average common shares outstanding, contrast to net loss of $(52.20)M and diluted loss per share of $(0.78) in the first quarter of 2017 based on 67.10M weighted average common shares outstanding. Sequentially, net loss improved $7.50M quarter-over-quarter from a net loss of $(39.10)M in the fourth quarter of 2017.
  • Adjusted EBITDA was a loss of $(17.20)M in the first quarter 2018, contrast to a loss of $(46.30)M in the first quarter of 2017 reflecting improved expense management and operational efficiencies. Sequentially, adjusted EBITDA improved $2.50M quarter-over-quarter from a loss of $(19.70)M in the fourth quarter of 2017.

Liquidity and Capital Resources:

  • Cash and cash equivalents was $203.50M as of March 31, 2018.
  • Capital expenditures, counting amounts in accounts payable, totaled $4.80M for the first quarter of 2018, mostly from investments in automation equipment as Blue Apron continued to strategically invest to further drive operational improvements. This represents a reduction in capital expenditures from prior year levels following the substantial completion of the Linden fulfillment center

The Company offered net profit margin of -22.80% while its gross profit margin was 29.30%. ROE was recorded as -155.60%. The stock, as of recent close, has shown the weekly downbeat performance of -5.33% which was maintained at -20.60% in this year.

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Brief Overview on Company’s Performance: Ctrip.com International (NASDAQ: CTRP)

Ruby Warren

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On Monday, Shares of Ctrip.com International (NASDAQ: CTRP) rose 1.19% to $49.47. The stock recorded $48.70 as its minimum price and hit the max level of $49.50, during its most recent trading session. It traded total volume of 6,848,524 shares higher than the average volume of 5.02M shares.

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Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China, recently declared its unaudited financial results for the first quarter ended March 31, 2018.

First Quarter of 2018 Financial Results and Business Updates:

For the first quarter of 2018, Ctrip stated net revenue of RMB6.70B (US$1.10B), representing an 11% increase from the same period in 2017. Net revenue for the first quarter of 2018 increased 9% from the previous quarter.

Accommodation reservation revenue for the first quarter of 2018 was RMB2.50B(US$397.0M), representing a 23% increase from the same period in 2017, mainly driven by a boost in accommodation reservation volume. Accommodation reservation revenue for the first quarter of 2018 increased 14% from the previous quarter, mainly because of seasonality.

Transportation ticketing revenue for the first quarter of 2018 was RMB2.90B (US$460.0M), which remained consistent with the same period of 2017. Transportation ticketing revenue reduced 1% from the previous quarter.

Packaged tour revenue for the first quarter of 2018 was RMB834.0M (US$133.0M), representing an 18% increase from the same period in 2017, mainly driven by a boost in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the first quarter of 2018 increased 52% from the previous quarter, mainly because of seasonality.

Corporate travel revenue for the first quarter of 2018 was RMB180.0M (US$29.0M), representing a 25% increase from the same period in 2017, mainly driven by expansion in travel product coverage. Corporate travel revenue for the first quarter of 2018 reduced 13% from the previous quarter, mainly because of seasonality. Gross margin was 82% for the first quarter of 2018, contrast to 80% in the same period in 2017, and 83% for the previous quarter.

Product development expenses for the first quarter of 2018 increased 10% to RMB2.20B (US$344.0M) from the same period in 2017, mainly because of the increase in product development personnel related expenses. Product development expenses for the first quarter of 2018 increased 4% from the previous quarter. Product development expenses for the first quarter of 2018 accounted for 32% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses for the first quarter of 2018 accounted for 29% of the net revenue, which increased from 28% for the same period in 2017 and reduced from 30% for the previous quarter.

Sales and marketing expenses for the first quarter of 2018 increased by 11% to RMB2.10B (US$333.0M) from the same period in 2017, mainly because of a boost in sales and marketing activities to strengthen our market position and personnel related expenses. Sales and marketing expenses for the first quarter of 2018 increased 3% from the previous quarter. Sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue, which increased from 30% for the same period in 2017 and reduced from 32% for the previous quarter.

General and administrative expenses for the first quarter of 2018 increased by 1% to RMB646.0M (US$103.0M) from the same period in 2017. General and administrative expenses for the first quarter of 2018 reduced 8% from the previous quarter, mainly on the back of more provision of trade and other receivables was made in previous quarter. General and administrative expenses for the first quarter of 2018 accounted for 10% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 8% of the net revenue, which increased from 7% for the same period in 2017 and reduced from 9% for the previous quarter.

Income from operations for the first quarter of 2018 was RMB590.0M (US$95.0M), contrast to RMB374.0M in the same period in 2017 and RMB303.0M in the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB966.0M (US$156.0M), contrast to RMB896.0M in the same period in 2017 and RMB703.0M in the previous quarter.

Operating margin was 9% for the first quarter of 2018, contrast to 6% in the same period in 2017, and 5% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 14%, contrast to 15% in the same period in 2017 and 11% in the previous quarter.

Income tax expense for the first quarter of 2018 was RMB179.0M (US$29.0M), contrast to RMB139.0M in the same period of 2017 and RMB238.0M in the previous quarter. The change in the Group’s effective tax rate mainly reflects profitability changes in our auxiliaries with different tax rates, certain non-tax deductible losses counting the share based compensation and fair value change in equity securities investments.

Net income attributable to Ctrip’s shareholders for the first quarter of 2018 was RMB1.10B (US$170.0M), contrast to RMB52.0M in the same period in 2017 and RMB350.0M in the previous quarter. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP net income attributable to Ctrip’s shareholders was RMB2.10B (US$341.0M), contrast to RMB574.0M in the same period in 2017 and RMB750.0M in the previous quarter, mainly because of the net gain recognized from a number of investing activities. Diluted earnings per ADS were RMB1.81 (US$0.29) for the first quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB3.48 (US$0.55) for the first quarter of 2018.

As of March 31, 2018, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB52.50B (US$8.40B).

CTRP has the market capitalization of $26.49B and its EPS growth ratio for the past five years was 6.20%. The return on assets ratio of the Company was 1.80% while its return on investment ratio stands at 1.00%. Price to sales ratio was 6.21 while 70.70% of the stock was owned by institutional investors.

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Hot Stock under Consideration: Pyxis Tankers Inc. (NASDAQ: PXS)

Ruby Warren

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On Friday, Shares of Pyxis Tankers Inc. (NASDAQ: PXS) inclined 2.56% to $1.20. The stock opened its trade at $1.20 and after floating in a price range of $1.17 to $1.20; the stock grabbed the investor’s attention and traded 51,336 shares as compared to its average daily volume of 194.74K shares. The stock’s institutional ownership stands at 0.40%.

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Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), an emerging growth pure play product tanker company, recently declared unaudited results for the three months ended March 31, 2018.

Results for the three months ended March 31, 2017 and 2018:

For the three months ended March 31, 2018, we stated a net income of $0.60M, or $0.03 basic and diluted earnings per share, contrast to a net loss of $1.70M, or $0.09 basic and diluted loss per share, for the same period in 2017. The improvement in our net result in the first quarter of 2018 was mainly because of the gain from debt extinguishment of $4.30M, partially offset by the non-cash vessel impairment charge of $1.50M ($0.07 per share) related to the write down of the carrying amount of Northsea Alpha and Northsea Beta to their fair values. Our Adjusted EBITDA was $0.10M, representing a decrease of $0.30M from $0.40M for the same period in 2017.

Management’s Negotiation and Analysis of Financial Results for the Three Months ended March 31, 2017 and 2018 (Amounts are presented in million U.S. dollars, rounded to the nearest one hundred thousand, except as otherwise noted)

Voyage revenues: Voyage revenues of $6.60M for the three months ended March 31, 2018, represented a decrease of $1.10M, or 13.7%, from $7.60M in the comparable period in 2017. The decrease in gross voyage revenues during the first quarter of 2018 was related to a decrease in total operating days attributed to increased idle days between voyage charter employments.

Voyage related costs and commissions: Voyage related costs and commissions of $2.10M for the three months ended March 31, 2018, represented a decrease of $0.90M, or 29.8%, from $2.90M in the comparable period in 2017. The decrease was mainly attributed to lower spot charter activity, which incurs voyage costs.

Vessel operating expenses: Vessel operating expenses of $3.30M for the three months ended March 31, 2018, represented a boost of $0.30M, or 11.3%, from $3.00M in the comparable period in 2017. The increase was mainly attributed to certain unplanned repairs performed in one of the vessels in our fleet.

General and administrative expenses: General and administrative expenses of $0.70M for the three months ended March 31, 2018, represented a decrease of $0.10M, or 13.3%, from $0.80M in the comparable period in 2017. The decrease in general and administrative expenses was mainly attributed to improved cost efficiencies.

Amortization of special survey costs: Amortization of special survey costs of less than $0.10M for the three-month period ended March 31, 2018, remained relatively stable contrast to the comparable period in 2017.

Depreciation: Depreciation of $1.40M for the three months ended March 31, 2018, remained flat contrast to the three-month period ended March 31, 2017.

Vessel impairment charge: Vessel impairment charge of $1.50M (non-cash) for the three months ended March 31, 2018, relates to the write down of the carrying amount of Northsea Alpha and Northsea Beta to their fair values. There was no such charge recorded in the comparable period in 2017.

Bad debt provisions: Bad debt provisions of $0.10M for the three months ended March 31, 2018, represented a boost in doubtful trade accounts receivable.

Gain from debt extinguishment: Gain from debt extinguishment of $4.30M for the three months ended March 31, 2018, relates to the refinancing of existing indebtedness of Secondone, Thirdone and Fourthone with a new 5-year secured term loan. About $4.30M was written-off by the previous lender at closing, which was recorded as gain from debt extinguishment in the first quarter of 2018. There was no such gain recorded in the comparable period in 2017.

Interest and finance costs, net: Interest and finance costs, net, of $0.90M for the three months ended March 31, 2018, represented a boost of $0.20M, or 24.7%, from $0.70M in the comparable period in 2017. The increase was mainly attributed to the increase of the LIBOR-based interest rates applied to our outstanding bank debt, as well as the write-off of the unamortized deferred financing costs following the refinancing and extinguishment of the existing indebtedness of Secondone, Thirdone and Fourthone.

Liquidity, Debt and Capital Structure:

Following our loa contracts, as of March 31, 2018, we were required to maintain minimum liquidity of $4.90M. Total cash and cash equivalents, counting restricted cash, aggregated to $6.30M as of March 31, 2018.

PXS has a market value of $23.90M while its EPS was booked as $-0.16 in the last 12 months. The stock has 19.92M shares outstanding. In the profitability analysis, the company has gross profit margin of 27.30% while net profit margin was -10.20%. Analyst recommendation for this stock stands at 2.00.

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Hot Stock in Focus: International Game Technology (NYSE: IGT)

Ruby Warren

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On Thursday, Shares of International Game Technology (NYSE: IGT) declined -2.42% to $24.96. The stock recorded $24.57 as its minimum price and hit the max level of $25.64, during its most recent trading session. It traded total volume of 870,706 shares lower than the average volume of 2.16M shares.

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International Game Technology PLC (IGT) on Monday stated a loss of $103.10M in its first quarter. On a per-share basis, the London-based company said it had a loss of 51 cents. Earnings, adjusted for non-recurring costs and restructuring costs, were 15 cents per share. The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The slot machine maker posted revenue of $1.21B in the period, surpassing Street forecasts. Six analysts surveyed by Zacks expected $1.16B.

IGT has the market capitalization of $5.15B and its EPS growth ratio for the past five years was -44.50%. The return on assets ratio of the Company was -7.80% while its return on investment ratio stands at -1.50%. Price to sales ratio was 1.03 while 42.20% of the stock was owned by institutional investors.

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