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Sunday, February 28, 2021
Saturday, February 27, 2021
Εβδομαδιαία ανασκόπηση των μετοχών που παρακολουθούμε (27/2)
Δύσκολη εβδομάδα που μας πέρασε γενικότερα για τις αγορές του εξωτερικού...
Σημάδια πληθωρισμού κάνουν σιγά σιγά την εμφάνισή τους...
Όταν αρχίσουν να ανεβαίνουν τα επιτόκια, θα δούμε πόσα απίδια πιάνει ο σάκος....
Βέβαια κάποιοι εξακολουθούν να είναι στον κόσμο τους και να ανεβαίνουν 200% και 100% μπαμ μπαμ...
Όσον αφορά τις μετοχές που παρακολουθούμε στην Ελλάδα, τέσσερις από αυτές είναι στις κορυφαίες επιλογές της εθνικής χρηματιστηριακής και όχι μόνο για το 2021.
Τα Jumbo πρώτα και καλύτερα με τα μεγαλύτερα περιθώρια ανόδου (50%). Έχουμε μιλήσει για τη συγκεκριμένη εταιρεία και σε προηγούμενες αναρτήσεις και δεν χρειάζεται να πούμε πολλά.
Ο ΟΤΕ περιμένει καλύτερες μέρες, αυξημένες ταμειακές ροές και σταθερά καλή μερισματική απόδοση τα επόμενα έτη. Καλός ισολογισμός και 5G αναμένεται να βοηθήσουν προς αυτή την κατεύθυνση... Τα αποτελέσματα έτους αρκετά καλά. Πιο πολύ μου άρεσαν οι ελεύθερες ταμειακές ροές. Προσεχώς θα έχουμε αναλυτικά διαγράμματα...
Ο ΟΠΑΠ αναμένει για τα επόμενα έτη μία μερισματική απόδοση γύρω στο 10% λόγω και της ευνοϊκότερης φορολογίας πλέον. Δύσκολα η τιμή θα κινηθεί πιο κάτω από αυτά τα επίπεδα, αν δεν γίνει κάτι συνταρακτικό.
Ο Μυτιληναίος είναι πλέον μία πολυεθνική διαφοροποιημένη εταιρεία με πολλές δικλείδες ασφαλείας, αλλά και προοπτικές για το μέλλον, όπως οι ανανεώσιμες πηγές ενέργειας και η αποθήκευση ενέργειας. Σε αυτά τα επίπεδα μπορεί να θεωρηθεί δίκαια αποτιμημένος, χωρίς να αποκλείονται προοπτικές για παραπάνω... Η επόμενη θα είναι η εβδομάδα των γραφημάτων του...
Οι υπόλοιπες ελληνικές μετοχές κινήθηκαν σταθεροποιητικά χωρίς ιδιαίτερες ειδήσεις, με τον ΟΠΑΠ να κάνει το πιο όμορφο κλείσιμο την Παρασκευή...
Όσον αφορά το εξωτερικό, ιδιαίτερη προσοχή πρέπει να δοθεί σε νέες εταιρείες οι οποίες βρίσκουν κεφάλαια αυτή την περίοδο και εισάγονται στο χρηματιστήριο. Αποτελούν μεγάλο ρίσκο, αλλά και απίστευτες ευκαιρίες. Ίσως αργότερα βάλουμε στο ραντάρ κάποιες από αυτές. Τα αντικείμενά τους είναι εξαιρετικά ενδιαφέροντα και μπορεί να αφορούν από ιπτάμενα ταξί, μέχρι ταξίδια στο διάστημα...
Το Dropbox ανακοίνωσε αρκετά ικανοποιητικά αποτελέσματα. O ανταγωνισμός είναι αρκετά μεγάλος σε σχέση με άλλες εταιρείες. Υπάρχει ωστόσο σταθερή ανάπτυξη... Το ενδεχόμενο εξαγοράς από μεγάλη εταιρεία δεν πρέπει να αποκλειστεί, καθώς το cloud θα γιγαντωθεί τα επόμενα έτη... Ήταν η εβδομάδα του...
ΕΔΩ ΑΝΑΛΥΤΙΚΑ ΓΡΑΦΗΜΑΤΑ ΜΕ ΟΛΑ ΤΑ ΑΠΟΤΕΛΕΣΜΑΤΑ ΕΩΣ ΤΟ 2020:
https://www.bullmarketsexchange.com/search/label/DROPBOX
Οι ασιατικές αγορές κινήθηκαν πτωτικά, χωρίς όμως τραγικότητες.
Υστερόγραφο: Όσο όλοι περιμένουν το κραχ, τόσο αυτό θα αργεί...
Τα όσα γράφονται δεν αποτελούν προτροπή για πώληση ή αγορά κινητών αξιών. Έχουν καθαρά ψυχαγωγικό, πληροφοριακό και προσωπικό χαρακτήρα.
Η MYTILINEOS θέτει νέους, φιλόδοξους στρατηγικούς στόχους για ουδέτερο αποτύπωμα άνθρακα έως το 2050
Αθήνα, Ελλάδα 18 Φεβρουαρίου 2021
H MYTILINEOS (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) γίνεται σήμερα η πρώτη ελληνική εταιρεία που δείχνει το δρόμο για μία πιο πράσινη και περιβαλλοντικά φιλική βιομηχανία, βάσει των δεικτών επίδοσης ESG για το Περιβάλλον, την Κοινωνία και την Διακυβέρνηση. Συγκεκριμένα, σε συνέχεια απόφασης του Διοικητικού Συμβουλίου, η MYTILINEOS δεσμεύεται να ελαχιστοποιήσει το ανθρακικό της αποτύπωμα, φιλοδοξώντας να μειώσει τις συνολικές άμεσες και έμμεσες εκπομπές διοξειδίου του άνθρακα (CO2) κατά τουλάχιστον 30% έως το 2030, σε σχέση με τα επίπεδα του 2019, ενώ μέχρι το 2050 δεσμεύεται να επιτύχει ουδέτερο αποτύπωμα άνθρακα στο σύνολο της επιχειρηματικής της δραστηριότητας.
Όπως τόνισε ο Πρόεδρος και Διευθύνων Σύμβουλος της Εταιρείας, Ευάγγελος Μυτιληναίος, «Σήμερα, η ανάγκη για επείγουσα δράση για την αντιμετώπιση της κλιματικής αλλαγής, μάς ωθεί στην MYTILINEOS να κάνουμε ένα μεγάλο βήμα, θέλοντας να συμβάλουμε στη δραστική αντιμετώπιση του φαινομένου. Σήμερα, θέτουμε τις βάσεις για μία 100% βιώσιμη και πράσινη βιομηχανική δραστηριότητα και δεσμευόμαστε σε μείωση κατά 30% των εκπομπών ρύπων για όλη την επιχειρηματική μας δραστηριότητα έως το 2030 και σε ουδέτερο αποτύπωμα άνθρακα έως το 2050.
Οι φιλόδοξοι στόχοι που ανακοινώνουμε, αποτυπώνονται 100% στο DNA μας, γίνονται στρατηγικός πυλώνας, κριτήριο λήψης αποφάσεων και οδηγός κάθε επιχειρησιακής λειτουργίας μας. Από σήμερα, η Βιώσιμη Ανάπτυξη είναι και πρέπει να γίνει προτεραιότητα όλων. Μόνο θέτοντας θαρραλέους και υψηλούς στόχους βιωσιμότητας, ξεκινώντας από εμάς τις βιομηχανίες, μπορούμε να διασφαλίσουμε τη δημιουργία μακροπρόθεσμης αξίας προς όφελος όλων και ενός συλλογικού βιώσιμου μέλλοντος για τις επόμενες γενιές».
Η MYTILINEOS, με την κίνηση αυτή ανοίγει το δρόμο για ένα βιώσιμο μέλλον για την ελληνική βιομηχανία και τη χώρα. Άλλωστε, τα τελευταία χρόνια, η Εταιρεία έχει πραγματοποιήσει τολμηρά βήματα στους τομείς της κοινωνικής ευθύνης και της περιβαλλοντικής βιωσιμότητας, διαμορφώνοντας μία ολοκληρωμένη πλατφόρμα για τη βιώσιμη ανάπτυξη. Ειδικότερα, έχει αφιερώσει σημαντικούς πόρους για την ανάπτυξη του χαρτοφυλακίου ανανεώσιμων πηγών ενέργειας και mytilineos.gr φωτοβολταϊκών συστημάτων και για την αξιοσημείωτη διεύρυνση της δυναμικής της στη δευτερογενή παραγωγή αλουμινίου, έναν τομέα που διασφαλίζει κατά 10 φορές χαμηλότερες εκπομπές ρύπων σε σχέση με την πρωτογενή παραγωγή.
Σήμερα, αναγνωρίζοντας τις διαφορετικές ανάγκες που απορρέουν από τις διευρυμένες δραστηριότητές της, η MYTILINEOS ανεβάζει τον πήχη των δεσμεύσεών της ακόμη πιο ψηλά, ενσωματώνοντας τη βιωσιμότητα στον πυρήνα της δραστηριότητάς της, αναπτύσσοντας ένα εξειδικευμένο πλάνο πρωτοβουλιών για τη μείωση των εκπομπών ξεχωριστά για κάθε Τομέα Επιχειρηματικής Δραστηριότητας, που εστιάζει στο: (1) Να επιτύχει μηδενικό αποτύπωμα εκπομπών στους Τομείς Έργων Βιώσιμης Ανάπτυξης και Ανάπτυξης Έργων Ανανεώσιμων Πηγών & Αποθήκευσης Ενέργειας, έως το 2030 (2) Να καταστεί παγκόσμιο σημείο αναφοράς για την Πράσινη Μεταλλουργία μέσα από τη δέσμευσή της να μειώσει τις συνολικές εκπομπές ρύπων του Τομέα Μεταλλουργίας κατά 65% και αντίστοιχα τις ειδικές εκπομπές ρύπων, ανά τόνο παραγόμενου αλουμινίου, κατά 75% μέχρι το 2030 (3) Να αποτελέσει τον καταλύτη για μία ελληνική αγορά ηλεκτρικής ενέργειας χαμηλών εκπομπών, μέσω του Τομέα Ηλεκτρικής Ενέργειας & Φυσικού Αερίου, με μείωση των ειδικών εκπομπών ρύπων ανά παραγόμενη MWh, έως 50% έως το 2030. Με βασικούς πυλώνες την μακροπρόθεσμη αναπτυξιακή στρατηγική, την αειφόρο ανάπτυξη και τους δείκτες ESG, η MYTILINEOS καταγράφει υψηλές επιδόσεις και έχει επιτύχει μείωση των εκπομπών ρύπων ανά μονάδα εσόδων σε ποσοστό μεγαλύτερο του 15% ανά έτος τα τελευταία 4 χρόνια.
Οι νέοι περιβαλλοντικοί στόχοι που θέτει, συμπληρώνουν τις ήδη καλές επιδόσεις της στα θέματα κοινωνίας και διακυβέρνησης δείχνοντας έτσι το δρόμο για τη βιομηχανία του αύριο.
Για περισσότερες πληροφορίες, παρακαλούμε επικοινωνήστε: κα. Αντιγόνη Φάκου: Γραφείο Τύπου MYTILINEOS Τηλ. 210-6877346 | Fax 210-6877400 |
https://www.mytilineos.gr/Uploads/nea/2021/MYTILINEOS_ESG_Commitments_GR.pdf
Friday, February 26, 2021
Thursday, February 25, 2021
Wednesday, February 24, 2021
AS COMPANY:Announcement for the Share Capital Increase via capitalization of previous years’ profits
Announcement of the Societe Anonyme with the title “AS COMMERCIAL INDUSTRIAL TOY AND COMPUTER COMPANY S.A.” and the distinctive title “AS COMPANY S.A.”
regarding the share capital increase via capitalization of previous years’ profits treated as dividend distribution AS COMMERCIAL INDUSTRIAL TOY AND COMPUTER COMPANY S.A. following its announcement dated 05 February 2021 regarding the increase of the share capital of the Company by the amount of € 2,944,475.43, with a capitalization of profits of previous years of a total amount of 3,099,447.82€, and 5% tax being withheld, therefore, deducted from this amount in accordance with the provisions of article 24 of law 4646/2019, informs the investing public that the above corporate transaction, according to POL.1042/2015 is equated with a distribution of a net dividend amounting to 0.2243235520 per share, i.e. gross amount of 0.2361300547 €.
To this end, it will proceed within the legal deadline to repay the withholding tax of 5%. For natural or legal persons, who held the shareholder status at February 9, 2021 (date of change of the share’s nominal price – Record Date) and are not subject to the above withholding tax of 5%, the Company shall make a payment of an amount equal to the tax withheld on their behalf, starting on 26.02.2021. Payment will be made via the Bank "Eurobank S.A." as follows: 1. Through the operators of the shareholders in S.A.T., (banks, custodians and stock exchange companies), in accordance with point 4.1.3.4 of the ASE Regulation and 39 of the S.A.T 's Rules of Procedure, for those shareholders who have authorized their operators to collect the return of capital 2. By deposit at the International Bank Account Number (IBAN), in which the investor has stated that he/she wishes to receive the distributed amounts in accordance with Article 13 of the S.A.T. Regulation as it stands, for investors who do not wish to receive them through their operators. This only concerns investors who have declared their IBAN to the paying bank "Eurobank S.A." 3. Through the network of the Eurobank S.A, branches, for those of the shareholders that have requested an exemption from their operator to the SAT or have withdrawn their authorization to their operator or have submitted their shares in the Special Share Account, with the disclosure to the K.A.M.E. (Code Number of the Investment Account, S.A.T.) and the demonstration of their ID, either in person or via a legally authorized representative in any of the premises of the paying Bank (in this case the relevant authorization documents with a certificate of validity of the signature of the beneficiary shall be presented). Payment of the repayable amount through the Bank "Eurobank S.A." will be possible for one month from the start of the payment. After the period of one month from the date of the payment’s commencement, the withholding tax of 5% will be paid only at the company's offices at Oreokastron, Thessaloniki, Ionia St. (tel.2310572000). For further information, the Messrs. and Mmes. shareholders may address the Shareholder’s Service Department of the Company (tel. 2310 572000) on working days from 10:00 to 16:00. In addition, the contact details of the "Eurobank S.A." Bank are the following: Domestic Markets Custody Operations Division, Corporate Actions, Iolkou 8 and Filikis Etaireias, TK 14234 N. Ionia, contact numbers 210-35.22.085 and 210- 35.22.284. Oreokastron, 24 February 2021 Corporate Announcement Department
Dropbox, Inc. Announces Upsize and Pricing of $1.306 Billion Convertible Senior Notes Offering
Feb 24, 2021
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 24, 2021-- Dropbox, Inc. (“Dropbox”) (NASDAQ: DBX) today announced the pricing of $653,000,000 aggregate principal amount of convertible senior notes due 2026 (the “2026 Notes”) and $653,000,000 aggregate principal amount of convertible senior notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.135 billion. Dropbox also granted the initial purchasers of the Notes a 13-day option to purchase up to an additional $65,300,000 aggregate principal amount of 2026 Notes and up to an additional $65,300,000 aggregate principal amount of 2028 Notes. The sale of the Notes to the initial purchasers is expected to settle on February 26, 2021, subject to customary closing conditions, and is expected to result in approximately $1,286 million in net proceeds to Dropbox (or approximately $1,414 million if the initial purchasers exercise their option to purchase additional notes in full) after deducting the initial purchasers’ discount and estimated offering expenses payable by Dropbox.
The Notes will be senior, unsecured obligations of Dropbox. The 2026 Notes and the 2028 Notes are each referred to herein as a series of notes. The Notes will not bear interest and the principal of each series of Notes will not accrete. The 2026 Notes will mature on March 1, 2026 and the 2028 Notes will mature on March 1, 2028, in each case unless earlier converted, redeemed or repurchased.
Dropbox intends to use approximately $58.6 million of the net proceeds of the offering of the Notes to pay the cost of the convertible note hedge transactions described below, after such cost is partially offset by the proceeds of the warrant transactions described below, approximately $200 million of the net proceeds from this offering to repurchase shares of Dropbox’s Class A common stock (“Class A common stock”) at yesterday’s closing price of $23.18 per share from institutional investors through one of the initial purchasers or their affiliates, as Dropbox’s agent, concurrently with the pricing of this offering, and to use the remaining proceeds of the offering for general corporate purposes, including repurchases of its Class A common stock.
The 2026 Notes may be converted at an initial conversion rate of 26.1458 shares of Dropbox’s Class A common stock per $1,000 principal amount of such notes (equivalent to an initial conversion price of approximately $38.25 per share of Class A common stock), and the 2028 Notes may be converted at an initial conversion rate of 28.2889 shares of Class A common stock per $1,000 principal amount of such notes (equivalent to an initial conversion price of approximately $35.35 per share of Class A common stock). Prior to the close of business on the business day immediately preceding December 1, 2025, in the case of the 2026 Notes, and prior to the close of business on the business day immediately preceding December 1, 2027, in the case of the 2028 Notes, the Notes will be convertible at the option of the noteholders only upon the satisfaction of specified conditions and during certain periods. On or after December 1, 2025 in the case of the 2026 Notes, and on or after December 1, 2027 in the case of the 2028 Notes, to the close of business on the second scheduled trading day immediately preceding the relevant maturity date, a holder of the relevant series of notes may convert all or any portion of its notes of such series regardless of these conditions. For each series of Notes, upon conversion, Dropbox will pay cash up to the aggregate principal amount of Notes to be converted and pay or deliver, as the case may be, cash, shares of Dropbox’s Class A common stock or a combination of cash and shares of Dropbox’s Class A common stock, at Dropbox’s election, in respect of the remainder. The last reported sale price of the Class A common stock on February 23, 2021 was $23.18 per share.
Dropbox may redeem for cash all or any portion of the Notes, at its option, on or after March 6, 2024, in the case of the 2026 Notes, and on or after March 6, 2025, in the case of the 2028 Notes, if the last reported sale price of Dropbox’s Class A common stock has been at least 130% of the conversion price for the relevant series of Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Dropbox provides notice of redemption at a redemption price equal to 100% of the principal amount of the relevant series of Notes to be redeemed, plus any accrued and unpaid special interest to, but excluding, the redemption date.
In connection with the pricing of the Notes, Dropbox entered into convertible note hedge and warrant transactions with certain of the initial purchasers, their affiliates and other financial institutions (the “option counterparties”). The convertible note hedge transactions are expected generally to reduce the potential dilution to Dropbox’s Class A common stock upon any conversion of the Notes and/or offset any cash payments Dropbox is required to make in excess of the principal amount of converted Notes, as the case may be. The warrant transactions would separately have a dilutive effect to the extent that the market value per share of the Class A common stock exceeds the strike price of any warrants unless, subject to the terms of the warrant transactions, Dropbox elects to cash settle the warrants. The strike price of the warrant transactions will initially be approximately $46.36 per share, which represents a premium of 100% over the last reported sale price of the Class A common stock on February 23, 2021, and is subject to certain adjustments under the terms of the warrant transactions. If the initial purchasers exercise their option to purchase additional notes, Dropbox intends to enter into additional convertible note hedge and additional warrant transactions relating to the additional notes.
In connection with establishing their initial hedge of the convertible note hedge and warrant transactions, the option counterparties or their respective affiliates expect to purchase shares of the Class A common stock and/or enter into various derivative transactions with respect to the Class A common stock concurrently with, or shortly after, the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A common stock or the Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Class A common stock and/or by purchasing or selling shares of the Class A common stock or other securities of Dropbox in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during any observation period related to a conversion of the Notes or in connection with any repurchase of Notes by Dropbox). This activity could also cause or avoid an increase or a decrease in the market price of the Class A common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such Notes.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The convertible note hedge transactions, warrant transactions, Notes and the shares of Class A common stock issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Act and applicable state laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005410/en/
Media Contact:
Tessa Chen
or
Investor Relations Contact:
Rob Bradley
Source: Dropbox, Inc.
Πώς την πάτησα με την Gamestop...
Ένας επενδυτής αξίας σπάνια θα κινηθεί αντιθετικά, εκτός αν υπάρχει περίπτωση γενικευμένης πτώσης.
Μετοχές με παρατεταμένη πτωτική διάθεση, είτε βρίσκονται στο φάσμα της χρεοκοπίας λόγω δανείων, είτε βρίσκονται σε ένα σπιράλ συνεχόμενων αρνητικών αποτελεσμάτων.
Όπως σε όλα τα πράγματα, έτσι και στο χρηματιστήριο χρειάζεται και λίγη τύχη έως πολλή θα έλεγα. Το ρητό επιτυχία=ταλέντο και τύχη, μεγάλη επιτυχία=ταλέντο και πολλή τύχη, ισχύει και στο χρηματιστήριο και μάλιστα σε αυξημένο βαθμό.
Η εμπειρία έχει δείξει ότι όταν κινείται κανείς αντιθετικά ή αντικυκλικά, χρειάζεται υπομονή και μία εταιρεία με υγιή ισολογισμό. Ατσάλινα νεύρα και ηρεμιστικά αν παρακολουθεί ολημερίς τη διακύμανση της τιμής. Σε όλες τις άλλες περιπτώσεις κατά 99% τα χρήματα εξαϋλώνονται.
Στην περίπτωση όμως που δεν υπάρχουν δάνεια, μία επιβίωση και ένα turnaround story είναι αρκετά πιθανό. Όπως και η ανάλογη εκτόξευση των κερδών.
Όταν λοιπόν παρακολουθούσα την εταιρεία της gamestop πριν 3 χρόνια μαζί με την ομάδα στο Investorblog, εντοπίστηκε στην τιμή των 11 δολαρίων και αγοράστηκε στην τιμή των τριών δολαρίων και κάτι... Ήταν άκρως υποτιμημένη, αλλά με σχετικά καλό ισολογισμό, αλλά σε συνεχόμενη παρακμή. Ενώ έκανε μία σύντομη άνοδο, τα αποτελέσματα συνέχισαν να είναι αρνητικά και υπό τον φόβο περαιτέρω πτώσης και χρεοκοπίας πούλησα με κάποια λίγα κέρδη πριν ένα χρόνο περίπου... Τα υπόλοιπα τα γνωρίζετε όπως και το ότι η μετοχή από τα τρία δολάρια βρέθηκε στα 400 για να ξανασκάσει τώρα στα 50...
Το παραπάνω παράδειγμα πρόκειται φυσικά για μία άκρως τυχερή κατάσταση και για μία ευκαιρία στη ζωή σου που μπορείς να πετύχεις μία - δύο άντε τρεις φορές. Παρατήρησα όμως ότι, όσες φορές κινήθηκα αντιθετικά και οι εταιρείες είχανε καλό ισολογισμό, έγινε αντιστροφή και η τιμή εκτινάχθηκε. Αντίθετα όσες είχανε δάνεια χρεοκόπησαν. Πολλές φορές όμως εξαιτίας της μυωπίας της αγοράς και της συνέχισης των αρνητικών αποτελεσμάτων μέχρι να γίνει η αντιστροφή ο φόβος σε οδηγεί στο να πουλήσεις.
Κλείνοντας λοιπόν, η πρότασή μου όταν κινείστε αντιθετικά είναι η εξής: Επιλέξτε εταιρείες χωρίς δάνεια που αντιμετωπίζουν έτσι κι αλλιώς προβλήματα και ξεχάστε τες για ένα διάστημα δύο ετών τουλάχιστον. Θεωρείστε αυτό το μικρό ποσοστό του χαρτοφυλακίου σας χαμένο. Μην παρακολουθείτε αποτελέσματα και μην ασχολείστε μαζί τους. Αφήστε τον χρόνο να γιατρέψει τις πληγές τους και να σας προσφέρει όσα μπορεί περισσότερα...
Υ.Γ.: Τα τρένα που φεύγουν πονάνε, αλλά στη σκέψη πως θα έρθουν άλλα ο πόνος μαλακώνει... 😉
Tuesday, February 23, 2021
Τέρνα Ενεργειακή ή Jumbo;
Δύο εταιρείες διαμάντια. Δύο εταιρείες που πραγματικά όσοι επένδυσαν την τελευταία δεκαετία στις μετοχές τους, έχουν βγει πολλαπλά κερδισμένοι και έχουν κάνει απόσβεση του κεφαλαίου τους.
Και οι δύο βρίσκονται σε σημείο καμπής.
Μετά την τελευταία ατυχία στο Τέξας, η πρώτη αντιμετωπίζει μία πρόκληση που μπορεί να φτάσει και τα 90 εκατομμύρια. Την ίδια στιγμή, η αποτίμησή της, κατά την άποψή μου πάντα, μπορεί να θεωρηθεί απαιτητική και έχει προεξοφλήσει αρκετά από τα μελλοντικά κέρδη.
Προς το παρόν, οι πολιτικές της Ευρωπαϊκής Ένωσης και το χρηματιστήριο ρύπων την ευνοούν. Σήμερα ανακοίνωσε deal με EDPR & ENGIE όσον αφορά τα πλωτά αιολικά πάρκα, γεγονός που αναμένεται να έχει σημαντική συνεισφορά στην ενεργειακή αυτονομία της ευρωπαϊκής Ένωσης αλλά και στα κέρδη της εταιρείας.
Αναμφίβολα δραστηριοποιείται σε ένα κλάδο πολλά υποσχόμενο. Αυτή τη στιγμή βρίσκεται στη μόδα και η τάση της παραμένει ανοδική...
Σχετικά με τα Jumbo, τα λόγια είναι περιττά. Η εταιρεία έχει καταφέρει κάτι που λίγες εταιρείες στον κλάδο της λιανικής έχουν επιτύχει σε όλο τον κόσμο. Αύξηση κερδών και κύκλου εργασιών για πολλά και συναπτά έτη. Καθαρό ταμείο που ξεπερνά τα 300 εκατομμύρια και σταθερή μερισματική πολιτική, που θα μπορούσε να είναι ακόμα μεγαλύτερη.
Η εταιρεία δοκιμάζεται έντονα λόγω της πανδημίας, σε αντίθεση με την πρώτη. Για αυτό και η τιμή έχει πιεστεί αρκετά. Μετά τη λήξη συναγερμού όμως, αναμένεται αντιστροφή των αρνητικών αριθμών. Ο υγιής ισολογισμός προσφέρει άμυνες, ώστε να ξεπεραστεί άνετα αυτός ο σκόπελος.
Για όσους και όσες επενδύουν λοιπόν αντιθετικά, η δεύτερη περίπτωση φαντάζει καλύτερη. Για όσους-ες ακολουθούν την τάση και τη μόδα, η πρώτη.
Προσωπικά, στην παρούσα περίοδο, θα προτιμούσα να αναλάβω λίγο μεγαλύτερο ρίσκο ξέροντας όμως πως αγοράζω μία εταιρεία σχετικά φθηνή, αν και πιεσμένη...
Τα όσα γράφονται δεν αποτελούν προτροπή για πώληση ή αγορά κινητών αξιών. Έχουν καθαρά ψυχαγωγικό, πληροφοριακό και προσωπικό χαρακτήρα.
Dropbox, Inc. Announces $1.135 Billion Convertible Notes Offering
Feb 22, 2021
The Notes will be senior, unsecured obligations of Dropbox, and interest will be payable semi-annually in arrears. For each series of Notes, upon conversion, Dropbox will pay cash up to the aggregate principal amount of Notes to be converted and pay or deliver, as the case may be, cash, shares of Dropbox’s Class A common stock (“Class A common stock”) or a combination of cash and shares of Dropbox’s Class A common stock, at Dropbox’s election, in respect of the remainder. The interest rate, conversion rate, and other terms of the Notes are to be determined upon pricing of the offering.
In connection with the pricing of the Notes, Dropbox intends to enter into convertible note hedge and warrant transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The convertible note hedge transactions are expected generally to reduce the potential dilution to Dropbox’s Class A common stock upon any conversion of the Notes and/or offset any cash payments Dropbox is required to make in excess of the principal amount of converted Notes, as the case may be. The warrant transactions would separately have a dilutive effect to the extent that the market value per share of the Class A common stock exceeds the strike price of any of the warrants unless, subject to the terms of the warrant transactions, Dropbox elects to cash settle the warrants. If the initial purchasers exercise their option to purchase additional notes, Dropbox intends to enter into additional convertible note hedge and additional warrant transactions relating to the additional notes.
In connection with establishing their initial hedge of the convertible note hedge and warrant transactions, the option counterparties or their respective affiliates expect to purchase shares of the Class A common stock and/or enter into various derivative transactions with respect to the Class A common stock concurrently with, or shortly after, the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of the Class A common stock or the Notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the Class A common stock and/or by purchasing or selling shares of the Class A common stock or other securities of Dropbox in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so during any observation period related to a conversion of the Notes or in connection with any repurchase of Notes by Dropbox on any fundamental change repurchase date or otherwise). This activity could also cause or avoid an increase or a decrease in the market price of the Class A common stock or the Notes, which could affect the ability of noteholders to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such Notes.
Dropbox intends to use a portion of the net proceeds of the offering of the Notes to pay the cost of the convertible note hedge transactions described above (after such cost is partially offset by the proceeds to Dropbox from the warrant transactions) and to repurchase shares of its Class A common stock from institutional investors. Dropbox expects to use the remaining proceeds of the offering for general corporate purposes, including repurchases of its Class A common stock.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The convertible note hedge transactions, warrant transactions, Notes and the shares of Class A common stock issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in
View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005879/en/
Media Contact:
press@dropbox.com
or
Investor Relations Contact:
IR@dropbox.com
Source:
Monday, February 22, 2021
TERNA ENERGY’s wind capacity in Texas US faces challenges due to unprecedent weather conditions in the area – Βriefing of both investors and analysts
TERNA ENERGY’s wind capacity in Texas US faces challenges due to unprecedent weather conditions in the area – Βriefing of both investors and analysts
Following a press release issued earlier today on the occasion of the unprecedented extreme weather conditions prevailing in Texas, USA, TERNA ENERGY briefed accordingly both investors and analysts.
The following points were mentioned in the context of this briefing:
The Governor of the State of Texas recently issued a declaration of a state of disaster in all 254 counties of the state due to severe winter weather posing an imminent threat of widespread and severe property damage, injury, and loss of life due to prolonged freezing temperatures, heavy snow, and freezing rain across the state. The deep freeze has forced the shutdown of refineries and oil wells, frozen essential components of the state’s electricity and gas distribution systems and severely disrupted electricity generation by thermal and renewable assets in large parts of West/Central Texas.
TERNA ENERGY owns three wind projects in Texas aggregating 520MW in installed capacity. All three projects have been operationally constrained and have been unable to provide electricity during this unprecedented period, facing potentially adverse financial impact, as the company in its efforts to fulfill energy pre-sale related contracts that it had already concluded, like most producers, might be forced to proceed to energy purchases at high prices, which have reached up to $ 9,000/MWh.
However, the company is considering a number of measures for the optimal management of any financial impact that might arise, including the invocation of a “force majeure” event. At the same time, the company takes all the necessary measures, ensuring the health and safety of its personnel.
For the above reasons, the financial impact, if any, cannot be estimated at this time. However, if such financial impact exists, it can in no way exceed €90 million.
It is worth noting finally, that the obligations of all projects in the USA have not been affecting the parent company TERNA ENERGY or the subsidiary TERNA ENERGY USA and are limited solely to the projects themselves.
Information:
Investor Relations: Aristotelis Spiliotis, tel + 30 210 69 68 000, tspiliotis@terna-energy.com
Press Office & Public Relations: Danae Kalantidi, tel + 30 210 69 68 000, dkalantidi@gekterna.com
XIAOMI:VOLUNTARY ANNOUNCEMENT CLARIFICATION RELATING TO MEDIA ARTICLES ABOUT ELECTRIC VEHICLE BUSINESS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement XIAOMI CORPORATION 小米集團 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) (Stock Code: 1810) VOLUNTARY ANNOUNCEMENT CLARIFICATION RELATING TO MEDIA ARTICLES ABOUT ELECTRIC VEHICLE BUSINESS
This announcement is made by Xiaomi Corporation (the “Company”, together with its subsidiaries, the “Group”) on a voluntary basis. The Group noticed certain media articles regarding the Group’s potential plans to enter into the electric vehicle manufacturing business. The Group has been paying attention to the developments in the electric vehicle industry, and has continuously studied the relevant industry trends.
The Group has not initiated any formal project regarding the study of electric vehicle manufacturing business. Shareholders and prospective investors are advised to exercise caution when dealing in the shares and other securities of the Company.
By order of the Board Xiaomi Corporation Lei Jun Chairman Hong Kong, February 21, 2021 As at the date of this announcement, the Board comprises Mr. Lei Jun as Chairman and Executive Director and Mr. Lin Bin as Vice-Chairman and Executive Director, Mr. Chew Shou Zi as Executive Director, Mr. Liu Qin as Non-executive Director, and Dr. Chen Dongsheng, Prof. Tong Wai Cheung Timothy and Mr. Wong Shun Tak as Independent Non-executive Directors.
VOLUNTARY ANNOUNCEMENT - CLARIFICATION RELATING TO MEDIA ARTICLES ABOUT ELECTRIC VEHICLE BUSINESS
Sunday, February 21, 2021
BUY-HOLD-SELL (MY OPINION) ATHEX - GREECE
Οι οικονομικές και τεχνικές αναλύσεις που παρουσιάζονται στον παρόντα ιστότοπο δεν έχουν διενεργηθεί από Εταιρία Παροχής Επενδυτικών Υπηρεσιών, ούτε έχουν συνταχθεί από πιστοποιημένο αναλυτή του άρθρου 14 του ν. 3606/2007. Πρόκειται απλά για μια απεικόνιση και παράθεση δημόσιων στοιχείων ελληνικών και ξένων μετοχών με ενημερωτικό και ψυχαγωγικό χαρακτήρα.
Το χρηματιστήριο αποτελεί ατομική επενδυτική προοπτική με υψηλό ρίσκο και κίνδυνο και καλό είναι να παίρνει κανείς τις αποφάσεις του μόνος ή με βάση τη συμβουλή του προσωπικού του επενδυτικού συμβούλου.
Η τελική επιλογή για αγορά ή πώληση είναι αποκλειστικά δικιά σας!
Να θυμάστε πως πολλές μεγάλες εταιρείες έγιναν μικρές και πολλές ζημιογόνες έγιναν κερδοφόρες και το αντίστροφο...
BUY-HOLD-SELL (MY OPINION)
Το χρηματιστήριο αποτελεί ατομική επενδυτική προοπτική με υψηλό ρίσκο και κίνδυνο και καλό είναι να παίρνει κανείς τις αποφάσεις του μόνος ή με βάση τη συμβουλή του προσωπικού του επενδυτικού συμβούλου.
Η τελική επιλογή για αγορά ή πώληση είναι αποκλειστικά δικιά σας!
Να θυμάστε πως πολλές μεγάλες εταιρείες έγιναν μικρές και πολλές ζημιογόνες έγιναν κερδοφόρες και το αντίστροφο...
Εβδομαδιαία ανασκόπηση των μετοχών που παρακολουθούμε 21/2/2021
Ήπια κινήθηκε αυτή η εβδομάδα, όσον αφορά τις μετοχές που παρακολουθεί η ιστοσελίδα μας.
Στις σημαντικότερες ειδήσεις που μπορεί να επηρεάσουν την πορεία των αγορών, καταγράφεται το υψηλό ιστορικά χρέος του πλανήτη το οποίο λόγω της πανδημίας έχει ξεπεράσει κάθε όριο.
Όσον αφορά την Τέρνα Ενεργειακή, η εβδομάδα ήταν άκρως αρνητική, καθώς ένας μίνι μαύρος κύκνος μετά το blackout στο texas, εξαιτίας των ακραίων καιρικών φαινομένων, αναμένεται να έχει επίπτωση στα οικονομικά μεγέθη της εταιρείας. Με ανακοίνωσή της η ΤΕΝΕΡΓ δηλώνει ό,τι θα κάνει ότι είναι δυνατόν για να περιορίσει τον οικονομικό αντίκτυπο αυτής της κατάστασης.
Ο Μυτιληναίος συνεχίζει τα αλλεπάλληλα υψηλά 52 εβδομάδων & βρίσκεται σε καθαρά ανοδικό κανάλι.
Είχαμε την ανακοίνωση αποτελεσμάτων του Dropbox. Τα μεγέθη ήταν ανοδικά, αλλά παρουσίασε έκτακτες ζημιές λόγω λογιστικής απομείωσης της αξίας των ακινήτων. Αν αφαιρεθεί το γεγονός αυτό, τα κέρδη ανά μετοχή ξεπέρασαν τις προβλέψεις και ο κύκλος εργασιών κινήθηκε αρκετά ανοδικά. Οι αναλυτές αύξησαν την τιμή στόχου στα 28 δολάρια.
Η Χiaomi στο τέλος της Παρασκευής έκλεισε έντονα ανοδικά, όπως και όλες οι εταιρείες τηλεφωνίας στο Χονγκ Κονγκ, καθώς αναμένονται ευνοϊκότερες καταστάσεις στον εμπορικό πόλεμο Κίνας και Αμερικής. Η εταιρεία παρουσιάζει ιδιαίτερο ενδιαφέρον καθώς το 5G και το cloud, με το οποίο ασχολείται και το dropbox, αναμένουν ραγδαία ανάπτυξη τα επόμενα χρόνια... Την ίδια πορεία ακολούθησε και η China Mobile...
Η Baic Motors η οποία φτιάχνει αυτοκίνητα ηλεκτρικά και αυτοματοποιημένα στο Χονγκ Κονγκ και η οποία έχει την εμπορία της Μercedes και της Hyundai, κινήθηκε ανοδικά αυτή τη βδομάδα. Παραμένει άκρως υποτιμημένη, αλλά και με πολλές προκλήσεις για το μέλλον. O ισολογισμός της είναι σε καλό επίπεδο και αντιστροφή των αποτελεσμάτων σίγουρα μπορεί να οδηγήσει σε ανώτερες τιμές.
Οι υπόλοιπες μετοχές κινήθηκαν λίγο-πολύ σταθεροποιητικά.
Καλή Κυριακή και καλή εβδομάδα.
ΟΤΕ :ΟΙΚΟΝΟΜΙΚΟ ΗΜΕΡΟΛΟΓΙΟ
Αθήνα, 1 Φεβρουαρίου 2021
O Οργανισμός Τηλεπικοινωνιών της Ελλάδος Α.Ε. («ΟΤΕ Α.Ε.» ή «Εταιρεία») ανακοινώνει στο επενδυτικό κοινό, σύμφωνα με τις παραγράφους 4.1.2.(1)(β) και 4.1.3.15.1 του Κανονισμού του Χρηματιστηρίου Αθηνών, το Οικονομικό Ημερολόγιο έτους 2021, σύμφωνα με το οποίο:
1. Οι Ετήσιες και Ενοποιημένες Χρηματοοικονομικές Καταστάσεις χρήσης 2020, που έχουν συνταχθεί βάσει των ΔΠΧΑ, μαζί με τα ετήσια συνοπτικά οικονομικά στοιχεία επί των εν λόγω Χρηματοοικονομικών Καταστάσεων, θα ανακοινωθούν την Παρασκευή, 26 Φεβρουαρίου 2021 στην εταιρική ιστοσελίδα (https://www.cosmote.gr/cs/otegroup/gr/investor_relations.html) και στην ιστοσελίδα του Χρηματιστηρίου Αθηνών και θα δημοσιευθούν στον τύπο την επόμενη ημέρα της ανακοίνωσής τους.
2. Η ενημέρωση των αναλυτών, σχετικά με τα οικονομικά αποτελέσματα χρήσης 2020, θα γίνει την Παρασκευή, 26 Φεβρουαρίου 2021.
3. Η Τακτική Γενική Συνέλευση των Μετόχων της Εταιρείας θα διεξαχθεί την Τετάρτη, 9 Ιουνίου 2021.
4. Ημερομηνία αποκοπής μερίσματος για τη χρήση 2020 ορίζεται η Παρασκευή 25 Ιουνίου 2021, κατά τη διάρκεια της οποίας οι μετοχές της Εταιρείας θα διαπραγματεύονται χωρίς το δικαίωμα λήψης μερίσματος. Η αποκοπή του δικαιώματος μερίσματος για τη χρήση 2020 έπεται της λήξης των παραγώγων, σειράς Ιουνίου.
5. Δικαιούχοι του εν λόγω μερίσματος είναι οι εγγεγραμμένοι ως Μέτοχοι της Εταιρείας κατά την Δευτέρα, 28 Ιουνίου 2021 (Ημερομηνία Προσδιορισμού Δικαιούχων-Record Date).
6. Ημερομηνία έναρξης καταβολής του μερίσματος είναι η Παρασκευή, 2 Ιουλίου 2021.
Επισημαίνεται ότι : (i) η Εταιρεία διατηρεί το δικαίωμα να μεταβάλει τις παραπάνω ημερομηνίες αφού ενημερώσει έγκαιρα το επενδυτικό κοινό με τροποποίηση του παρόντος, και (ii) η Τακτική Γενική Συνέλευση των Μετόχων της Εταιρείας έχει τη δυνατότητα να αποφασίσει διαφορετικά από τα παραπάνω, σύμφωνα με την ισχύουσα νομοθεσία και τον Κανονισμό του Χ.Α. ΠΛΗΡΟΦΟΡΙΕΣ: Δ/ΝΣΗ EΞΑΓOΡΩΝ, ΣΥΓΧΩΝΕΥΣΕΩΝ & ΕΠΕΝΔΥΤΙΚΩΝ ΣΧΕΣΕΩΝ ΟΜΙΛΟΥ OTE ΕΛΕΝΗ ΜΠΟΥΑ Τηλ.: 210-6117364 Fax. 210-6111030 Ε-mail: iroffice@ote
Saturday, February 20, 2021
Friday, February 19, 2021
MYTILINEOS sets new, ambitious, strategic targets for net zero emissions by 2050
Athens, Greece - February 18, 2021
– MYTILINEOS (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) becomes the first Greek company to lead the way towards a greener and more environmentally friendly industry, according to ESG (Environment, Social and Government) performance indices. Following today’s milestone decision by the Board of Directors, MYTILINEOS is committed to minimize its carbon footprint, aiming to reduce the total direct and indirect CO2 emissions by at least 30% by 2030 Vs 2019, while by 2050 it commits to achieve net zero emissions across its entire business activity.
As the Company's Chairman and CEO, Evangelos Mytilineos, stressed, "today, the need for urgent action to tackle climate change, is driving us to take a big step towards this direction. The time has come to set the ground for a 100% sustainable and green industrial activity, and we are committed and aspired to achieve 30% reduction in emissions across our entire business activity by 2030 and net zero emissions by 2050. The ambitious targets that we announce, are embedded in our corporate DNA, become a strategic pillar, a decision-making criterion, and a driver to every business operation. Moving forward, sustainable growth is and should be a priority for all. Only by aiming high and setting bold targets, all industries - including us - can ensure the creation of long-term value for all and a collective sustainable future for generations to come." By announcing the targets for the next decades, MYTILINEOS, paves the way for a sustainable future for both the Greek industry and the country.
The Company has a long history of commitment to social responsibility and environmental sustainability taken outstanding steps in building over the past years in building an integrated platform for sustainable growth. MYTILINEOS has invested heavily on expanding its renewable energy sources and PV portfolio and to significantly extend in capacity in secondary aluminum production, a sector ensuring 10 times lower emissions, in relation to the primary sector production. Today, by acknowledging the different needs arising from its expanded activities, MYTILINEOS steps up its long standing and solid commitment to sustainability, mytilineos.gr while unveiling and integrating this new strategy into the core of its activity and to each Business Unit, by: (1) Achieving net zero emissions and becoming a carbon neutral development & constructions company (Sustainable Engineering Solutions & Renewables & Storage Development) by 2030. (2) Becoming a global benchmark for Green Metallurgy by committing to reduce the absolute emissions of the Metallurgy Business Unit by 65% and, respectively, the relative emissions by 75% (as measured per ton of aluminium produced) by 2030 (3) Becoming a catalyst for a low-emission Greek electricity market, through the Electric Power & Gas Business Unit, by reducing its relative emissions by approximately 50% per MWh generated by 2030. With a long term and forward-looking growth strategy, that considers ESG and sustainability in general, as major pillars, MYTILINEOS has a track record of high performance, achieving a reduction of emissions per unit of revenue by more than 15% y-o-y, over the last 4 years. The new environmental targets, complement the already good performance in society-related and governance issues, thus spearheading the industry of the future. For further information, please contact: Ms. Antigoni Fakou:
MYTILINEOS Press Office, Tel. 210-6877346 | Fax 210-6877400
| E-mail: Antigoni.Fakou@mytilineos.gr.
MYTILINEOS: MYTILINEOS S.A. is a leading Greek industry active in Metallurgy, Power & Gas, Renewables & Storage and Sustainable Engineering Solutions. Established in Greece in 1990, the company is listed on the Athens Exchange, has a consolidated turnover of €1.9 billion and employs directly or indirectly more than 3,600 people in Greece and abroad.
https://www.mytilineos.gr/Uploads/nea/2021/MYTILINEOS_ESG_Commitments_EN.pdf
Dropbox Announces Fourth Quarter and Fiscal 2020 Results
Fourth Quarter Revenue of
Net Cash Provided by Operating Activities of
Surpasses
Fiscal 2020 Revenue of
Net Cash Provided by Operating Activities of
“2020 was a transformational year for Dropbox and I’m proud of the team for their resilience and focus in addressing our customers’ evolving needs,” said Dropbox Co-founder and Chief Executive Officer
Fourth Quarter Fiscal 2020 Results
- Total revenue was
$504.1 million , an increase of 13% from the same period last year. On a constant currency basis, year-over-year growth would have been 13%.(1) - Total ARR ended at
$2.022 billion , an increase of$41.2 million quarter-over-quarter and an increase of 11% year-over-year. On a constant currency basis, year-over-year growth would have been 12%.(2) - Paying users ended at 15.48 million, as compared to 14.31 million for the same period last year. Average revenue per paying user was
$130.17 , as compared to$125.00 for the same period last year. - GAAP gross margin was 79.0%, as compared to 76.5% in the same period last year. Non-GAAP gross margin was 80.1%, as compared to 77.6% in the same period last year.
- GAAP operating margin was (68.8%), as compared to (1.5%) in the same period last year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP operating margin was 25.3%, as compared to 15.6% in the same period last year.
- GAAP net loss was
($345.8) million , as compared to($6.6) million in the same period last year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP net income was$117.9 million , as compared to$67.4 million in the same period last year. - Net cash provided by operating activities was
$170.7 million , as compared to$186.8 million in the same period last year. Free cash flow was$158.4 million , as compared to$161.3 million in the same period last year. - GAAP basic and diluted net loss per share attributable to common stockholders was (
$0.84 ), as compared to ($0.02 ) in the same period last year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP diluted net income per share attributable to common stockholders was$0.28 , as compared to$0.16 in the same period last year.(3) - Cash, cash equivalents and short-term investments ended at
$1.121 billion .
Full Year Fiscal 2020 Results
- Total revenue was
$1.914 billion , an increase of 15% year over year. On a constant currency basis, year-over-year growth would have been 16%.(1) - Average revenue per paying user was
$128.50 , as compared to$123.07 in the prior year. - GAAP gross margin was 78.3%, as compared to 75.3% in the prior year. Non-GAAP gross margin was 79.4%, as compared to 76.4% in the prior year.
- GAAP operating margin was (14.5%), as compared to (4.8%) in the prior year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP operating margin was 21.4%, as compared to 12.3% in the prior year.
- GAAP net loss was
($256.3) million , as compared to($52.70) million in the prior year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP net income was$391.1 million , as compared to$207.0 million in the prior year. - Net cash provided by operating activities was
$570.8 million , as compared to$528.5 million in the prior year. Free cash flow was$490.7 million as compared to$392.4 million in the prior year. - GAAP basic and diluted net loss per share attributable to common stockholders was (
$0.62 ), as compared to ($0.13 ) in the prior year due to non-recurring impairment charges in the fourth quarter of 2020. Non-GAAP diluted net income per share attributable to common stockholders was$0.93 , as compared to$0.50 in the prior year.(4)
Material Impairment Charges
- In the fourth quarter of 2020, we announced a new Virtual First work model pursuant to which remote work will become the primary experience for all of our employees. As part of the Virtual First strategy, we will retain a portion of our office space to be used for team collaboration and a portion will be marketed for sublease. We reassessed our real estate asset groups and estimated the fair value of the office space to be subleased using current market conditions. Where the carrying value of the individual asset groups exceeded their fair value, an impairment charge was recognized for the difference. As a result, we recorded total impairment charges of
$398.2 million in the fourth quarter of 2020 for right-of-use and other lease related assets. We have excluded this impairment charge from non-GAAP operating income and non-GAAP net income. We continue to expect to incur additional charges related to certain European leases over the next twelve months, which could range between$0 and$50 million depending on the then current market and economic conditions.
Share Repurchase Authorization
- On
February 12, 2021 , the Board of Directors authorized Dropbox to repurchase an additional$1 billion of its Class A common stock. The repurchase is expected to be executed, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.
(1) We calculate constant currency revenue growth rates by applying the prior period weighted average exchange rates to current period results.
(2) We calculate total annual recurring revenue ("Total ARR") as the number of users who have active paid licenses for access to our platform as of the end of the period, multiplied by their annualized subscription price to our platform. We adjust our exchange rates used to calculate Total ARR on an annual basis, at the beginning of each fiscal year. We calculate constant currency Total ARR growth rates by applying the current period rate to prior period results.
(3) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 416.1 million and 417.9 million diluted weighted-average shares of common stock for the three months ended
(4) Non-GAAP diluted net income per share attributable to common stockholders is calculated based upon 419.3 million and 416.6 million diluted weighted-average shares of common stock for the fiscal year ended
Financial Outlook
Dropbox will provide forward-looking guidance in connection with this quarterly earnings announcement on its conference call, webcast, and on its investor relations website at http://investors.dropbox.com.
Conference Call Information
Dropbox plans to host a conference call today to review its fourth quarter and fiscal 2020 financial results and to discuss its financial outlook. This call is scheduled to begin at
Other Upcoming Events
Tim Regan , Chief Financial Officer, will be presenting atThe JMP Securities Technology Conference onTuesday, March 2nd .
During these events, a live webcast will be accessible from the Dropbox investor relations website at http://investors.dropbox.com. Following the event, a replay will be made available at the same location.
About Dropbox
Dropbox is the one place to keep life organized and keep work moving. With more than 700 million registered users across 180 countries, we're on a mission to design a more enlightened way of working. Dropbox is headquartered in
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "About Non-GAAP Financial Measures."
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among other things, our strategy, our ability to extend our platform by developing and offering new products or features and our expectations regarding future impairment charges. Words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "plans," and similar expressions are intended to identify forward-looking statements. Dropbox has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that Dropbox believes may affect its business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to risks, uncertainties, and assumptions including, but not limited to: (i) our ability to realize anticipated benefits to our business from our shift to a Virtual First work model as well as impacts to our financial results and business operations as a result of this shift, (ii) impacts to our financial results, business operations and the business of our customers, suppliers, partners and the economy as a result of the COVID-19 pandemic, and related public health measures, as well as the potential for a more permanent global shift to remote work, (iii) our ability to retain and upgrade paying users, in particular paying users impacted by the COVID-19 pandemic, and increase our recurring revenue; (iv) our ability to attract new users or convert registered users to paying users, in particular prospective paying users financially impacted by the COVID-19 pandemic; (v) our future financial performance, including trends in revenue, costs of revenue, gross profit or gross margin, operating expenses, paying users, and free cash flow; (vi) our history of net losses and our ability to achieve or maintain profitability; (vii) our liability for any unauthorized access to our data or our users’ content, including through privacy and data security breaches; (viii) significant disruption of service on our platform or loss of content, particularly from any potential disruptions in the supply chain for hardware necessary to offer our services that may result from the COVID-19 pandemic; (ix) any decline in demand for our platform or for content collaboration solutions in general; (x) changes in the interoperability of our platform across devices, operating systems, and third-party applications that we do not control; (xi) competition in our markets; (xii) our ability to respond to rapid technological changes, extend our platform, develop new features or products, or gain market acceptance for such new features or products, particularly in light of potential disruptions to the productivity of our employees that may result from our shift to a Virtual First work model; (xiii) our ability to manage our growth or plan for future growth; (xiv) our acquisition of other businesses and the potential of such acquisitions to require significant management attention, disrupt our business, or dilute stockholder value; (xv) our ability to attract and retain key personnel and highly qualified personnel; (xvi) our capital allocation plans with respect to our stock repurchase program and other investments; and (xvii) the dual class structure of our common stock and its effect of concentrating voting control with certain stockholders who held our capital stock prior to the completion of our initial public offering. Further information on risks that could affect Dropbox’s results is included in our filings with the
Dropbox, Inc. Condensed Consolidated Statements of Operations (In millions, except per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended |
| Twelve Months Ended | |||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||
Revenue | $ | 504.1 |
|
| $ | 446.0 |
|
| $ | 1,913.9 |
|
| $ | 1,661.3 |
| |
Cost of revenue(1) | 105.8 |
|
| 104.9 |
|
| 414.6 |
|
| 411.0 |
| |||||
Gross profit | 398.3 |
|
| 341.1 |
|
| 1,499.3 |
|
| 1,250.3 |
| |||||
Operating expenses(1): |
|
|
|
|
|
|
| |||||||||
Research and development | 176.6 |
|
| 176.9 |
|
| 727.5 |
|
| 662.1 |
| |||||
Sales and marketing | 109.9 |
|
| 106.3 |
|
| 422.8 |
|
| 423.3 |
| |||||
General and administrative | 60.2 |
|
| 64.5 |
|
| 227.8 |
|
| 245.4 |
| |||||
Impairment related to real estate assets(2) | 398.2 |
|
| — |
|
| 398.2 |
|
| — |
| |||||
Total operating expenses | 744.9 |
|
| 347.7 |
|
| 1,776.3 |
|
| 1,330.8 |
| |||||
Loss from operations | (346.6) |
|
| (6.6) |
|
| (277.0) |
|
| (80.5) |
| |||||
Interest income (expense), net | (0.9) |
|
| 2.6 |
|
| 1.7 |
|
| 12.5 |
| |||||
Other income, net | 2.0 |
|
| 1.6 |
|
| 25.1 |
|
| 16.0 |
| |||||
Loss before income taxes | (345.5) |
|
| (2.4) |
|
| (250.2) |
|
| (52.0) |
| |||||
Benefit from (provision for) income taxes | (0.3) |
|
| (4.2) |
|
| (6.1) |
|
| (0.7) |
| |||||
Net loss | $ | (345.8) |
|
| $ | (6.6) |
|
| $ | (256.3) |
|
| $ | (52.7) |
| |
Net loss per share attributable to common stockholders | $ | (0.84) |
|
| $ | (0.02) |
|
| $ | (0.62) |
|
| $ | (0.13) |
| |
Weighted-average shares used in computing net loss per share attributable to common stockholders | 411.4 |
|
| 415.4 |
|
| 414.3 |
|
| 411.6 |
| |||||
(1) Includes stock-based compensation expense as follows (in millions):
| Three Months Ended |
| Twelve Months Ended | |||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||
Cost of revenue | $ | 4.5 |
|
| $ | 4.0 |
|
| $ | 17.1 |
|
| $ | 15.8 |
| |
Research and development | 43.0 |
|
| 40.5 |
|
| 174.1 |
|
| 147.6 |
| |||||
Sales and marketing | 8.6 |
|
| 7.8 |
|
| 33.7 |
|
| 31.4 |
| |||||
General and administrative(3) | 13.3 |
|
| 17.0 |
|
| 36.6 |
|
| 66.4 |
| |||||
(2) Includes impairment charges related to certain right-of-use and other lease related assets as a result of our decision to shift to a Virtual First work model.
(3) On
Dropbox, Inc. Condensed Consolidated Balance Sheets (In millions) (Unaudited) | ||||||||
| As of | |||||||
| December 31, 2020 |
| December 31, 2019 | |||||
Assets |
|
|
| |||||
Current assets: |
|
|
| |||||
Cash and cash equivalents | $ | 314.9 |
|
| $ | 551.3 |
| |
Short-term investments | 806.4 |
|
| 607.7 |
| |||
Trade and other receivables, net | 43.4 |
|
| 36.7 |
| |||
Prepaid expenses and other current assets | 62.8 |
|
| 47.5 |
| |||
Total current assets | 1,227.5 |
|
| 1,243.2 |
| |||
Property and equipment, net | 338.7 |
|
| 445.3 |
| |||
Operating lease right-of-use asset | 470.5 |
|
| 657.9 |
| |||
Intangible assets, net | 33.5 |
|
| 47.4 |
| |||
236.9 |
|
| 234.5 |
| ||||
Other assets | 80.1 |
|
| 70.9 |
| |||
Total assets | $ | 2,387.2 |
|
| $ | 2,699.2 |
| |
Liabilities and stockholders’ equity |
|
|
| |||||
Current liabilities: |
|
|
| |||||
Accounts payable | $ | 18.7 |
|
| $ | 40.7 |
| |
Accrued and other current liabilities | 156.7 |
|
| 161.9 |
| |||
Accrued compensation and benefits | 113.6 |
|
| 101.4 |
| |||
Operating lease liability | 88.7 |
|
| 79.9 |
| |||
Finance lease obligation | 99.6 |
|
| 76.7 |
| |||
Deferred revenue | 610.5 |
|
| 554.2 |
| |||
Total current liabilities | 1,087.8 |
|
| 1,014.8 |
| |||
Operating lease liability, non-current | 759.6 |
|
| 711.9 |
| |||
Finance lease obligation, non-current | 171.6 |
|
| 138.2 |
| |||
Other non-current liabilities | 34.4 |
|
| 25.9 |
| |||
Total liabilities | 2,053.4 |
|
| 1,890.8 |
| |||
Stockholders’ equity: |
|
|
| |||||
Additional paid-in-capital | 2,564.3 |
|
| 2,531.3 |
| |||
Accumulated deficit | (2,241.4) |
|
| (1,726.2) |
| |||
Accumulated other comprehensive income | 10.9 |
|
| 3.3 |
| |||
Total stockholders’ equity | 333.8 |
|
| 808.4 |
| |||
Total liabilities and stockholders’ equity | $ | 2,387.2 |
|
| $ | 2,699.2 |
| |
Dropbox, Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited) | ||||||||||||||||
| Three Months Ended |
| Twelve Months Ended | |||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||
Cash flows from operating activities |
|
|
|
|
|
|
| |||||||||
Net loss | $ | (345.8) |
|
| $ | (6.6) |
|
| $ | (256.3) |
|
| $ | (52.7) |
| |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
| |||||||||
Depreciation and amortization | 38.8 |
|
| 41.0 |
|
| 159.3 |
|
| 173.5 |
| |||||
Stock-based compensation | 69.4 |
|
| 69.3 |
|
| 261.5 |
|
| 261.2 |
| |||||
Impairment related to real estate assets | 398.2 |
|
| — |
|
| 398.2 |
|
| — |
| |||||
Net (gains) losses on equity investments | — |
|
| 1.2 |
|
| (17.5) |
|
| — |
| |||||
Amortization of deferred commissions | 6.9 |
|
| 4.8 |
|
| 24.4 |
|
| 17.5 |
| |||||
Other | (1.7) |
|
| (3.8) |
|
| (2.6) |
|
| (16.6) |
| |||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
| |||||||||
Trade and other receivables, net | 7.4 |
|
| 2.0 |
|
| (5.5) |
|
| (7.5) |
| |||||
Prepaid expenses and other current assets | (15.4) |
|
| 7.9 |
|
| (39.4) |
|
| (18.2) |
| |||||
Other assets | 6.6 |
|
| 19.4 |
|
| 62.0 |
|
| 61.2 |
| |||||
Accounts payable | (11.0) |
|
| 8.8 |
|
| (19.9) |
|
| 6.4 |
| |||||
Accrued and other current liabilities | 12.9 |
|
| 13.5 |
|
| (9.8) |
|
| 23.0 |
| |||||
Accrued compensation and benefits | 19.8 |
|
| 22.2 |
|
| 11.7 |
|
| 19.1 |
| |||||
Deferred revenue | 11.7 |
|
| 14.0 |
|
| 55.1 |
|
| 68.7 |
| |||||
Other non-current liabilities | (30.3) |
|
| (16.8) |
|
| (72.9) |
|
| (62.4) |
| |||||
Tenant improvement allowance reimbursement | 3.2 |
|
| 9.9 |
|
| 22.5 |
|
| 55.3 |
| |||||
Net cash provided by operating activities | 170.7 |
|
| 186.8 |
|
| 570.8 |
|
| 528.5 |
| |||||
Cash flows from investing activities |
|
|
|
|
|
|
| |||||||||
Capital expenditures | (12.3) |
|
| (25.5) |
|
| (80.1) |
|
| (136.1) |
| |||||
Purchase of intangible assets | — |
|
| — |
|
| (0.2) |
|
| (1.7) |
| |||||
Business combinations, net of cash acquired | — |
|
| (2.3) |
|
| — |
|
| (173.9) |
| |||||
Purchases of short-term investments | (215.0) |
|
| (192.7) |
|
| (756.1) |
|
| (775.4) |
| |||||
Proceeds from sales of short-term investments | 15.8 |
|
| 115.1 |
|
| 198.8 |
|
| 456.1 |
| |||||
Proceeds from maturities of short-term investments | 164.8 |
|
| 58.1 |
|
| 386.7 |
|
| 294.8 |
| |||||
Other | 4.7 |
|
| 6.1 |
|
| 17.3 |
|
| 16.2 |
| |||||
Net cash used in investing activities | (42.0) |
|
| (41.2) |
|
| (233.6) |
|
| (320.0) |
| |||||
Cash flows from financing activities |
|
|
|
|
|
|
| |||||||||
Shares withheld related to net share settlement | (25.7) |
|
| (18.3) |
|
| (92.2) |
|
| (85.4) |
| |||||
Proceeds from issuance of common stock, net of repurchases | 0.7 |
|
| 0.2 |
|
| 2.3 |
|
| 2.2 |
| |||||
Principal payments on finance lease obligations | (24.6) |
|
| (21.1) |
|
| (89.5) |
|
| (92.9) |
| |||||
Common stock repurchases | (220.2) |
|
| — |
|
| (397.5) |
|
| — |
| |||||
Other | — |
|
| (0.2) |
|
| (0.8) |
|
| (0.6) |
| |||||
Net cash used in financing activities | (269.8) |
|
| (39.4) |
|
| (577.7) |
|
| (176.7) |
| |||||
Effect of exchange rate changes on cash and cash equivalents | 3.3 |
|
| 1.9 |
|
| 4.1 |
|
| 0.2 |
| |||||
Change in cash and cash equivalents | (137.8) |
|
| 108.1 |
|
| (236.4) |
|
| 32.0 |
| |||||
Cash and cash equivalents - beginning of period | 452.7 |
|
| 443.2 |
|
| 551.3 |
|
| 519.3 |
| |||||
Cash and cash equivalents - end of period | $ | 314.9 |
|
| $ | 551.3 |
|
| $ | 314.9 |
|
| $ | 551.3 |
| |
|
|
|
|
|
|
|
| |||||||||
Supplemental cash flow data: |
|
|
|
|
|
|
| |||||||||
Property and equipment acquired under finance leases | $ | 39.9 |
|
| $ | 37.1 |
|
| $ | 145.8 |
|
| $ | 144.1 |
| |
Dropbox, Inc. Three months ended Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) | ||||||||||||||||||||||||
| GAAP |
| Stock-based |
| Acquisition- |
| Intangibles |
| Impairment |
| Non-GAAP | |||||||||||||
Cost of revenue | $ | 105.8 |
|
| $ | (4.5) |
|
| $ | — |
|
| $ | (0.9) |
|
| $ | — |
|
| $ | 100.4 |
| |
Cost of revenue margin | 21.0 | % |
| (0.9 | %) |
| — | % |
| (0.2 | %) |
| — | % |
| 19.9 | % | |||||||
Gross profit | 398.3 |
|
| 4.5 |
|
| — |
|
| 0.9 |
|
| — |
|
| 403.7 |
| |||||||
Gross margin | 79.0 | % |
| 0.9 | % |
| — | % |
| 0.2 | % |
| — | % |
| 80.1 | % | |||||||
Research and development | 176.6 |
|
| (43.0) |
|
| (4.2) |
|
| — |
|
| — |
|
| 129.4 |
| |||||||
Research and development margin | 35.0 | % |
| (8.5 | %) |
| (0.8 | %) |
| — | % |
| — | % |
| 25.7 | % | |||||||
Sales and marketing | 109.9 |
|
| (8.6) |
|
| — |
|
| (1.5) |
|
| — |
|
| 99.8 |
| |||||||
Sales and marketing margin | 21.8 | % |
| (1.7 | %) |
| — | % |
| (0.3 | %) |
| — | % |
| 19.8 | % | |||||||
General and administrative | 60.2 |
|
| (13.3) |
|
| — |
|
| — |
|
| — |
|
| 46.9 |
| |||||||
General and administrative margin | 11.9 | % |
| (2.6 | %) |
| — | % |
| — | % |
| — | % |
| 9.3 | % | |||||||
Impairment related to real estate assets | 398.2 |
|
| — |
|
| — |
|
| — |
|
| (398.2) |
|
| — |
| |||||||
Impairment related to real estate assets margin | 79.0 | % |
| — | % |
| — | % |
| — | % |
| (79.0 | %) |
| — | % | |||||||
Income (loss) from operations | $ | (346.6) |
|
| $ | 69.4 |
|
| $ | 4.2 |
|
| $ | 2.4 |
|
| $ | 398.2 |
|
| $ | 127.6 |
| |
Operating margin | (68.8 | %) |
| 13.8 | % |
| 0.8 | % |
| 0.5 | % |
| 79.0 | % |
| 25.3 | % | |||||||
(1) Includes impairment charges related to certain right-of-use and other lease related assets as a result of our decision to shift to a Virtual First work model.
Three months ended Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) | ||||||||||||||||||||
| GAAP |
| Stock-based |
| Acquisition- |
| Intangibles |
| Non-GAAP | |||||||||||
Cost of revenue | $ | 104.9 |
|
| $ | (4.0) |
|
| $ | — |
|
| $ | (0.9) |
|
| $ | 100.0 |
| |
Cost of revenue margin | 23.5 | % |
| (0.9 | %) |
| — | % |
| (0.2 | %) |
| 22.4 | % | ||||||
Gross profit | 341.1 |
|
| 4.0 |
|
| — |
|
| 0.9 |
|
| 346.0 |
| ||||||
Gross margin | 76.5 | % |
| 0.9 | % |
| — | % |
| 0.2 | % |
| 77.6 | % | ||||||
Research and development | 176.9 |
|
| (40.5) |
|
| (4.1) |
|
| — |
|
| 132.3 |
| ||||||
Research and development margin | 39.7 | % |
| (9.1 | %) |
| (0.9 | %) |
| — | % |
| 29.7 | % | ||||||
Sales and marketing | 106.3 |
|
| (7.8) |
|
| — |
|
| (1.4) |
|
| 97.1 |
| ||||||
Sales and marketing margin | 23.8 | % |
| (1.7 | %) |
| — | % |
| (0.3 | %) |
| 21.8 | % | ||||||
General and administrative | 64.5 |
|
| (17.0) |
|
| (0.4) |
|
| — |
|
| 47.1 |
| ||||||
General and administrative margin | 14.5 | % |
| (3.8 | %) |
| (0.1 | %) |
| — | % |
| 10.6 | % | ||||||
Income (loss) from operations | $ | (6.6) |
|
| $ | 69.3 |
|
| $ | 4.5 |
|
| $ | 2.3 |
|
| $ | 69.5 |
| |
Operating margin | (1.5 | %) |
| 15.5 | % |
| 1.0 | % |
| 0.5 | % |
| 15.6 | % | ||||||
Dropbox, Inc. Twelve months ended Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) | ||||||||||||||||||||||||
| GAAP |
| Stock-based |
| Acquisition- |
| Intangibles |
| Impairment |
| Non-GAAP | |||||||||||||
Cost of revenue | $ | 414.6 |
|
| $ | (17.1) |
|
| $ | — |
|
| $ | (3.9) |
|
| $ | — |
|
| $ | 393.6 |
| |
Cost of revenue margin | 21.7 | % |
| (0.9 | %) |
| — | % |
| (0.2 | %) |
| — | % |
| 20.6 | % | |||||||
Gross profit | 1,499.3 |
|
| 17.1 |
|
| — |
|
| 3.9 |
|
| — |
|
| 1,520.3 |
| |||||||
Gross margin | 78.3 | % |
| 0.9 | % |
| — | % |
| 0.2 | % |
| — | % |
| 79.4 | % | |||||||
Research and development | 727.5 |
|
| (174.1) |
|
| (16.8) |
|
| — |
|
| — |
|
| 536.6 |
| |||||||
Research and development margin | 38.0 | % |
| (9.1 | %) |
| (0.9 | %) |
| — | % |
| — | % |
| 28.0 | % | |||||||
Sales and marketing | 422.8 |
|
| (33.7) |
|
| — |
|
| (5.6) |
|
| — |
|
| 383.5 |
| |||||||
Sales and marketing margin | 22.1 | % |
| (1.8 | %) |
| — | % |
| (0.3 | %) |
| — | % |
| 20.0 | % | |||||||
General and administrative | 227.8 |
|
| (36.6) |
|
| (0.1) |
|
| — |
|
| — |
|
| 191.1 |
| |||||||
General and administrative margin | 11.9 | % |
| (1.9 | %) |
| — | % |
| — | % |
| — | % |
| 10.0 | % | |||||||
Impairment related to real estate assets | 398.2 |
|
| — |
|
| — |
|
| — |
|
| (398.2) |
|
| — |
| |||||||
Impairment related to real estate assets margin | 20.8 | % |
| — | % |
| — | % |
| — | % |
| (20.8 | %) |
| — | % | |||||||
Income (loss) from operations | $ | (277.0) |
|
| $ | 261.5 |
|
| $ | 16.9 |
|
| $ | 9.5 |
|
| $ | 398.2 |
|
| $ | 409.1 |
| |
Operating margin | (14.5 | %) |
| 13.7 | % |
| 0.9 | % |
| 0.5 | % |
| 20.8 | % |
| 21.4 | % | |||||||
(1) Includes impairment charges related to certain right-of-use and other lease related assets as a result of our decision to shift to a Virtual First work model.
Twelve months ended Reconciliation of GAAP to Non-GAAP results (In millions, except for percentages, which may not foot due to rounding) (Unaudited) | ||||||||||||||||||||
| GAAP | Stock-based | Acquisition-related | Intangibles | Non-GAAP | |||||||||||||||
Cost of revenue | $ | 411.0 |
| $ | (15.8) |
| $ | — |
| $ | (3.4) |
| $ | 391.8 |
| |||||
Cost of revenue margin | 24.7 | % | (1.0 | %) | — | % | (0.2 | %) | 23.6 | % | ||||||||||
Gross profit | 1,250.3 |
| 15.8 |
| — |
| 3.4 |
| 1,269.5 |
| ||||||||||
Gross margin | 75.3 | % | 1.0 | % | — | % | 0.2 | % | 76.4 | % | ||||||||||
Research and development | 662.1 |
| (147.6) |
| (14.5) |
| — |
| 500.0 |
| ||||||||||
Research and development margin | 39.9 | % | (8.9 | %) | (0.9 | %) | — | % | 30.1 | % | ||||||||||
Sales and marketing | 423.3 |
| (31.4) |
| — |
| (5.0) |
| 386.9 |
| ||||||||||
Sales and marketing margin | 25.5 | % | (1.9 | %) | — | % | (0.3 | %) | 23.3 | % | ||||||||||
General and administrative | 245.4 |
| (66.4) |
| (1.4) |
| — |
| 177.6 |
| ||||||||||
General and administrative margin | 14.8 | % | (4.0 | %) | (0.1 | %) | — | % | 10.7 | % | ||||||||||
Income (loss) from operations | $ | (80.5) |
| $ | 261.2 |
| $ | 15.9 |
| $ | 8.4 |
| $ | 205.0 |
| |||||
Operating margin | (4.8 | %) | 15.7 | % | 1.0 | % | 0.5 | % | 12.3 | % | ||||||||||
Three and twelve months ended Reconciliation of GAAP net loss to Non-GAAP net income and Non-GAAP diluted net income per share (In millions, except per share data) (Unaudited) | ||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||
GAAP net loss | $ | (345.8) | $ | (6.6) | $ | (256.3) | $ | (52.7) | ||||
Stock-based compensation | 69.4 | 69.3 | 261.5 | 261.2 | ||||||||
Acquisition-related and other expenses | 4.2 | 4.5 | 16.9 | 15.9 | ||||||||
Amortization of acquired intangible assets | 2.4 | 2.3 | 9.5 | 8.4 | ||||||||
Impairment related to real estate assets | 398.2 | — | 398.2 | — | ||||||||
Net (gains) losses on equity investments | — | 1.2 | (17.5) | (4.5) | ||||||||
Income tax effects of non-GAAP adjustments | (10.5) | (3.3) | (21.2) | (21.3) | ||||||||
Non-GAAP net income | $ | 117.9 | $ | 67.4 | $ | 391.1 | $ | 207.0 | ||||
Non-GAAP diluted net income per share | $ | 0.28 | $ | 0.16 | $ | 0.93 | $ | 0.50 | ||||
Weighted-average shares used to compute Non-GAAP diluted net income per share | 416.1 | 417.9 | 419.3 | 416.6 | ||||||||
Dropbox, Inc. Three and twelve months ended Reconciliation of free cash flow and supplemental cash flow disclosure (In millions, except for percentages) (Unaudited) | ||||||||||||||||
| Three Months Ended |
| Twelve Months Ended | |||||||||||||
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||
Free cash flow reconciliation: |
|
|
|
|
|
|
| |||||||||
Net cash provided by operating activities | $ | 170.7 |
|
| $ | 186.8 |
|
| $ | 570.8 |
|
| $ | 528.5 |
| |
Less: |
|
|
|
|
|
|
| |||||||||
Capital expenditures | (12.3) |
|
| (25.5) |
|
| (80.1) |
|
| (136.1) |
| |||||
Free cash flow | $ | 158.4 |
|
| $ | 161.3 |
|
| $ | 490.7 |
|
| $ | 392.4 |
| |
Free cash flow margin | 31.4 | % |
| 36.2 | % |
| 25.6 | % |
| 23.6 | % | |||||
Supplemental disclosures: |
|
|
|
|
|
|
| |||||||||
Capital expenditures related to our corporate headquarters, net of tenant improvement allowances(1) | $ | 2.0 |
|
| $ | 13.2 |
|
| $ | 25.9 |
|
| $ | 64.3 |
| |
Key employee holdback payments related to the acquisition of HelloSign(2) | $ | 4.1 |
|
| $ | — |
|
| $ | 28.3 |
|
| $ | — |
| |
(1) Capital expenditures include cash outflows related to the build-out of our corporate headquarters in
(2) As part of our acquisition of HelloSign in 2019, we have employee holdback agreements with key HelloSign personnel consisting of
About Non-GAAP Financial Measures
To provide investors and others with additional information regarding Dropbox's results, we have disclosed the following non-GAAP financial measures: revenue growth and Total ARR growth excluding foreign exchange effect, which we refer to as on a constant currency basis, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses (including research and development, sales and marketing and general and administrative), non-GAAP income from operations, non-GAAP net income, free cash flow ("FCF") and non-GAAP diluted net income per share. Dropbox has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. Non-GAAP cost of revenue, gross profit, operating expenses, income from operations, and net income differ from GAAP in that they exclude stock-based compensation expense, amortization of acquired intangible assets, other acquisition-related expenses, which include third-party diligence costs and expenses related to key employee holdback agreements, and impairment charges related to real estate assets. Non-GAAP net income also excludes net gains and losses on equity investments, and includes the income tax effect of the aforementioned adjustments. FCF differs from GAAP net cash provided by operating activities in that it treats capital expenditures as a reduction to net cash provided by operating activities. Free cash flow margin is calculated as FCF divided by revenue. Non-GAAP diluted net income per share differs from GAAP diluted net loss per share in that the numerator utilizes the non-GAAP net income as described above, and the weighted average shares used in the computation include certain shares that are excluded from the GAAP diluted net loss per share calculation because their effect would have been anti-dilutive. For periods that we are in a GAAP net income position, the weighted average shares used in the computation are the same as the shares used in our non-GAAP diluted net income per share computation. In order to present revenue on a constant currency basis for the fiscal year and quarter ended
Dropbox's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short and long-term operating plans, and to evaluate Dropbox's financial performance and the ability to generate cash from operations. Management believes these non-GAAP financial measures reflect Dropbox's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in Dropbox's business, as they exclude expenses that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful supplemental information to investors and others in understanding and evaluating Dropbox's operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.
We believe that the non-GAAP financial measures, non-GAAP cost of revenue, gross profit, operating expenses, income from operations, net income, and diluted net income per share are meaningful to investors because they help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude.
We believe that FCF is an indicator of our liquidity over the long term, and provides useful information regarding cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow our business. FCF is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. FCF has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. Some of the limitations of FCF are that FCF does not reflect our future contractual commitments, excludes investments made to acquire assets under finance leases, includes capital expenditures related to our corporate headquarters, and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure.
The use of non-GAAP cost of revenue, gross profit, operating expenses, income from operations, net income, free cash flow, and diluted net income per share measures has certain limitations as they do not reflect all items of income, expense, and cash expenditures, as applicable, that affect Dropbox's operations. Dropbox mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable GAAP financial measures. Additionally, we have provided supplemental disclosures in our reconciliation of net cash provided by operating activities to free cash flow to include capital expenditures related to our corporate headquarters, net of tenant improvement allowances and key employee holdback payments related to the acquisition of HelloSign. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review Dropbox's financial information in its entirety and not rely on a single financial measure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005920/en/
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