Shlee
2021-09-23
Nice
EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":863463371,"tweetId":"863463371","gmtCreate":1632412792393,"gmtModify":1632729703042,"author":{"id":3573647345754035,"idStr":"3573647345754035","authorId":3573647345754035,"authorIdStr":"3573647345754035","name":"Shlee","avatar":"https://static.tigerbbs.com/4252964386d65759fde597203ee9a21f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Nice</p></body></html>","htmlText":"<html><head></head><body><p>Nice</p></body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/863463371","repostId":1159478468,"repostType":4,"repost":{"id":"1159478468","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1632411695,"share":"https://www.laohu8.com/m/news/1159478468?lang=zh_CN&edition=full","pubTime":"2021-09-23 23:41","market":"other","language":"en","title":"EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159478468","media":"Tiger Newspress","summary":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintr","content":"<p>(Sept 23) <a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/ESMT\">EngageSmart公司。</a>开盘价为37美元，较IPO价格上涨约43.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company</b></p><p><blockquote><b>公司</b></blockquote></p><p> Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p><p><blockquote>总部位于马萨诸塞州布伦特里的EngageSmart成立的目的是开发一个平台，提高针对某些垂直行业的客户参与度。</blockquote></p><p> Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p><p><blockquote>管理层由创始人兼首席执行官Robert P.Bennett领导，他自公司成立以来一直在公司工作，此前曾担任Sage Payment Solutions总裁。</blockquote></p><p> The company's primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul> <li>SimplePractice - Wellness</li> <li>InvoiceCloud - Government, Utilities and Financial Services</li> <li>HealthPay24 - Healthcare</li> <li>DonorDrive - Non-profit and Corporate Fundraising</li> </ul> EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p><p><blockquote><ul><li>简单实践-健康</li><li>InvoiceCloud–政府、公用事业和金融服务</li><li>HealthPay24-医疗保健</li><li>DonorDrive-非营利和企业筹款</li></ul>EngageSmart已从General Atlantic和Summit Partners等投资者那里获得了至少4.51亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p><p><blockquote>该公司通过其直销队伍和在线服务追求大型企业客户和中小型企业客户。</blockquote></p><p> As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p><p><blockquote>截至2021年6月30日，该公司已为中小企业市场的68,000多家客户和企业解决方案领域的3,000多家客户提供服务。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而下降，如下图所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>33.1%</p><p><blockquote><td>33.1%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>43.1%</p><p><blockquote><td>43.1%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近的报告期略有下降至1.1倍，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>1.1</p><p><blockquote><td>1.1</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日，ESMT的最新计算结果为64%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td> </tr> <tr> <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td> <td>59%</p><p><blockquote><td>59%</td></blockquote></p><p></td> </tr> <tr> <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td> <td>5%</p><p><blockquote><td>5%</td></blockquote></p><p></td> </tr> <tr> <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td> <td>64%</p><p><blockquote><td>64%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>截至2020年12月31日，该公司以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market & Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p><p><blockquote>根据Mordor Intelligence的2021年市场研究报告，2020年全球客户参与解决方案市场规模估计为155亿美元，预计到2026年将达到309亿美元。</blockquote></p><p> This represents a forecast CAGR of 12.65% from 2021 to 2026.</p><p><blockquote>这意味着2021年至2026年的预测复合年增长率为12.65%。</blockquote></p><p> The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p><p><blockquote>这一预期增长的主要驱动力是技术解决方案的增长，以改善客户通过他们用来与企业联系的任何设备的旅程。</blockquote></p><p> Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p><p><blockquote>此外，降低客户流失率的愿望会导致企业财务状况的改善和估值的增长。</blockquote></p><p> Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p><p><blockquote>下图显示了2018年美国不同行业客户流失率的变化：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul> <li>IBM(NYSE:IBM)</p><p><blockquote><ul><li>IBM（纽约证券交易所代码：IBM）</li></ul></blockquote></p><p></li> <li>Microsoft(NASDAQ:MSFT)</p><p><blockquote><li>微软（纳斯达克：MSFT）</li></blockquote></p><p></li> <li>Nuance(NASDAQ:NUAN)</p><p><blockquote><li>细微差别（纳斯达克：暖）</li></blockquote></p><p></li> <li>Oracle(NYSE:ORCL)</p><p><blockquote><li>甲骨文（纽约证券交易所代码：ORCL）</li></blockquote></p><p></li> <li>Salesforce(NYSE:CRM)</p><p><blockquote><li>Salesforce（纽约证券交易所代码：CRM）</li></blockquote></p><p></li> <li>Avaya(NYSE:AVYA)</p><p><blockquote><li>Avaya（纽约证券交易所代码：AVYA）</li></blockquote></p><p></li> <li>Calabrio</p><p><blockquote><li>卡拉布里奥</li></blockquote></p><p></li> <li>Aspect Software</p><p><blockquote><li>Aspect软件</li></blockquote></p><p></li> <li>Genesys</p><p><blockquote><li>创世纪</li></blockquote></p><p></li> <li>Verint Systems(NASDAQ:VRNT)</p><p><blockquote><li>Verint Systems（纳斯达克：VRNT）</li></blockquote></p><p></li> <li>NICE Ltd.(NASDAQ:NICE)</p><p><blockquote><li>尼斯有限公司（纳斯达克：NICE）</li></blockquote></p><p></li> <li>OpenText</p><p><blockquote><li>OpenText</li></blockquote></p><p></li> <li>Pegasystems(NASDAQ:PEGA)</p><p><blockquote><li>飞马系统（纳斯达克：PEGA）</li></blockquote></p><p></li> <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> EngageSmart's recent financial results can be summarized as follows:</p><p><blockquote>EngageSmart最近的财务业绩可总结如下：</blockquote></p><p> <ul> <li>Growing topline revenue</p><p><blockquote><ul><li>营收不断增长</li></ul></blockquote></p><p></li> <li>Increasing gross profit and high gross margin</p><p><blockquote><li>毛利提升毛利率高</li></blockquote></p><p></li> <li>Growing operating profit and net income</p><p><blockquote><li>营业利润和净利润不断增长</li></blockquote></p><p></li> <li>Increasing cash flow from operations</p><p><blockquote><li>增加经营现金流</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm's registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 99,171,000</p><p><blockquote><td>$99,171,000</td></blockquote></p><p></td> <td>58.6%</p><p><blockquote><td>58.6%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 146,557,000</p><p><blockquote><td>$146,557,000</td></blockquote></p><p></td> <td>77.8%</p><p><blockquote><td>77.8%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 82,432,000</p><p><blockquote><td>$82,432,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 73,673,000</p><p><blockquote><td>$73,673,000</td></blockquote></p><p></td> <td>61.4%</p><p><blockquote><td>61.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 108,964,000</p><p><blockquote><td>$108,964,000</td></blockquote></p><p></td> <td>89.2%</p><p><blockquote><td>89.2%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 57,591,000</p><p><blockquote><td>$57,591,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>74.29%</p><p><blockquote><td>74.29%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>74.35%</p><p><blockquote><td>74.35%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>69.86%</p><p><blockquote><td>69.86%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td> <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 5,001,000</p><p><blockquote><td>$5,001,000</td></blockquote></p><p></td> <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 648,000</p><p><blockquote><td>$648,000</td></blockquote></p><p></td> <td>0.4%</p><p><blockquote><td>0.4%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (50,398,000)</p><p><blockquote><td>$(50,398,000)</td></blockquote></p><p></td> <td>-61.1%</p><p><blockquote><td>-61.1%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 274,000</p><p><blockquote><td>$274,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (6,678,000)</p><p><blockquote><td>$(6,678,000)</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (53,598,000)</p><p><blockquote><td>$(53,598,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 12,044,000</p><p><blockquote><td>$12,044,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 19,645,000</p><p><blockquote><td>$19,645,000</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (1,427,000)</p><p><blockquote><td>$(1,427,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr></tr><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，EngageSmart拥有现金3180万美元，总负债1.518亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月内的自由现金流为2520万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p><p><blockquote>ESMT打算出售1300万股股票，出售股东将以每股24.00美元的拟议中中间价发行155万股普通股，总收益约为3.49亿美元，不包括出售惯常承销商期权。</blockquote></p><p> New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p><p><blockquote>新的潜在投资者Dragoneer Investment Group已表示有兴趣购买此次发行的210万股股票，即按拟议中的中点价格购买约5040万美元。</blockquote></p><p> Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p><p><blockquote>假设在拟议价格范围的中点成功IPO，该公司IPO时的企业价值（前承销商期权）将约为37亿美元。</blockquote></p><p> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p><p><blockquote>排除承销商期权和私募股份或限制性股票（如有）的影响，流通股与流通股的比率约为9.04%。低于10%的数字通常被认为是“低流通量”股票，可能会受到价格大幅波动的影响。</blockquote></p><p> Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p><p><blockquote>根据该公司最新的监管文件，它计划使用净收益如下：</blockquote></p><p> We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures. Source: SEC Management's presentation of the company roadshow isavailable here.</p><p><blockquote>我们预计将使用本次发行的净收益全额偿还我们信贷安排下约1.142亿美元的未偿借款。我们目前打算将本次发行的剩余净收益用于一般公司目的，包括为我们的增长提供资金、收购互补业务、产品、服务或技术、营运资金、运营费用和资本支出。资料来源：SEC管理层对公司路演的介绍可在此处获得。</blockquote></p><p> Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p><p><blockquote>关于未决法律诉讼，截至监管备案日，管理层未披露针对该公司的任何法律索赔。</blockquote></p><p> Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p><p><blockquote>此次IPO的上市承销商包括摩根大通、高盛、美银证券和其他投资银行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p></p><p> Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td> </tr> <tr> <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td> <td>$3,862,956,720</p><p><blockquote><td>$3,862,956,720</td></blockquote></p><p></td> </tr> <tr> <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td> <td>$3,656,695,720</p><p><blockquote><td>$3,656,695,720</td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> </tr> <tr> <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td> <td>9.04%</p><p><blockquote><td>9.04%</td></blockquote></p><p></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td> <td>$24.00</p><p><blockquote><td>$24.00</td></blockquote></p><p></td> </tr> <tr> <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td> <td>$25,236,000</p><p><blockquote><td>$25,236,000</td></blockquote></p><p></td> </tr> <tr> <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td> <td>0.65%</p><p><blockquote><td>0.65%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> Source: SEC</p><p><blockquote><tr></tr>资料来源：SEC</blockquote></p><p> As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，潜在的公共可比公司是NICE Ltd.；下图是其主要估值指标的比较：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Nice Ltd.</b></p><p><blockquote><td><b>尼斯有限公司。</b></td></blockquote></p><p></td> <td><b>EngageSmart</b></p><p><blockquote><td><b>参与智能</b></td></blockquote></p><p></td> <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>11.01</p><p><blockquote><td>11.01</td></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> <td>91.5%</p><p><blockquote><td>91.5%</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>10.67</p><p><blockquote><td>10.67</td></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> <td>87.1%</p><p><blockquote><td>87.1%</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>41.73</p><p><blockquote><td>41.73</td></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> <td>804.3%</p><p><blockquote><td>804.3%</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$3.05</p><p><blockquote><td>$3.05</td></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>5.3%</p><p><blockquote><td>5.3%</td></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> <td>1003.34%</p><p><blockquote><td>1003.34%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> (S-1/A andSeeking Alpha)</p><p><blockquote><tr></tr>（S-1/A和Seeking Alpha）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p><p><blockquote>ESMT正在寻求公共投资来偿还债务及其未具体说明的总体企业增长计划。</blockquote></p><p> The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p><p><blockquote>该公司的财务数据显示，随着运营现金流的增长，营业利润和小幅净利润增长强劲。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流为2520万美元。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p><p><blockquote>随着收入的增加，销售和营销费用占总收入的百分比有所下降，其销售和营销效率在最近六个月的报告期内降至1.1倍。</blockquote></p><p> The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>该公司的40法则表现出色，截至2020年12月31日止年度以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p><p><blockquote>为企业提供客户参与软件的市场机会很大，预计到2026年底规模将翻一番，因此该公司将受益于强劲的行业增长动力。</blockquote></p><p> JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>摩根大通是主要承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为20.4%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p><p><blockquote>该公司前景的主要风险是大型公司有能力将其部分服务捆绑到现有产品中，从而导致价格下行压力和竞争加剧。</blockquote></p><p> As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p><p><blockquote>至于估值，与部分竞争对手NICE相比，ESMT的收入增长速度要快得多，因此其更高的收入倍数似乎是合理的。</blockquote></p><p> Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p><p><blockquote>此外，该公司的增长速度远快于竞争对手Pegasystems，因此似乎正在从这些公司和其他公司手中夺取客户参与市场的市场份额。</blockquote></p><p> Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p><p><blockquote>鉴于该公司相对于竞争对手的强劲增长和运营指标，虽然IPO并不便宜，但值得考虑。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEngageSmart opens for trading at $37, up about 43.6% from IPO price<blockquote>EngageSmart开盘价为37美元，较IPO价格上涨约43.6%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-09-23 23:41</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23) <a href=\"https://laohu8.com/S/ESMT\">EngageSmart Inc.</a> opens for trading at $37, up about 43.6% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/ESMT\">EngageSmart公司。</a>开盘价为37美元，较IPO价格上涨约43.6%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/835bc9b4ff09e761852f27f75743b887\" tg-width=\"898\" tg-height=\"550\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company</b></p><p><blockquote><b>公司</b></blockquote></p><p> Braintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.</p><p><blockquote>总部位于马萨诸塞州布伦特里的EngageSmart成立的目的是开发一个平台，提高针对某些垂直行业的客户参与度。</blockquote></p><p> Management is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.</p><p><blockquote>管理层由创始人兼首席执行官Robert P.Bennett领导，他自公司成立以来一直在公司工作，此前曾担任Sage Payment Solutions总裁。</blockquote></p><p> The company's primary offerings include:</p><p><blockquote>该公司的主要产品包括：</blockquote></p><p> <ul> <li>SimplePractice - Wellness</li> <li>InvoiceCloud - Government, Utilities and Financial Services</li> <li>HealthPay24 - Healthcare</li> <li>DonorDrive - Non-profit and Corporate Fundraising</li> </ul> EngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.</p><p><blockquote><ul><li>简单实践-健康</li><li>InvoiceCloud–政府、公用事业和金融服务</li><li>HealthPay24-医疗保健</li><li>DonorDrive-非营利和企业筹款</li></ul>EngageSmart已从General Atlantic和Summit Partners等投资者那里获得了至少4.51亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.</p><p><blockquote>该公司通过其直销队伍和在线服务追求大型企业客户和中小型企业客户。</blockquote></p><p> As of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.</p><p><blockquote>截至2021年6月30日，该公司已为中小企业市场的68,000多家客户和企业解决方案领域的3,000多家客户提供服务。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的增加而下降，如下图所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Expenses vs. Revenue</b></p><p><blockquote><td><b>费用与收入</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Percentage</p><p><blockquote><td>百分比</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>32.4%</p><p><blockquote><td>32.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>33.1%</p><p><blockquote><td>33.1%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>43.1%</p><p><blockquote><td>43.1%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元的销售和营销支出产生多少美元的额外新收入）在最近的报告期略有下降至1.1倍，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Selling and Marketing</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售及市场推广</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Efficiency Rate</b></p><p><blockquote><td><b>效率率</b></td></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Multiple</p><p><blockquote><td>多个的</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>1.1</p><p><blockquote><td>1.1</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.</p><p><blockquote>40法则是软件行业的经验法则，只要收入增长率和EBITDA百分比等于或超过40%，公司就处于可接受的增长/EBITDA轨迹上。</blockquote></p><p> ESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日，ESMT的最新计算结果为64%，因此该公司在这方面表现良好，如下表所示：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Rule of 40</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>40法则</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Calculation</b></p><p><blockquote><td><b>计算</b></td></blockquote></p><p></td> </tr> <tr> <td>Recent Rev. Growth %</p><p><blockquote><tr><td>近期收入增长%</td></tr></blockquote></p><p></td> <td>59%</p><p><blockquote><td>59%</td></blockquote></p><p></td> </tr> <tr> <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td> <td>5%</p><p><blockquote><td>5%</td></blockquote></p><p></td> </tr> <tr> <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td> <td>64%</p><p><blockquote><td>64%</td></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> The firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>截至2020年12月31日，该公司以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.</p><p><blockquote>基于美元的净收入保留率指标衡量随着时间的推移，每个客户群产生了多少额外收入，因此超过100%的数字意味着公司随着时间的推移从同一客户群产生了更多收入，表明良好的产品/市场契合度以及高效的销售和营销工作。</blockquote></p><p> <b>Market & Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.</p><p><blockquote>根据Mordor Intelligence的2021年市场研究报告，2020年全球客户参与解决方案市场规模估计为155亿美元，预计到2026年将达到309亿美元。</blockquote></p><p> This represents a forecast CAGR of 12.65% from 2021 to 2026.</p><p><blockquote>这意味着2021年至2026年的预测复合年增长率为12.65%。</blockquote></p><p> The main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.</p><p><blockquote>这一预期增长的主要驱动力是技术解决方案的增长，以改善客户通过他们用来与企业联系的任何设备的旅程。</blockquote></p><p> Also, a desire to reduce customer churn rate results in improved business financials and growing valuation.</p><p><blockquote>此外，降低客户流失率的愿望会导致企业财务状况的改善和估值的增长。</blockquote></p><p> Below is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:</p><p><blockquote>下图显示了2018年美国不同行业客户流失率的变化：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f1066adb602d05e4e99630aacf61e1c5\" tg-width=\"1060\" tg-height=\"922\" referrerpolicy=\"no-referrer\">Major competitive or other industry participants include:</p><p><blockquote>主要竞争对手或其他行业参与者包括：</blockquote></p><p> <ul> <li>IBM(NYSE:IBM)</p><p><blockquote><ul><li>IBM（纽约证券交易所代码：IBM）</li></ul></blockquote></p><p></li> <li>Microsoft(NASDAQ:MSFT)</p><p><blockquote><li>微软（纳斯达克：MSFT）</li></blockquote></p><p></li> <li>Nuance(NASDAQ:NUAN)</p><p><blockquote><li>细微差别（纳斯达克：暖）</li></blockquote></p><p></li> <li>Oracle(NYSE:ORCL)</p><p><blockquote><li>甲骨文（纽约证券交易所代码：ORCL）</li></blockquote></p><p></li> <li>Salesforce(NYSE:CRM)</p><p><blockquote><li>Salesforce（纽约证券交易所代码：CRM）</li></blockquote></p><p></li> <li>Avaya(NYSE:AVYA)</p><p><blockquote><li>Avaya（纽约证券交易所代码：AVYA）</li></blockquote></p><p></li> <li>Calabrio</p><p><blockquote><li>卡拉布里奥</li></blockquote></p><p></li> <li>Aspect Software</p><p><blockquote><li>Aspect软件</li></blockquote></p><p></li> <li>Genesys</p><p><blockquote><li>创世纪</li></blockquote></p><p></li> <li>Verint Systems(NASDAQ:VRNT)</p><p><blockquote><li>Verint Systems（纳斯达克：VRNT）</li></blockquote></p><p></li> <li>NICE Ltd.(NASDAQ:NICE)</p><p><blockquote><li>尼斯有限公司（纳斯达克：NICE）</li></blockquote></p><p></li> <li>OpenText</p><p><blockquote><li>OpenText</li></blockquote></p><p></li> <li>Pegasystems(NASDAQ:PEGA)</p><p><blockquote><li>飞马系统（纳斯达克：PEGA）</li></blockquote></p><p></li> <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> EngageSmart's recent financial results can be summarized as follows:</p><p><blockquote>EngageSmart最近的财务业绩可总结如下：</blockquote></p><p> <ul> <li>Growing topline revenue</p><p><blockquote><ul><li>营收不断增长</li></ul></blockquote></p><p></li> <li>Increasing gross profit and high gross margin</p><p><blockquote><li>毛利提升毛利率高</li></blockquote></p><p></li> <li>Growing operating profit and net income</p><p><blockquote><li>营业利润和净利润不断增长</li></blockquote></p><p></li> <li>Increasing cash flow from operations</p><p><blockquote><li>增加经营现金流</li></blockquote></p><p></li> </ul> Below are relevant financial results derived from the firm's registration statement:</p><p><blockquote>以下是来自公司注册声明的相关财务业绩：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Total Revenue</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>收入总额</b></td></tr></tbody></table></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Total Revenue</p><p><blockquote><td>收入总额</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 99,171,000</p><p><blockquote><td>$99,171,000</td></blockquote></p><p></td> <td>58.6%</p><p><blockquote><td>58.6%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 146,557,000</p><p><blockquote><td>$146,557,000</td></blockquote></p><p></td> <td>77.8%</p><p><blockquote><td>77.8%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 82,432,000</p><p><blockquote><td>$82,432,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td> <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 73,673,000</p><p><blockquote><td>$73,673,000</td></blockquote></p><p></td> <td>61.4%</p><p><blockquote><td>61.4%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 108,964,000</p><p><blockquote><td>$108,964,000</td></blockquote></p><p></td> <td>89.2%</p><p><blockquote><td>89.2%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ 57,591,000</p><p><blockquote><td>$57,591,000</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>74.29%</p><p><blockquote><td>74.29%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>74.35%</p><p><blockquote><td>74.35%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>69.86%</p><p><blockquote><td>69.86%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td> <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 5,001,000</p><p><blockquote><td>$5,001,000</td></blockquote></p><p></td> <td>5.0%</p><p><blockquote><td>5.0%</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 648,000</p><p><blockquote><td>$648,000</td></blockquote></p><p></td> <td>0.4%</p><p><blockquote><td>0.4%</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (50,398,000)</p><p><blockquote><td>$(50,398,000)</td></blockquote></p><p></td> <td>-61.1%</p><p><blockquote><td>-61.1%</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 274,000</p><p><blockquote><td>$274,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ (6,678,000)</p><p><blockquote><td>$(6,678,000)</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (53,598,000)</p><p><blockquote><td>$(53,598,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td> </tr> <tr> <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td> <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td> </tr> <tr> <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td> <td>$ 12,044,000</p><p><blockquote><td>$12,044,000</td></blockquote></p><p></td> </tr> <tr> <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td> <td>$ 19,645,000</p><p><blockquote><td>$19,645,000</td></blockquote></p><p></td> </tr> <tr> <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td> <td>$ (1,427,000)</p><p><blockquote><td>$(1,427,000)</td></blockquote></p><p></td> </tr> <tr></tr> <tr> <td>(Glossary Of Terms)</p><p><blockquote><tr></tr><tr><td>（术语表）</td></tr></blockquote></p><p></td> </tr> </tbody> </table> Source: SEC</p><p><blockquote>资料来源：SEC</blockquote></p><p> As of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，EngageSmart拥有现金3180万美元，总负债1.518亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月内的自由现金流为2520万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> ESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.</p><p><blockquote>ESMT打算出售1300万股股票，出售股东将以每股24.00美元的拟议中中间价发行155万股普通股，总收益约为3.49亿美元，不包括出售惯常承销商期权。</blockquote></p><p> New potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.</p><p><blockquote>新的潜在投资者Dragoneer Investment Group已表示有兴趣购买此次发行的210万股股票，即按拟议中的中点价格购买约5040万美元。</blockquote></p><p> Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.</p><p><blockquote>假设在拟议价格范围的中点成功IPO，该公司IPO时的企业价值（前承销商期权）将约为37亿美元。</blockquote></p><p> Excluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.</p><p><blockquote>排除承销商期权和私募股份或限制性股票（如有）的影响，流通股与流通股的比率约为9.04%。低于10%的数字通常被认为是“低流通量”股票，可能会受到价格大幅波动的影响。</blockquote></p><p> Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows:</p><p><blockquote>根据该公司最新的监管文件，它计划使用净收益如下：</blockquote></p><p> We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures. Source: SEC Management's presentation of the company roadshow isavailable here.</p><p><blockquote>我们预计将使用本次发行的净收益全额偿还我们信贷安排下约1.142亿美元的未偿借款。我们目前打算将本次发行的剩余净收益用于一般公司目的，包括为我们的增长提供资金、收购互补业务、产品、服务或技术、营运资金、运营费用和资本支出。资料来源：SEC管理层对公司路演的介绍可在此处获得。</blockquote></p><p> Regarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.</p><p><blockquote>关于未决法律诉讼，截至监管备案日，管理层未披露针对该公司的任何法律索赔。</blockquote></p><p> Listed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.</p><p><blockquote>此次IPO的上市承销商包括摩根大通、高盛、美银证券和其他投资银行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p></p><p> Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:</p><p><blockquote>下表列出了该公司IPO时的相关资本化和估值指标，不包括承销商期权的影响：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Measure [TTM]</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>测量[TTM]</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Amount</b></p><p><blockquote><td><b>数量</b></td></blockquote></p><p></td> </tr> <tr> <td>Market Capitalization at IPO</p><p><blockquote><tr><td>IPO时的市值</td></tr></blockquote></p><p></td> <td>$3,862,956,720</p><p><blockquote><td>$3,862,956,720</td></blockquote></p><p></td> </tr> <tr> <td>Enterprise Value</p><p><blockquote><tr><td>企业价值</td></tr></blockquote></p><p></td> <td>$3,656,695,720</p><p><blockquote><td>$3,656,695,720</td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> </tr> <tr> <td>Float To Outstanding Shares Ratio</p><p><blockquote><tr><td>流通股与流通股比率</td></tr></blockquote></p><p></td> <td>9.04%</p><p><blockquote><td>9.04%</td></blockquote></p><p></td> </tr> <tr> <td>Proposed IPO Midpoint Price per Share</p><p><blockquote><tr><td>建议IPO每股中点价格</td></tr></blockquote></p><p></td> <td>$24.00</p><p><blockquote><td>$24.00</td></blockquote></p><p></td> </tr> <tr> <td>Net Free Cash Flow</p><p><blockquote><tr><td>净自由现金流</td></tr></blockquote></p><p></td> <td>$25,236,000</p><p><blockquote><td>$25,236,000</td></blockquote></p><p></td> </tr> <tr> <td>Free Cash Flow Yield Per Share</p><p><blockquote><tr><td>每股自由现金流收益率</td></tr></blockquote></p><p></td> <td>0.65%</p><p><blockquote><td>0.65%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> Source: SEC</p><p><blockquote><tr></tr>资料来源：SEC</blockquote></p><p> As a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，潜在的公共可比公司是NICE Ltd.；下图是其主要估值指标的比较：</blockquote></p><p> <table> <colgroup></colgroup> <tbody> <tr> <td><b>Metric</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>公制</b></td></tr></tbody></table></blockquote></p><p></td> <td><b>Nice Ltd.</b></p><p><blockquote><td><b>尼斯有限公司。</b></td></blockquote></p><p></td> <td><b>EngageSmart</b></p><p><blockquote><td><b>参与智能</b></td></blockquote></p><p></td> <td><b>Variance</b></p><p><blockquote><td><b>差异</b></td></blockquote></p><p></td> </tr> <tr> <td>Price / Sales</p><p><blockquote><tr><td>价格/销售额</td></tr></blockquote></p><p></td> <td>11.01</p><p><blockquote><td>11.01</td></blockquote></p><p></td> <td>21.09</p><p><blockquote><td>21.09</td></blockquote></p><p></td> <td>91.5%</p><p><blockquote><td>91.5%</td></blockquote></p><p></td> </tr> <tr> <td>EV / Revenue</p><p><blockquote><tr><td>EV/收入</td></tr></blockquote></p><p></td> <td>10.67</p><p><blockquote><td>10.67</td></blockquote></p><p></td> <td>19.96</p><p><blockquote><td>19.96</td></blockquote></p><p></td> <td>87.1%</p><p><blockquote><td>87.1%</td></blockquote></p><p></td> </tr> <tr> <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td> <td>41.73</p><p><blockquote><td>41.73</td></blockquote></p><p></td> <td>377.37</p><p><blockquote><td>377.37</td></blockquote></p><p></td> <td>804.3%</p><p><blockquote><td>804.3%</td></blockquote></p><p></td> </tr> <tr> <td>Earnings Per Share</p><p><blockquote><tr><td>每股盈利</td></tr></blockquote></p><p></td> <td>$3.05</p><p><blockquote><td>$3.05</td></blockquote></p><p></td> <td>$0.00</p><p><blockquote><td>$0.00</td></blockquote></p><p></td> <td>-100.0%</p><p><blockquote><td>-100.0%</td></blockquote></p><p></td> </tr> <tr> <td>Revenue Growth Rate</p><p><blockquote><tr><td>收入增长率</td></tr></blockquote></p><p></td> <td>5.3%</p><p><blockquote><td>5.3%</td></blockquote></p><p></td> <td>58.59%</p><p><blockquote><td>58.59%</td></blockquote></p><p></td> <td>1003.34%</p><p><blockquote><td>1003.34%</td></blockquote></p><p></td> </tr> <tr></tr> </tbody> </table> (S-1/A andSeeking Alpha)</p><p><blockquote><tr></tr>（S-1/A和Seeking Alpha）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> ESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.</p><p><blockquote>ESMT正在寻求公共投资来偿还债务及其未具体说明的总体企业增长计划。</blockquote></p><p> The firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.</p><p><blockquote>该公司的财务数据显示，随着运营现金流的增长，营业利润和小幅净利润增长强劲。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流为2520万美元。</blockquote></p><p> Selling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.</p><p><blockquote>随着收入的增加，销售和营销费用占总收入的百分比有所下降，其销售和营销效率在最近六个月的报告期内降至1.1倍。</blockquote></p><p> The company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.</p><p><blockquote>该公司的40法则表现出色，截至2020年12月31日止年度以美元计算的净收入保留率为124%，这是一个强劲的业绩。</blockquote></p><p> The market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.</p><p><blockquote>为企业提供客户参与软件的市场机会很大，预计到2026年底规模将翻一番，因此该公司将受益于强劲的行业增长动力。</blockquote></p><p> JPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>摩根大通是主要承销商，该公司在过去12个月内牵头的IPO自IPO以来的平均回报率为20.4%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.</p><p><blockquote>该公司前景的主要风险是大型公司有能力将其部分服务捆绑到现有产品中，从而导致价格下行压力和竞争加剧。</blockquote></p><p> As for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.</p><p><blockquote>至于估值，与部分竞争对手NICE相比，ESMT的收入增长速度要快得多，因此其更高的收入倍数似乎是合理的。</blockquote></p><p> Also, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.</p><p><blockquote>此外，该公司的增长速度远快于竞争对手Pegasystems，因此似乎正在从这些公司和其他公司手中夺取客户参与市场的市场份额。</blockquote></p><p> Given the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.</p><p><blockquote>鉴于该公司相对于竞争对手的强劲增长和运营指标，虽然IPO并不便宜，但值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ESMT":"EngageSmart Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159478468","content_text":"(Sept 23) EngageSmart Inc. opens for trading at $37, up about 43.6% from IPO price.\n\nCompany\nBraintree, Massachusetts-based EngageSmart was founded to develop a platform that improves customer engagement tailored for certain industry verticals.\nManagement is headed by founder and CEO Robert P. Bennett, who has been with the firm since inception and was previously president of Sage Payment Solutions.\nThe company's primary offerings include:\n\nSimplePractice - Wellness\nInvoiceCloud - Government, Utilities and Financial Services\nHealthPay24 - Healthcare\nDonorDrive - Non-profit and Corporate Fundraising\n\nEngageSmart has received at least $451 million in equity investment from investors including General Atlantic and Summit Partners.\nCustomer Acquisition\nThe firm pursues both large enterprise customers and SMB customers via its direct sales force and online service.\nAs of June 30, 2021, the firm had served over 68,000 clients in the SMB market and more than 3,000 customers in its Enterprise Solutions segment.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenues have increased, as the figures below indicate:\n\n\n\n\nSelling and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n32.4%\n\n\n2020\n33.1%\n\n\n2019\n43.1%\n\n\n\nSource: SEC\nThe Selling and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling and Marketing spend, dropped slightly to 1.1x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSelling and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.1\n\n\n2020\n1.3\n\n\n\nSource: SEC\nThe Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory.\nESMT's most recent calculation was 64% as of June 30, 2021, so the firm is performing well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n59%\n\n\nEBITDA %\n5%\n\n\nTotal\n64%\n\n\n\nSource: SEC\nThe firm's dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe dollar-based net revenue retention rate metric measures how much additional revenue is generated over time from each cohort of customers, so that a figure over 100% means that the company is generating more revenue from the same customer cohort over time, indicating good product/market fit and efficient sales and marketing efforts.\nMarket & Competition\nAccording to a 2021 marketresearch reportby Mordor Intelligence, the global market for customer engagement solutions was an estimated $15.5 billion in 2020 and is forecast to reach $30.9 billion by 2026.\nThis represents a forecast CAGR of 12.65% from 2021 to 2026.\nThe main drivers for this expected growth are a growth in technology solutions to improve the customer journey via any device they use to connect with businesses.\nAlso, a desire to reduce customer churn rate results in improved business financials and growing valuation.\nBelow is a chart showing the variation in customer churn rates in different industries in the U.S. in 2018:\nMajor competitive or other industry participants include:\n\nIBM(NYSE:IBM)\nMicrosoft(NASDAQ:MSFT)\nNuance(NASDAQ:NUAN)\nOracle(NYSE:ORCL)\nSalesforce(NYSE:CRM)\nAvaya(NYSE:AVYA)\nCalabrio\nAspect Software\nGenesys\nVerint Systems(NASDAQ:VRNT)\nNICE Ltd.(NASDAQ:NICE)\nOpenText\nPegasystems(NASDAQ:PEGA)\nOthers\n\nFinancial Performance\nEngageSmart's recent financial results can be summarized as follows:\n\nGrowing topline revenue\nIncreasing gross profit and high gross margin\nGrowing operating profit and net income\nIncreasing cash flow from operations\n\nBelow are relevant financial results derived from the firm's registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 99,171,000\n58.6%\n\n\n2020\n$ 146,557,000\n77.8%\n\n\n2019\n$ 82,432,000\n\n\n\nGross Profit (Loss)\n\n\nPeriod\nGross Profit (Loss)\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 73,673,000\n61.4%\n\n\n2020\n$ 108,964,000\n89.2%\n\n\n2019\n$ 57,591,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.29%\n\n\n2020\n74.35%\n\n\n2019\n69.86%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 5,001,000\n5.0%\n\n\n2020\n$ 648,000\n0.4%\n\n\n2019\n$ (50,398,000)\n-61.1%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 274,000\n\n\n2020\n$ (6,678,000)\n\n\n2019\n$ (53,598,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ 12,044,000\n\n\n2020\n$ 19,645,000\n\n\n2019\n$ (1,427,000)\n\n\n\n(Glossary Of Terms)\n\n\n\nSource: SEC\nAs of June 30, 2021, EngageSmart had $31.8 million in cash and $151.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $25.2 million.\nIPO Details\nESMT intends to sell 13 million shares and selling shareholders will offer 1.55 million shares of common stock at a proposed midpoint price of $24.00 per share for gross proceeds of approximately $349 million, not including the sale of customary underwriter options.\nNew potential investor Dragoneer Investment Group has indicated an interest to purchase 2.1 million shares of the offering or about $50.4 million at the proposed midpoint price.\nAssuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (ex- underwriter options) would approximate $3.7 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 9.04%. A figure under 10% is generally considered a 'low float' stock which can be subject to significant price volatility.\nPer the firm's most recent regulatory filing, it plans to use the net proceeds as follows:\n\n We expect to use the net proceeds of this offering to repay in full the outstanding borrowings of approximately $114.2 million under our Credit Facilities. We currently intend to use the remaining net proceeds from this offering for general corporate purposes, including to fund our growth, acquire complementary businesses, products, services, or technologies, working capital, operating expenses, and capital expenditures.\n\n\n Source: SEC\n\nManagement's presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management did not disclose any legal claims against the firm as of the regulatory filing date.\nListed underwriters of the IPO are JPMorgan, Goldman Sachs, BofA Securities, and other investment banks.\nValuation Metrics\nBelow is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$3,862,956,720\n\n\nEnterprise Value\n$3,656,695,720\n\n\nPrice / Sales\n21.09\n\n\nEV / Revenue\n19.96\n\n\nEV / EBITDA\n377.37\n\n\nEarnings Per Share\n$0.00\n\n\nFloat To Outstanding Shares Ratio\n9.04%\n\n\nProposed IPO Midpoint Price per Share\n$24.00\n\n\nNet Free Cash Flow\n$25,236,000\n\n\nFree Cash Flow Yield Per Share\n0.65%\n\n\nRevenue Growth Rate\n58.59%\n\n\n\n\nSource: SEC\nAs a reference, a potential public comparable would be NICE Ltd.; shown below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nNice Ltd.\nEngageSmart\nVariance\n\n\nPrice / Sales\n11.01\n21.09\n91.5%\n\n\nEV / Revenue\n10.67\n19.96\n87.1%\n\n\nEV / EBITDA\n41.73\n377.37\n804.3%\n\n\nEarnings Per Share\n$3.05\n$0.00\n-100.0%\n\n\nRevenue Growth Rate\n5.3%\n58.59%\n1003.34%\n\n\n\n\n(S-1/A andSeeking Alpha)\nCommentary\nESMT is seeking public investment to pay down debt and for its general unspecified corporate growth plans.\nThe firm's financials show strong topline revenue growth and gross profit growth, operating profit and a swing to slight net profit along with growing cash flow from operations.\nFree cash flow for the twelve months ended June 30, 2021, was a solid $25.2 million.\nSelling and Marketing expenses as a percentage of total revenue have dropped as revenue has increased and its Selling and Marketing efficiency rate dropped to 1.1x in the most recent six-month reporting period.\nThe company's Rule of 40 performance was excellent and its dollar-based net revenue retention rate for the year ended December 31, 2020, was 124%, a strong result.\nThe market opportunity for providing customer engagement software to businesses is large and expected to double in size by the end of 2026, so the company will be helped by strong industry growth dynamics.\nJPMorgan is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 20.4% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the company's outlook is the ability for larger firms to bundle some of their services into their existing offerings, resulting in downward pricing pressure and greater competition.\nAs for valuation, compared to partial competitor NICE, ESMT is growing revenue much faster and so its much higher revenue multiples would appear to be justified.\nAlso, the company is growing much faster than competitor Pegasystems, so seems to be taking market share from these and other companies in the customer engagement market.\nGiven the firm's strong growth and operating metrics versus its competitors, while the IPO isn't cheap, it is worth consideration.","news_type":1,"symbols_score_info":{"ESMT":0.9}},"isVote":1,"tweetType":1,"viewCount":334,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/863463371"}
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