Andrew210782的个人主页 - 老虎社区

Andrew210782

Andrew210782

暂无个人介绍

IP属地：未知

306关注

19粉丝

0主题

0勋章

2021-06-12

Like comment Please Thank you

抱歉，原内容已删除

2021-06-12

Liked Comment please Thank you

抱歉，原内容已删除

2021-06-16

Like Comment PleaseThank you

抱歉，原内容已删除

2021-06-25

Like

抱歉，原内容已删除

2021-08-18

Like

抱歉，原内容已删除

2021-06-17

Comment

抱歉，原内容已删除

2021-06-12

Like Comment please Thank you

抱歉，原内容已删除

2021-06-11

Like please Comment pleaseThank you

抱歉，原内容已删除

2021-06-08

Liked Please Comment

抱歉，原内容已删除

2021-06-06

Like and comment :)

U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3583140590641923","uuid":"3583140590641923","gmtCreate":1620048247908,"gmtModify":1620134951474,"name":"Andrew210782","pinyin":"andrew210782","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":19,"headSize":306,"tweetSize":322,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.09.16","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":2,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":861535834,"gmtCreate":1632521412928,"gmtModify":1632714033127,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861535834","repostId":"2169615305","repostType":4,"isVote":1,"tweetType":1,"viewCount":2688,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861535124,"gmtCreate":1632521398368,"gmtModify":1632714036129,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/861535124","repostId":"2169130416","repostType":4,"isVote":1,"tweetType":1,"viewCount":2668,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861535924,"gmtCreate":1632521379368,"gmtModify":1632714039131,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/861535924","repostId":"2169615350","repostType":4,"isVote":1,"tweetType":1,"viewCount":2752,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861535096,"gmtCreate":1632521368615,"gmtModify":1632714042135,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861535096","repostId":"2169153886","repostType":4,"repost":{"id":"2169153886","kind":"highlight","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632494459,"share":"https://www.laohu8.com/m/news/2169153886?lang=zh_CN&edition=full","pubTime":"2021-09-24 22:40","market":"us","language":"en","title":"Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个波动的财报季的要点</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2169153886","media":"Benzinga","summary":"For many, Nike’s (NYSE: NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting.","content":"<p>  <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>  For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p><p><blockquote><b>每个季度的报告都带来了自己的丘陵和山谷。这是总结...</b>对许多人来说，<b>耐克的</b>（纽约证券交易所代码：NKE）季度报告意味着财报季的非正式结束。虽然距离银行财报发布仅几周时间，标志着第三季度报告的开始，但第二季度<a href=\"https://laohu8.com/S/AONE.U\">一</a>值得注意。自从大约一年半前疫情让大盘陷入混乱以来，每个季度的报告都带来了自己的起伏。</blockquote></p><p> The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>该期间的平均盈利增长率超过93%，是自2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度的盈利环比平均增长超过6%，远高于去年同期水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出了盈利预期，而且与历史水平相比，这些公司超出预期的幅度也要高得多。超过87%的公司在第二季度获胜，并列历史上最高的获胜百分比。2021年第一季度、2020年第四季度、2020年第三季度和2020年第二季度的盈利超出预期分别为87%、79%、84%和82%，显示了过去五个季度的真正实力。就历史背景而言，自1994年以来的平均节拍率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大且受到密切关注的FAANG股票中，<b>亚马逊</b>（纳斯达克：AMZN）是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自2018年第三季度以来的首次失误，该股在失误后出现了大量抛售（-7.5%）。耐克在报告盈利增长但营收未达预期后也面临一些压力。这家运动服装零售商强调了整个季度一直被提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季销售额将高于报告。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这种逆风何时会得到解决，但随着世界上一些地区继续处于产能减少或封锁状态，这一压力将延续到下个季度。</blockquote></p><p> For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>对于许多人来说，耐克的季度报告意味着财报季的非正式结束。虽然距离银行盈利只有几周时间，标志着第三季度报告的开始，但第二季度值得注意。自从大约一年半前疫情让大盘陷入混乱以来，每个季度的报告都带来了自己的起伏。该期间的平均盈利增长率超过93%，是自2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度的盈利环比平均增长超过6%，远高于去年的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出了盈利预期，而且与历史水平相比，这些公司超出预期的利润率也高得多。超过87%的公司在第二季度获胜，并列历史上最高的获胜百分比。2021年第一季度、2020年第四季度、2020年第三季度和2020年第二季度的盈利超出预期分别为87%、79%、84%和82%，显示了过去五个季度的真实实力。就历史背景而言，自1994年以来的平均节拍率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、受到密切关注的FAAMG股票中，亚马逊是唯一一家营收令华尔街失望的公司。这也是这家电子商务巨头自2018年第三季度以来的首次失误，该股在失误后出现了大量抛售（-7.5%）。耐克在报告盈利增长但营收未达预期后也面临一些压力。这家运动服装零售商强调了整个季度一直被提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季销售额将高于报告。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这种逆风何时会得到解决，但随着世界上几个地区继续处于产能减少或封锁状态，这种压力将延续到下个季度。</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>Friday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个波动的财报季的要点</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\">\nFriday's Market Minute: Takeaways From Another Volatile Earnings Season<blockquote>周五市场纪要：另一个波动的财报季的要点</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2021-09-24 22:40</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p>  <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>  For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p><p><blockquote><b>每个季度的报告都带来了自己的丘陵和山谷。这是总结...</b>对许多人来说，<b>耐克的</b>（纽约证券交易所代码：NKE）季度报告意味着财报季的非正式结束。虽然距离银行财报发布仅几周时间，标志着第三季度报告的开始，但第二季度<a href=\"https://laohu8.com/S/AONE.U\">一</a>值得注意。自从大约一年半前疫情让大盘陷入混乱以来，每个季度的报告都带来了自己的起伏。</blockquote></p><p> The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>该期间的平均盈利增长率超过93%，是自2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度的盈利环比平均增长超过6%，远高于去年同期水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出了盈利预期，而且与历史水平相比，这些公司超出预期的幅度也要高得多。超过87%的公司在第二季度获胜，并列历史上最高的获胜百分比。2021年第一季度、2020年第四季度、2020年第三季度和2020年第二季度的盈利超出预期分别为87%、79%、84%和82%，显示了过去五个季度的真正实力。就历史背景而言，自1994年以来的平均节拍率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大且受到密切关注的FAANG股票中，<b>亚马逊</b>（纳斯达克：AMZN）是唯一一家报告收入令华尔街失望的公司。这也是这家电子商务巨头自2018年第三季度以来的首次失误，该股在失误后出现了大量抛售（-7.5%）。耐克在报告盈利增长但营收未达预期后也面临一些压力。这家运动服装零售商强调了整个季度一直被提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季销售额将高于报告。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这种逆风何时会得到解决，但随着世界上一些地区继续处于产能减少或封锁状态，这一压力将延续到下个季度。</blockquote></p><p> For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p><p><blockquote>对于许多人来说，耐克的季度报告意味着财报季的非正式结束。虽然距离银行盈利只有几周时间，标志着第三季度报告的开始，但第二季度值得注意。自从大约一年半前疫情让大盘陷入混乱以来，每个季度的报告都带来了自己的起伏。该期间的平均盈利增长率超过93%，是自2009年第四季度以来的最高纪录。从2021年第一季度到2021年第二季度的盈利环比平均增长超过6%，远高于去年的水平（尽管与去年的经济背景相比相对容易）。收入也大幅增长，与过去九个季度相比，增幅最大。</blockquote></p><p> Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p><p><blockquote>此外，不仅有创纪录数量的公司超出了盈利预期，而且与历史水平相比，这些公司超出预期的利润率也高得多。超过87%的公司在第二季度获胜，并列历史上最高的获胜百分比。2021年第一季度、2020年第四季度、2020年第三季度和2020年第二季度的盈利超出预期分别为87%、79%、84%和82%，显示了过去五个季度的真实实力。就历史背景而言，自1994年以来的平均节拍率约为66%。</blockquote></p><p> Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p><p><blockquote>在交易量大、受到密切关注的FAAMG股票中，亚马逊是唯一一家营收令华尔街失望的公司。这也是这家电子商务巨头自2018年第三季度以来的首次失误，该股在失误后出现了大量抛售（-7.5%）。耐克在报告盈利增长但营收未达预期后也面临一些压力。这家运动服装零售商强调了整个季度一直被提及的一个主要主题：供应链中断。耐克管理层表示，如果不是因为供应链问题，其第一财季销售额将高于报告。</blockquote></p><p> While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p><p><blockquote>虽然尚不清楚如何衡量这种逆风何时会得到解决，但随着世界上几个地区继续处于产能减少或封锁状态，这种压力将延续到下个季度。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKE":"耐克","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2169153886","content_text":"Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...\n\nFor many, Nike’s (NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.\nThe average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAANG stocks, Amazon (NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.\nFor many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.","news_type":1,"symbols_score_info":{"AMZN":0.9,"NKE":0.9}},"isVote":1,"tweetType":1,"viewCount":2470,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861532446,"gmtCreate":1632521353985,"gmtModify":1632714048144,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/861532446","repostId":"1114004721","repostType":4,"repost":{"id":"1114004721","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":1632496493,"share":"https://www.laohu8.com/m/news/1114004721?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:14","market":"us","language":"en","title":"IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1114004721","media":"Tiger Newspress","summary":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO pric","content":"<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</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>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales 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>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x 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）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales 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>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> 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> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，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>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</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 &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> 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>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</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>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></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>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</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>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</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>15.37</p><p><blockquote><td>15.37</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>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</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>-$0.23</p><p><blockquote><td>-$0.23</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>12.96%</p><p><blockquote><td>12.96%</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>$15.00</p><p><blockquote><td>$15.00</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>-$38,024,000</p><p><blockquote><td>-$38,024,000</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>-1.10%</p><p><blockquote><td>-1.10%</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>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</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变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，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40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</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>IPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</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\">\nIPO opening reminder: Clearwater Analytics opens for trading at $23.8, up about 32% from IPO price<blockquote>IPO开盘提醒：Clearwater Analytics开盘价为23.8美元，较IPO价格上涨约32%</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\">2021-09-24 23:14</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<b><a href=\"https://laohu8.com/S/CWAN\">Clearwater Analytics Holdings, Inc.</a></b> opens for trading at $23.8, up about 32% from IPO price.</p><p><blockquote>（9月24日）<b><a href=\"https://laohu8.com/S/CWAN\">清水分析控股公司。</a></b>开盘价为23.8美元，较IPO价格上涨约32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/076505c7b70dbe2ad6cfcae8c44f52cb\" tg-width=\"902\" tg-height=\"557\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> Boise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.</p><p><blockquote>总部位于爱达荷州博伊西的Clearwater成立的目的是开发一个SaaS平台，为资产管理公司、保险公司和大型企业简化投资会计和分析。</blockquote></p><p> Management is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.</p><p><blockquote>管理层由首席执行官Sandeep Sahai领导，他自2016年9月以来一直在该公司工作，此前曾担任投资合伙企业Solmark的首席执行官。</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>Investment accounting and reporting</p><p><blockquote><ul><li>投资会计和报告</li></ul></blockquote></p><p></li>  <li>Performance measurement</p><p><blockquote><li>绩效衡量</li></blockquote></p><p></li>  <li>Compliance monitoring</p><p><blockquote><li>合规监控</li></blockquote></p><p></li>  <li>Risk analysis</p><p><blockquote><li>风险分析</li></blockquote></p><p></li> </ul> Clearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.</p><p><blockquote>Clearwater已从Welsh Carson、Permira、Warburg Pincus和Dragoneer等投资者那里获得了至少4.21亿美元的股权投资应付票据。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.</p><p><blockquote>该公司通过专注于美国的直销和营销力量寻求与资产管理公司、保险公司和大公司的客户关系。</blockquote></p><p> CWAN also has international clients and will seek to expand its international presence post-IPO.</p><p><blockquote>CWAN还拥有国际客户，并将寻求在IPO后扩大其国际影响力。</blockquote></p><p> Clearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.</p><p><blockquote>Clearwater处理1,000多个客户之间超过5.6万亿美元资产的数据。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随收入增加而变化，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales 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>13.6%</p><p><blockquote><td>13.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>10.9%</p><p><blockquote><td>10.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>11.4%</p><p><blockquote><td>11.4%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x 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）在最近一个报告期下降到1.4倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Sales 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>1.4</p><p><blockquote><td>1.4</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>1.6</p><p><blockquote><td>1.6</td></blockquote></p><p></td>   </tr>  </tbody> </table> 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> CWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>截至2021年6月30日的六个月内，CWAN的最新计算结果为41%，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>24%</p><p><blockquote><td>24%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>17%</p><p><blockquote><td>17%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>41%</p><p><blockquote><td>41%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good result.</p><p><blockquote>截至2021年6月30日，该公司以美元计算的净收入保留率为109%，这是一个相当不错的结果。</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 &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.</p><p><blockquote>根据Market Primes的2021年市场研究报告，2019年全球投资管理软件市场估计为30亿美元，预计到2025年将达到近45亿美元。</blockquote></p><p> This represents a forecast CAGR of 10.2% from 2019 to 2025.</p><p><blockquote>这意味着2019年至2025年的预测复合年增长率为10.2%。</blockquote></p><p> The main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.</p><p><blockquote>这种预期增长的主要驱动因素是用户希望自动化重复性任务，这样他们就可以专注于最大化投资组合绩效和创建更复杂的方法。</blockquote></p><p> Also, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.</p><p><blockquote>此外，评估风险和暴露以及能够有效地报告和与利益相关者共享信息将推动对更强大解决方案的需求。</blockquote></p><p> 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>SS&amp;C</p><p><blockquote><ul><li>SSC</li></ul></blockquote></p><p></li>  <li>State Street</p><p><blockquote><li>道富街</li></blockquote></p><p></li>  <li>SAP</p><p><blockquote><li>SAP</li></blockquote></p><p></li>  <li>BNY Mellon (Eagle)</p><p><blockquote><li>纽约梅隆银行（鹰）</li></blockquote></p><p></li>  <li>Simcorp</p><p><blockquote><li>Simcorp</li></blockquote></p><p></li>  <li>BlackRock</p><p><blockquote><li>贝莱德</li></blockquote></p><p></li>  <li>FIS</p><p><blockquote><li>FIS</li></blockquote></p><p></li>  <li>Northern Trust</p><p><blockquote><li>北方信托</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Clearwater’s recent financial results can be summarized as follows:</p><p><blockquote>Clearwater最近的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Strong topline revenue growth</p><p><blockquote><ul><li>营收强劲增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and gross margin</p><p><blockquote><li>提高毛利及毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net profit</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></p><p></li>  <li>Uneven cash used in operations</p><p><blockquote><li>经营中使用的现金不均衡</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>$ 117,770,000</p><p><blockquote><td>$117,770,000</td></blockquote></p><p></td>    <td>23.8%</p><p><blockquote><td>23.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 203,222,000</p><p><blockquote><td>$203,222,000</td></blockquote></p><p></td>    <td>21.0%</p><p><blockquote><td>21.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 168,001,000</p><p><blockquote><td>$168,001,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 87,872,000</p><p><blockquote><td>$87,872,000</td></blockquote></p><p></td>    <td>28.8%</p><p><blockquote><td>28.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 149,959,000</p><p><blockquote><td>$149,959,000</td></blockquote></p><p></td>    <td>24.1%</p><p><blockquote><td>24.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 120,856,000</p><p><blockquote><td>$120,856,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>74.61%</p><p><blockquote><td>74.61%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>73.79%</p><p><blockquote><td>73.79%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>71.94%</p><p><blockquote><td>71.94%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 20,544,000</p><p><blockquote><td>$20,544,000</td></blockquote></p><p></td>    <td>17.4%</p><p><blockquote><td>17.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (20,418,000)</p><p><blockquote><td>$(20,418,000)</td></blockquote></p><p></td>    <td>-10.0%</p><p><blockquote><td>-10.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 25,697,000</p><p><blockquote><td>$25,697,000</td></blockquote></p><p></td>    <td>15.3%</p><p><blockquote><td>15.3%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 3,200,000</p><p><blockquote><td>$3,200,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (44,230,000)</p><p><blockquote><td>$(44,230,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 7,732,000</p><p><blockquote><td>$7,732,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (16,352,000)</p><p><blockquote><td>$(16,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (6,486,000)</p><p><blockquote><td>$(6,486,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (230,029,000)</p><p><blockquote><td>$(230,029,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Clearwater拥有4100万美元现金和4.5亿美元总负债。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（3800万美元）。</blockquote></p><p> Valuation Metrics</p><p><blockquote>估值指标</blockquote></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>$3,472,178,130</p><p><blockquote><td>$3,472,178,130</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>$3,470,109,130</p><p><blockquote><td>$3,470,109,130</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>15.37</p><p><blockquote><td>15.37</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>15.36</p><p><blockquote><td>15.36</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>-141.93</p><p><blockquote><td>-141.93</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>-$0.23</p><p><blockquote><td>-$0.23</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>12.96%</p><p><blockquote><td>12.96%</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>$15.00</p><p><blockquote><td>$15.00</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>-$38,024,000</p><p><blockquote><td>-$38,024,000</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>-1.10%</p><p><blockquote><td>-1.10%</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>23.83%</p><p><blockquote><td>23.83%</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> CWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.</p><p><blockquote>CWAN打算上市偿还债务，IPO后净债务为5500万美元。</blockquote></p><p> The firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.</p><p><blockquote>该公司的财务数据显示，营收和毛利润增长强劲，营业利润和净利润在2020年出现负面业绩后出现反弹。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流明显为负（3800万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.</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变化；最近六个月，其销售和营销效率略有下降至1.4倍。</blockquote></p><p> CWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.</p><p><blockquote>截至2021年6月30日，CWAN以美元计算的净保留率为109%，这是一个积极的结果，其40法则表现也不错。</blockquote></p><p> The market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.</p><p><blockquote>销售投资管理软件的市场机会很大，预计在未来几年将大幅增长，但该公司面临广泛的竞争。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，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40.5%。这是期内所有主要承销商的中等业绩。</blockquote></p><p> The primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.</p><p><blockquote>该公司前景的主要风险是其竞争的各个子市场中存在的竞争和专业化程度，以及一些较大的潜在客户在内部开发解决方案的能力。</blockquote></p><p> As for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.</p><p><blockquote>至于估值，与竞争对手Simcorp相比，CWAN IPO的收入倍数定价要高得多。在我看来，这是合理的，因为该公司的收入增长率要高得多。</blockquote></p><p> After a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.</p><p><blockquote>在经历了2020年营业亏损的困难时期后，2021年营业利润和净利润也出现了令人印象深刻的增长。</blockquote></p><p> Given CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.</p><p><blockquote>鉴于CWAN的增长轨迹和投资管理软件行业未来几年的强劲增长潜力，此次IPO值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CWAN":"Clearwater Analytics Holdings, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114004721","content_text":"(Sept 24) Clearwater Analytics Holdings, Inc. opens for trading at $23.8, up about 32% from IPO price.\n\nCompany & Technology\nBoise, Idaho-based Clearwater was founded to develop a SaaS platform to simplify investment accounting and analysis for asset managers, insurance companies and large corporations.\nManagement is headed by Chief Executive Officer Sandeep Sahai, who has been with the firm since September 2016 and was previously CEO of Solmark, an investment partnership.\nThe company’s primary offerings include:\n\nInvestment accounting and reporting\nPerformance measurement\nCompliance monitoring\nRisk analysis\n\nClearwater has received at least $421 million in notes payable in equity investment from investors including Welsh Carson, Permira, Warburg Pincus and Dragoneer.\nCustomer Acquisition\nThe firm pursues client relationships with asset managers, insurance companies and large corporations via a direct sales and marketing force that is focused on the United States.\nCWAN also has international clients and will seek to expand its international presence post-IPO.\nClearwater handles data on over $5.6 trillion in assets between more than 1,000 clients.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased, as the figures below indicate:\n\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n13.6%\n\n\n2020\n10.9%\n\n\n2019\n11.4%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, dropped to 1.4x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.4\n\n\n2020\n1.6\n\n\n\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.\nCWAN’s most recent calculation was 41% during the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n24%\n\n\nEBITDA %\n17%\n\n\nTotal\n41%\n\n\n\nThe firm’s dollar-based net revenue retention rate for June 30, 2021 was 109%, a reasonably good 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 Market Primes, the global investment management software market was an estimated $3 billion in 2019 and is forecast to reach nearly $4.5 billion by 2025.\nThis represents a forecast CAGR of 10.2% from 2019 to 2025.\nThe main drivers for this expected growth are a desire by users to automate repetitive tasks so they can focus on maximizing portfolio performance and creating more sophisticated approaches.\nAlso, assessing risks and exposures and being able to efficiently report and share the information with stakeholders will drive demand for more capable solutions.\nMajor competitive or other industry participants include:\n\nSS&C\nState Street\nSAP\nBNY Mellon (Eagle)\nSimcorp\nBlackRock\nFIS\nNorthern Trust\nOthers\n\nFinancial Performance\nClearwater’s recent financial results can be summarized as follows:\n\nStrong topline revenue growth\nIncreasing gross profit and gross margin\nA swing to operating profit and net profit\nUneven cash used in operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 117,770,000\n23.8%\n\n\n2020\n$ 203,222,000\n21.0%\n\n\n2019\n$ 168,001,000\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$ 87,872,000\n28.8%\n\n\n2020\n$ 149,959,000\n24.1%\n\n\n2019\n$ 120,856,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n74.61%\n\n\n2020\n73.79%\n\n\n2019\n71.94%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 20,544,000\n17.4%\n\n\n2020\n$ (20,418,000)\n-10.0%\n\n\n2019\n$ 25,697,000\n15.3%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 3,200,000\n\n\n2020\n$ (44,230,000)\n\n\n2019\n$ 7,732,000\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (16,352,000)\n\n\n2020\n$ (6,486,000)\n\n\n2019\n$ (230,029,000)\n\n\n\nAs of June 30, 2021, Clearwater had $41 million in cash and $450 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($38 million).\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$3,472,178,130\n\n\nEnterprise Value\n$3,470,109,130\n\n\nPrice / Sales\n15.37\n\n\nEV / Revenue\n15.36\n\n\nEV / EBITDA\n-141.93\n\n\nEarnings Per Share\n-$0.23\n\n\nFloat To Outstanding Shares Ratio\n12.96%\n\n\nProposed IPO Midpoint Price per Share\n$15.00\n\n\nNet Free Cash Flow\n-$38,024,000\n\n\nFree Cash Flow Yield Per Share\n-1.10%\n\n\nRevenue Growth Rate\n23.83%\n\n\n\nCommentary\nCWAN intends to go public to pay down debt and will have a net of $55 million in debt post-IPO.\nThe firm’s financials show strong topline revenue growth and gross profit growth and a rebound to operating profit and net income after negative results in 2020.\nFree cash flow for the twelve months ended June 30, 2021, was a decidedly unimpressive negative ($38 million).\nSales and Marketing expenses as a percentage of total revenue have varied as revenue has increased; its Sales and Marketing efficiency rate dropped slightly to 1.4x in the most recent six-month period.\nCWAN's dollar-based net retention rate was 109% for June 30, 2021, a positive result and its Rule of 40 performance was good as well.\nThe market opportunity for selling investment management software is large and expected to grow substantially in the years ahead, but the firm has extensive competition.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 40.5% since their IPO. This is a middle-tier performance for all major underwriters during the period.\nThe primary risk to the company’s outlook is the degree of competition and specialization present in various submarkets in which it competes, as well as the ability for some larger prospects to develop solutions in-house.\nAs for valuation, compared to competitor Simcorp, the CWAN IPO is much more highly priced on a revenue multiple basis. In my view, this is justified as the firm is growing revenue at a significantly higher rate of growth.\nAfter a difficult period during 2020 where the firm produced operating losses, 2021 has seen a return to operating and net profits with impressive growth as well.\nGiven CWAN’s growth trajectory and the investment management software industry’s strong growth potential in the years ahead, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"CWAN":0.9}},"isVote":1,"tweetType":1,"viewCount":3519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861532569,"gmtCreate":1632521334451,"gmtModify":1632714051147,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861532569","repostId":"1104085778","repostType":4,"repost":{"id":"1104085778","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":1632498166,"share":"https://www.laohu8.com/m/news/1104085778?lang=zh_CN&edition=full","pubTime":"2021-09-24 23:42","market":"us","language":"en","title":"IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1104085778","media":"Tiger Newspress","summary":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nS","content":"<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><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>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><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>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> 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>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</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>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</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>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</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>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</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>10.46</p><p><blockquote><td>10.46</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>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</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>$0.03</p><p><blockquote><td>$0.03</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>8.70%</p><p><blockquote><td>8.70%</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>$16.00</p><p><blockquote><td>$16.00</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>-$59,920,000</p><p><blockquote><td>-$59,920,000</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>-2.61%</p><p><blockquote><td>-2.61%</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>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下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>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</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>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</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>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</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>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</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>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，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39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO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>IPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</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\">\nIPO opening reminder: Cue Health opens for trading at $19.2, up 20% from IPO price.<blockquote>IPO开盘提醒：Cue Health开盘价为19.2美元，较IPO价格上涨20%。</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\">2021-09-24 23:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 24)&nbsp;<a href=\"https://laohu8.com/S/HLTH\">Cue Health Inc.</a> opens for trading at $19.2, up 20% from IPO price.</p><p><blockquote>（9月24日）<a href=\"https://laohu8.com/S/HLTH\">提示健康公司。</a>开盘价为19.2美元，较IPO价格上涨20%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/c7270662a08ec3dac176aa52bf5cbd1a\" tg-width=\"902\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> San Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.</p><p><blockquote>总部位于加利福尼亚州圣地亚哥的Cue成立的目的是首先开发新冠肺炎测试套件和用于处理和通信的集成信息平台。</blockquote></p><p> Management is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.</p><p><blockquote>管理层由联合创始人、董事长兼首席执行官Ayub Khattak领导，他自公司成立以来一直在公司工作，并拥有学士学位。加州大学洛杉矶分校数学专业。</blockquote></p><p> The company’s primary offerings in its Cue Integrated Care Platform:</p><p><blockquote>该公司在其Cue综合护理平台中的主要产品：</blockquote></p><p> <ul>  <li>Health monitoring system</p><p><blockquote><ul><li>健康监测系统</li></ul></blockquote></p><p></li>  <li>Rader</p><p><blockquote><li>雷达</li></blockquote></p><p></li>  <li>Cartridge</p><p><blockquote><li>弹壳</li></blockquote></p><p></li>  <li>Wand</p><p><blockquote><li>墙</li></blockquote></p><p></li>  <li>Data</p><p><blockquote><li>数据</li></blockquote></p><p></li>  <li>Delivery apps</p><p><blockquote><li>交付应用程序</li></blockquote></p><p></li>  <li>Enterprise dashboard</p><p><blockquote><li>企业仪表板</li></blockquote></p><p></li>  <li>Ecosystem integrations</p><p><blockquote><li>生态系统集成</li></blockquote></p><p></li> </ul> Cue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.</p><p><blockquote>Cue已经获得了包括ACME Capital、Cove Investors、德诚资本中国生命科学、Madrone和NVGA I在内的投资者至少1.76亿美元的股权投资。</blockquote></p><p> <b>Customer/User Acquisition</b></p><p><blockquote><b>客户/用户获取</b></blockquote></p><p> The company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.</p><p><blockquote>该公司通过其专注于医疗保健提供商、大型企业和公共部门客户的内部直销团队寻求医疗保健提供商关系。</blockquote></p><p> Management expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.</p><p><blockquote>管理层预计，2021年客户对其COVID-19检测试剂盒的需求将超过其生产能力。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:</p><p><blockquote>销售及营销开支佔总收入的百分比随着收入急剧增加而变化，如下图所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><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>1.0%</p><p><blockquote><td>1.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>3.1%</p><p><blockquote><td>3.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>1.3%</p><p><blockquote><td>1.3%</td></blockquote></p><p></td>   </tr>  </tbody> </table> The Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售和营销效率率（定义为每美元销售和营销支出产生多少美元的额外新收入）在最近一个报告期内为100.5倍，如下表所示：</blockquote></p><p> <table>  <tbody>   <tr>    <td><b>Sales and Marketing</b></p><p><blockquote><table><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>100.5</p><p><blockquote><td>100.5</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>22.9</p><p><blockquote><td>22.9</td></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.</p><p><blockquote>根据Grand View Research的2020年市场研究报告，2020年新冠肺炎检测试剂盒的全球市场估计为32.8亿美元，预计到2027年将达到50亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.05% from 2021 to 2027.</p><p><blockquote>这意味着2021年至2027年的预测复合年增长率为5.05%。</blockquote></p><p> The main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.</p><p><blockquote>这一预期增长的主要驱动力是全球对所有类型测试服务需求的强劲增长。</blockquote></p><p> Also, below is a chart showing the market share of use of detection kits by end-user type:</p><p><blockquote>此外，下图显示了按最终用户类型划分的检测试剂盒使用的市场份额：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/4b7fc60b336bae7685e08132f8176b57\" tg-width=\"1158\" tg-height=\"618\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> 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>Abbott Laboratories(NYSE:ABT)</p><p><blockquote><ul><li>雅培实验室（纽约证券交易所代码：ABT）</li></ul></blockquote></p><p></li>  <li>Becton, Dickinson(NYSE:BDX)</p><p><blockquote><li>迪金森贝克顿（纽约证券交易所代码：BDX）</li></blockquote></p><p></li>  <li>bioMerieux(OTCPK:BMXMF)</p><p><blockquote><li>生物梅里埃（OTCPK：BMXMF）</li></blockquote></p><p></li>  <li>Bio-Rad Laboratories(NYSE:BIO)</p><p><blockquote><li>Bio-Rad实验室（纽约证券交易所股票代码：BIO）</li></blockquote></p><p></li>  <li>Danaher(NYSE:DHR)</p><p><blockquote><li>丹纳赫（纽约证券交易所代码：DHR）</li></blockquote></p><p></li>  <li>Ellume Limited</p><p><blockquote><li>Ellume有限公司</li></blockquote></p><p></li>  <li>Everly Health</p><p><blockquote><li>艾弗利健康</li></blockquote></p><p></li>  <li>Roche(OTCQX:RHHBY)(OTCQX:RHHBF)</p><p><blockquote><li>罗氏(OTCQX：RHHBY)(OTCQX：RHHBF)</li></blockquote></p><p></li>  <li>Fluidigm(NASDAQ:FLDM)</p><p><blockquote><li>Fluidigm（纳斯达克：FLDM）</li></blockquote></p><p></li>  <li>GenMark Diagnostics(NASDAQ:GNMK)</p><p><blockquote><li>GenMark Diagnostics（纳斯达克：GNMK）</li></blockquote></p><p></li>  <li>Others</p><p><blockquote><li>其他</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Cue’s recent financial results can be summarized as follows:</p><p><blockquote>Cue近期财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Sharply growing top line revenue</p><p><blockquote><ul><li>营收急剧增长</li></ul></blockquote></p><p></li>  <li>Increasing gross profit and variable gross margin</p><p><blockquote><li>增加毛利及可变毛利率</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Variable cash flow from operations</p><p><blockquote><li>经营活动产生的可变现金流量</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>$ 201,922,000</p><p><blockquote><td>$201,922,000</td></blockquote></p><p></td>    <td>3971.0%</p><p><blockquote><td>3971.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 22,953,000</p><p><blockquote><td>$22,953,000</td></blockquote></p><p></td>    <td>246.4%</p><p><blockquote><td>246.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 116,745,000</p><p><blockquote><td>$116,745,000</td></blockquote></p><p></td>    <td>2253.7%</p><p><blockquote><td>2253.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 8,002,000</p><p><blockquote><td>$8,002,000</td></blockquote></p><p></td>    <td>20.8%</p><p><blockquote><td>20.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 6,626,000</p><p><blockquote><td>$6,626,000</td></blockquote></p><p></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>57.82%</p><p><blockquote><td>57.82%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>34.86%</p><p><blockquote><td>34.86%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>100.00%</p><p><blockquote><td>100.00%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 79,463,000</p><p><blockquote><td>$79,463,000</td></blockquote></p><p></td>    <td>39.4%</p><p><blockquote><td>39.4%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (45,126,000)</p><p><blockquote><td>$(45,126,000)</td></blockquote></p><p></td>    <td>-196.6%</p><p><blockquote><td>-196.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,767,000)</p><p><blockquote><td>$(20,767,000)</td></blockquote></p><p></td>    <td>-313.4%</p><p><blockquote><td>-313.4%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 32,840,000</p><p><blockquote><td>$32,840,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (47,352,000)</p><p><blockquote><td>$(47,352,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (20,606,000)</p><p><blockquote><td>$(20,606,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ (37,812,000)</p><p><blockquote><td>$(37,812,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 92,655,000</p><p><blockquote><td>$92,655,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (12,996,000)</p><p><blockquote><td>$(12,996,000)</td></blockquote></p><p></td>   </tr>  </tbody> </table> As of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.</p><p><blockquote>截至2021年6月30日，Cue拥有2.463亿美元现金，总负债为5.163亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月内，自由现金流为负（6000万美元）。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></p><p> Below is a table of relevant capitalization and valuation figures for the company:</p><p><blockquote>下表为本公司的相关资本化及估值数字：</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>$2,299,981,232</p><p><blockquote><td>$2,299,981,232</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>$1,874,455,232</p><p><blockquote><td>$1,874,455,232</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>10.46</p><p><blockquote><td>10.46</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>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</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>$0.03</p><p><blockquote><td>$0.03</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>8.70%</p><p><blockquote><td>8.70%</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>$16.00</p><p><blockquote><td>$16.00</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>-$59,920,000</p><p><blockquote><td>-$59,920,000</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>-2.61%</p><p><blockquote><td>-2.61%</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>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>   </tr>  </tbody> </table> As a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，与Cue相当的潜在部分和不完美的公共将是Bio-Rad（BIO）；以下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>Bio-Rad (BIO)</b></p><p><blockquote><td><b>Bio-Rad（生物）</b></td></blockquote></p><p></td>    <td><b>Cue Health (HLTH)</b></p><p><blockquote><td><b>提示健康（HLTH）</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>8.15</p><p><blockquote><td>8.15</td></blockquote></p><p></td>    <td>10.46</p><p><blockquote><td>10.46</td></blockquote></p><p></td>    <td>28.3%</p><p><blockquote><td>28.3%</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>7.82</p><p><blockquote><td>7.82</td></blockquote></p><p></td>    <td>8.52</p><p><blockquote><td>8.52</td></blockquote></p><p></td>    <td>9.0%</p><p><blockquote><td>9.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>31.66</p><p><blockquote><td>31.66</td></blockquote></p><p></td>    <td>35.46</p><p><blockquote><td>35.46</td></blockquote></p><p></td>    <td>12.0%</p><p><blockquote><td>12.0%</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>$134.05</p><p><blockquote><td>$134.05</td></blockquote></p><p></td>    <td>$0.03</p><p><blockquote><td>$0.03</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>25.6%</p><p><blockquote><td>25.6%</td></blockquote></p><p></td>    <td>3971.01%</p><p><blockquote><td>3971.01%</td></blockquote></p><p></td>    <td>15436.03%</p><p><blockquote><td>15436.03%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> Cue is seeking public investment capital to further scale its commercialization operations as well as continue its R &amp; D efforts.</p><p><blockquote>Cue正在寻求公共投资资本，以进一步扩大其商业化业务并继续其研发工作。</blockquote></p><p> The company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations</p><p><blockquote>该公司的财务数据显示，营收大幅增长，毛利润和可变毛利率强劲增长，营业利润和净利润出现波动，经营活动产生或使用的现金流高度波动</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).</p><p><blockquote>截至2021年6月30日的12个月的自由现金流是令人瞠目结舌的负值（6000万美元）。</blockquote></p><p> Sales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.</p><p><blockquote>销售和营销费用占总收入的百分比随着收入的急剧增加而波动；在最近的报告期内，其销售和营销效率高达100.5倍。</blockquote></p><p> The market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.</p><p><blockquote>新冠肺炎和相关检测试剂盒平台的市场机会很大，并且在未来几年可能会以高增长率增长，因为世界各国在最近的全球疫情之后寻求增强其检测能力。</blockquote></p><p></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，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39.9%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.</p><p><blockquote>该公司现在面临的主要风险是，它本质上是一家单一产品公司，因此其收入基础高度集中。</blockquote></p><p> As for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.</p><p><blockquote>至于估值，与部分竞争对手Bio-Rad Laboratories相比，IPO的收入倍数估值合理，尽管Cue在收入基础低得多的情况下以高得多的增长率增长，因此这种比较充其量是紧张的。</blockquote></p><p> Given Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.</p><p><blockquote>鉴于Cue的增长轨迹、盈利能力和合理的IPO估值，此次IPO值得考虑。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HLTH":"Cue Health Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104085778","content_text":"(Sept 24) Cue Health Inc. opens for trading at $19.2, up 20% from IPO price.\n\nCompany & Technology\nSan Diego, California-based Cue was founded to first develop a COVID-19 test kit and integrated information platform for processing and communication.\nManagement is headed by co-founder, Chairman and CEO Ayub Khattak, who has been with the firm since inception and holds a B.S. in mathematics from UCLA.\nThe company’s primary offerings in its Cue Integrated Care Platform:\n\nHealth monitoring system\nRader\nCartridge\nWand\nData\nDelivery apps\nEnterprise dashboard\nEcosystem integrations\n\nCue has received at least $176 million in equity investment from investors including ACME Capital, Cove Investors, Decheng Capital China Life Sciences, Madrone and NVGA I.\nCustomer/User Acquisition\nThe company pursues healthcare provider relationships through its in-house direct sales team focused on healthcare providers, large enterprises and public sector clients.\nManagement expects 2021 customer demand for its COVID-19 test kits to exceed its manufacturing capacity.\nSales and Marketing expenses as a percentage of total revenue have varied as revenues have increased sharply, as the figures below indicate:\n\n\n\nSales and Marketing\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n1.0%\n\n\n2020\n3.1%\n\n\n2019\n1.3%\n\n\n\nThe Sales and Marketing efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Sales and Marketing spend, was 100.5x in the most recent reporting period, as shown in the table below:\n\n\n\nSales and Marketing\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n100.5\n\n\n2020\n22.9\n\n\n\nMarket & Competition\nAccording to a 2020 marketresearch reportby Grand View Research, the global market for COVID-19 detection kits was an estimated $3.28 billion in 2020 and is expected to reach $5 billion by 2027.\nThis represents a forecast CAGR of 5.05% from 2021 to 2027.\nThe main drivers for this expected growth are a strong growth in demand for testing services of all types on a global basis.\nAlso, below is a chart showing the market share of use of detection kits by end-user type:\n\n(Source)\nMajor competitive or other industry participants include:\n\nAbbott Laboratories(NYSE:ABT)\nBecton, Dickinson(NYSE:BDX)\nbioMerieux(OTCPK:BMXMF)\nBio-Rad Laboratories(NYSE:BIO)\nDanaher(NYSE:DHR)\nEllume Limited\nEverly Health\nRoche(OTCQX:RHHBY)(OTCQX:RHHBF)\nFluidigm(NASDAQ:FLDM)\nGenMark Diagnostics(NASDAQ:GNMK)\nOthers\n\nFinancial Performance\nCue’s recent financial results can be summarized as follows:\n\nSharply growing top line revenue\nIncreasing gross profit and variable gross margin\nA swing to operating profit and net income\nVariable cash flow from operations\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 201,922,000\n3971.0%\n\n\n2020\n$ 22,953,000\n246.4%\n\n\n2019\n$ 6,626,000\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$ 116,745,000\n2253.7%\n\n\n2020\n$ 8,002,000\n20.8%\n\n\n2019\n$ 6,626,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n57.82%\n\n\n2020\n34.86%\n\n\n2019\n100.00%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 79,463,000\n39.4%\n\n\n2020\n$ (45,126,000)\n-196.6%\n\n\n2019\n$ (20,767,000)\n-313.4%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 32,840,000\n\n\n2020\n$ (47,352,000)\n\n\n2019\n$ (20,606,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ (37,812,000)\n\n\n2020\n$ 92,655,000\n\n\n2019\n$ (12,996,000)\n\n\n\nAs of June 30, 2021, Cue had $246.3 million in cash and $516.3 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was negative ($60 million).\nValuation Metrics\nBelow is a table of relevant capitalization and valuation figures for the company:\n\n\n\n\nMeasure [TTM]\nAmount\n\n\nMarket Capitalization at IPO\n$2,299,981,232\n\n\nEnterprise Value\n$1,874,455,232\n\n\nPrice / Sales\n10.46\n\n\nEV / Revenue\n8.52\n\n\nEV / EBITDA\n35.46\n\n\nEarnings Per Share\n$0.03\n\n\nFloat To Outstanding Shares Ratio\n8.70%\n\n\nProposed IPO Midpoint Price per Share\n$16.00\n\n\nNet Free Cash Flow\n-$59,920,000\n\n\nFree Cash Flow Yield Per Share\n-2.61%\n\n\nRevenue Growth Rate\n3971.01%\n\n\n\nAs a reference, a potential partial and imperfect public comparable to Cue would be Bio-Rad (BIO); below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nBio-Rad (BIO)\nCue Health (HLTH)\nVariance\n\n\nPrice / Sales\n8.15\n10.46\n28.3%\n\n\nEV / Revenue\n7.82\n8.52\n9.0%\n\n\nEV / EBITDA\n31.66\n35.46\n12.0%\n\n\nEarnings Per Share\n$134.05\n$0.03\n-100.0%\n\n\nRevenue Growth Rate\n25.6%\n3971.01%\n15436.03%\n\n\n(Glossary Of Terms)\n\n\n\nCommentary\nCue is seeking public investment capital to further scale its commercialization operations as well as continue its R & D efforts.\nThe company’s financials show sharply growing top line revenue, strong growth in gross profit and variable gross margin, a swing to operating profit and net income and highly fluctuating cash flow from or use in operations\nFree cash flow for the twelve months ended June 30, 2021, was an eye-popping negative ($60 million).\nSales and Marketing expenses as a percentage of total revenue have fluctuated as revenues have increased dramatically; its Sales and Marketing efficiency rate was an extremely high 100.5x in the most recent reporting period.\nThe market opportunity for COVID-19 and related test kit platforms is large and will likely grow at a high rate of growth over the coming years as countries around the world seek to bolster their testing capabilities in the wake of the recent global pandemic.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 39.9% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe primary risk to the firm now is that it is essentially a one-product company, so its revenue base is heavily concentrated.\nAs for valuation, compared to partial competitor Bio-Rad Laboratories, the IPO is reasonably valued on a revenue multiple, although Cue is growing at a much higher rate of growth from a much lower revenue base, so the comparison is strained at best.\nGiven Cue’s growth trajectory, profitability and reasonable IPO valuation, the IPO is worth consideration.","news_type":1,"symbols_score_info":{"HLTH":0.9}},"isVote":1,"tweetType":1,"viewCount":2308,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":863730273,"gmtCreate":1632434386692,"gmtModify":1632728277502,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/863730273","repostId":"2169667599","repostType":4,"isVote":1,"tweetType":1,"viewCount":2142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863730804,"gmtCreate":1632434368108,"gmtModify":1632728283503,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863730804","repostId":"1162776746","repostType":4,"isVote":1,"tweetType":1,"viewCount":1884,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863730377,"gmtCreate":1632434346599,"gmtModify":1632728286505,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863730377","repostId":"1148130438","repostType":4,"repost":{"id":"1148130438","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":1632412797,"share":"https://www.laohu8.com/m/news/1148130438?lang=zh_CN&edition=full","pubTime":"2021-09-23 23:59","market":"us","language":"en","title":"Sterling Check opens for trading at $27.1, up about 18% from IPO price<blockquote>英镑支票开盘价为27.1美元，较IPO价格上涨约18%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1148130438","media":"Tiger Newspress","summary":"(Sept 23) Sterling Check Corp. opens for trading at $27.1, up about 18% from IPO price.\nCompany & Te","content":"<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/STER\">Sterling Check Corp.</a> opens for trading at $27.1, up about 18% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/STER\">斯特林支票公司。</a>开盘价为27.1美元，较IPO价格上涨约18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc3f51dd719989f02bf56c538ce17c72\" tg-width=\"904\" tg-height=\"560\" referrerpolicy=\"no-referrer\"><b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> New York-based Sterling was founded to develop a full suite of background screening, verifications and ongoing monitoring services for businesses.</p><p><blockquote>总部位于纽约的Sterling成立的目的是为企业开发一整套背景筛查、验证和持续监控服务。</blockquote></p><p> Management is headed by Chief Executive Officer Joshua Peirez, who has been with the firm since July 2018 and was previously president and COO of Dun &amp; Bradstreet and held senior roles at Mastercard prior to that.</p><p><blockquote>管理层由首席执行官Joshua Peirez领导，他自2018年7月起加入该公司，此前曾担任邓白氏总裁兼首席运营官，此前曾在万事达卡担任高级职务。</blockquote></p><p> The company’s primary offering categories include:</p><p><blockquote>公司的主要发行类别包括：</blockquote></p><p> <ul>  <li>Identity verification</p><p><blockquote><ul><li>身份验证</li></ul></blockquote></p><p></li>  <li>Background screening</p><p><blockquote><li>背景筛选</li></blockquote></p><p></li>  <li>Credential verifications</p><p><blockquote><li>凭据验证</li></blockquote></p><p></li>  <li>Onboarding</p><p><blockquote><li>入职</li></blockquote></p><p></li>  <li>Ongoing monitoring</p><p><blockquote><li>持续监测</li></blockquote></p><p></li> </ul> Sterling has received at least $775 million in equity investment from investors including Goldman Sachs and The Greenblatt Trusts.</p><p><blockquote>斯特林已从高盛和格林布拉特信托等投资者那里获得了至少7.75亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues large clients through a direct sales team approach organized by industry vertical and region.</p><p><blockquote>该公司通过按垂直行业和地区组织的直销团队方式寻求大客户。</blockquote></p><p> For the 12 months ended June 30, 2021, the firm's platform performed over 75 million searches for over 40,000 clients.</p><p><blockquote>在截至2021年6月30日的12个月中，该公司的平台为超过40,000名客户进行了超过7500万次搜索。</blockquote></p><p> Selling, G&amp;A expenses as a percentage of total revenue have dropped as revenues have fluctuated, as the figures below indicate:</p><p><blockquote>销售、一般管理费用占总收入的百分比随着收入的波动而下降，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Selling, G&amp;A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&amp;A</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>22.8%</p><p><blockquote><td>22.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>27.0%</p><p><blockquote><td>27.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>29.6%</p><p><blockquote><td>29.6%</td></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> The Selling, G&amp;A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&amp;A spend, rebounded to 1.3x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售、G&amp;A效率率（定义为每美元销售、G&amp;A支出产生多少美元的额外新收入）在最近的报告期内反弹至1.3倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Selling, G&amp;A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&amp;A</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>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>-0.4</p><p><blockquote><td>-0.4</td></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</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> STER’s most recent calculation was 51% for the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>STER的最新计算结果是截至2021年6月30日的六个月为51%，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>44%</p><p><blockquote><td>44%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>8%</p><p><blockquote><td>8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>51%</p><p><blockquote><td>51%</td></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby The Insight Partners, the global employment screening market, one of the firm's focus areas, was an estimated $4.2 billion in 2020 and is forecast to reach $6.4 billion by 2028.</p><p><blockquote>根据Insight Partners的2021年市场研究报告，全球就业筛选市场是该公司的重点领域之一，2020年估计为42亿美元，预计到2028年将达到64亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.5% from 2021 to 2028.</p><p><blockquote>这意味着2021年至2028年的预测复合年增长率为5.5%。</blockquote></p><p> The main drivers for this expected growth are increased populations in urban areas resulting in greater job opportunities and employee demand and a growing incidence of application fraud or inflation.</p><p><blockquote>这一预期增长的主要驱动力是城市地区人口的增加，导致更多的就业机会和员工需求，以及申请欺诈或通货膨胀的发生率不断上升。</blockquote></p><p> Also, the number of applicants for each job opening has increased along with a larger number of contract, temporary and 'gig economy' workers.</p><p><blockquote>此外，随着合同工、临时工和“零工经济”工人数量的增加，每个职位空缺的申请人数也有所增加。</blockquote></p><p> 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>First Advantage</p><p><blockquote><ul><li>第一个优势</li></ul></blockquote></p><p></li>  <li>HireRight</p><p><blockquote><li>雇佣权</li></blockquote></p><p></li>  <li>Accurate Background</p><p><blockquote><li>准确的背景</li></blockquote></p><p></li>  <li>ADP</p><p><blockquote><li>ADP</li></blockquote></p><p></li>  <li>Cisive</p><p><blockquote><li>西西夫</li></blockquote></p><p></li>  <li>Checkr</p><p><blockquote><li>检查器</li></blockquote></p><p></li>  <li>DISA</p><p><blockquote><li>迪萨</li></blockquote></p><p></li>  <li>Triton</p><p><blockquote><li>Triton</li></blockquote></p><p></li>  <li>Other smaller players</p><p><blockquote><li>其他较小的参与者</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Sterling’s recent financial results can be summarized as follows:</p><p><blockquote>斯特林近期的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Rebounding topline revenue growth</p><p><blockquote><ul><li>营收增长反弹</li></ul></blockquote></p><p></li>  <li>Variable gross profit growth</p><p><blockquote><li>可变毛利增长</li></blockquote></p><p></li>  <li>Slightly reduced gross margin</p><p><blockquote><li>毛利率略有下降</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Growing cash flow from operations in 2021</p><p><blockquote><li>2021年运营现金流增长</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>$ 298,698,000</p><p><blockquote><td>$298,698,000</td></blockquote></p><p></td>    <td>43.6%</p><p><blockquote><td>43.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 454,053,000</p><p><blockquote><td>$454,053,000</td></blockquote></p><p></p><p></td>    <td>-8.7%</p><p><blockquote><td>-8.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 497,116,000</p><p><blockquote><td>$497,116,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 155,539,000</p><p><blockquote><td>$155,539,000</td></blockquote></p><p></td>    <td>41.9%</p><p><blockquote><td>41.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 236,743,000</p><p><blockquote><td>$236,743,000</td></blockquote></p><p></td>    <td>-14.2%</p><p><blockquote><td>-14.2%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 275,769,000</p><p><blockquote><td>$275,769,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>52.07%</p><p><blockquote><td>52.07%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>52.14%</p><p><blockquote><td>52.14%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>55.47%</p><p><blockquote><td>55.47%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 23,204,000</p><p><blockquote><td>$23,204,000</td></blockquote></p><p></td>    <td>7.8%</p><p><blockquote><td>7.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (23,103,000)</p><p><blockquote><td>$(23,103,000)</td></blockquote></p><p></td>    <td>-5.1%</p><p><blockquote><td>-5.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (13,374,000)</p><p><blockquote><td>$(13,374,000)</td></blockquote></p><p></td>    <td>-2.7%</p><p><blockquote><td>-2.7%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 4,025,000</p><p><blockquote><td>$4,025,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (52,293,000)</p><p><blockquote><td>$(52,293,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (46,682,000)</p><p><blockquote><td>$(46,682,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 45,290,000</p><p><blockquote><td>$45,290,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 36,185,000</p><p><blockquote><td>$36,185,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 36,204,000</p><p><blockquote><td>$36,204,000</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)</p><p><blockquote>（资料来源）</blockquote></p><p> As of June 30, 2021, Sterling had $94.3 million in cash and $744.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，斯特林拥有9430万美元现金，总负债7.448亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $45 million.</p><p><blockquote>截至2021年6月30日的12个月内的自由现金流为4500万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> STER intends to sell 4.76 million shares and selling shareholders will offer 9.525 million shares of common stock at a proposed midpoint price of $21.00 per share for gross proceeds of approximately $300 million, not including the sale of customary underwriter options.</p><p><blockquote>STER打算出售476万股股票，出售股东将以每股21.00美元的拟议中中间价发行952.5万股普通股，总收益约为3亿美元，不包括出售惯常承销商期权。</blockquote></p><p> No existing shareholders have indicated an interest to purchase shares at the IPO price.</p><p><blockquote>没有现有股东表示有兴趣以IPO价格购买股票。</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 $2.4 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24亿美元。</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 15.2%. 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15.2%。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 currently intend to use the net proceeds to us from this offering, together with cash on hand, to repay approximately $100.0 million outstanding under our Term loan. We intend to use the remainder, if any, of the net proceeds to us from this offering for general corporate purposes.  Management’s presentation of the company roadshow isavailable here.</p><p><blockquote>我们目前打算使用本次发行的净收益以及手头现金来偿还我们定期贷款下约1亿美元的未偿贷款。我们拟将本次发行所得款项净额的剩余部分（如有）用于一般公司用途。管理层对公司路演的介绍可在此处获取。</blockquote></p><p> Regarding outstanding legal proceedings, management said the firm is not a party to any legal proceedings that it believes would be material to its operations or financial condition.</p><p><blockquote>关于未决法律诉讼，管理层表示，该公司不是任何其认为对其运营或财务状况有重大影响的法律诉讼的一方。</blockquote></p><p> Listed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Morgan Stanley and other investment banks.</p><p><blockquote>此次IPO的上市账簿管理人为高盛、摩根大通、摩根士丹利等投行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></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>$1,973,227,914</p><p><blockquote><td>$1,973,227,914</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>$2,401,254,914</p><p><blockquote><td>$2,401,254,914</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>3.62</p><p><blockquote><td>3.62</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>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>122.06</p><p><blockquote><td>122.06</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>-$0.08</p><p><blockquote><td>-$0.08</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>15.20%</p><p><blockquote><td>15.20%</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>$21.00</p><p><blockquote><td>$21.00</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>$44,998,000</p><p><blockquote><td>$44,998,000</td></blockquote></p><p></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>2.28%</p><p><blockquote><td>2.28%</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>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> As a reference, a potential public comparable would be First Advantage(NASDAQ:FA); shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，一个潜在的公共可比将是第一优势（纳斯达克：FA）；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>First Advantage</b></p><p><blockquote><td><b>第一个优势</b></td></blockquote></p><p></td>    <td><b>Sterling Check</b></p><p><blockquote><td><b>英镑支票</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>5.76</p><p><blockquote><td>5.76</td></blockquote></p><p></td>    <td>3.62</p><p><blockquote><td>3.62</td></blockquote></p><p></td>    <td>-37.1%</p><p><blockquote><td>-37.1%</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>6.53</p><p><blockquote><td>6.53</td></blockquote></p><p></td>    <td>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td>    <td>-32.5%</p><p><blockquote><td>-32.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>23.41</p><p><blockquote><td>23.41</td></blockquote></p><p></td>    <td>122.06</p><p><blockquote><td>122.06</td></blockquote></p><p></td>    <td>421.4%</p><p><blockquote><td>421.4%</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>$0.04</p><p><blockquote><td>$0.04</td></blockquote></p><p></td>    <td>-$0.08</p><p><blockquote><td>-$0.08</td></blockquote></p><p></td>    <td>-293.0%</p><p><blockquote><td>-293.0%</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>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td>    <td>127.89%</p><p><blockquote><td>127.89%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> (S-1/AandSeeking Alpha)</p><p><blockquote>（S-1/AandSeeking Alpha）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> STER is going public to obtain investment to pay down some of its debt and for its corporate expansion initiatives.</p><p><blockquote>STER即将上市，以获得投资来偿还部分债务并用于企业扩张计划。</blockquote></p><p> The firm’s financials show rebounding topline revenue growth, uneven gross profit growth, a swing to operating profit and net income and growing cash flow from operations in 2021.</p><p><blockquote>该公司的财务数据显示，2021年营收增长反弹，毛利润增长不均衡，营业利润和净利润出现波动，运营现金流不断增长。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an impressive $45 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流高达4500万美元，令人印象深刻。</blockquote></p><p> Selling, G&amp;A expenses as a percentage of total revenue have trended lower as revenue has varied and its Selling, G&amp;A efficiency rate rebounded to 1.3x in the most recent six-month reporting period.</p><p><blockquote>随着收入的变化，销售、G&amp;A费用占总收入的百分比呈下降趋势，其销售、G&amp;A效率在最近六个月的报告期内反弹至1.3倍。</blockquote></p><p> The market opportunity for providing background checks and related services is large and expected to grow at a moderate CAGR Of 5.5% in the coming years, although the continued transition to a decentralized workforce may increase demand a bit above this estimate.</p><p><blockquote>提供背景调查和相关服务的市场机会很大，预计未来几年将以5.5%的适度CAGR增长，尽管向分散劳动力的持续过渡可能会增加略高于这一估计的需求。</blockquote></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 37.3% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，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37.3%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The general business cycle - when companies hire fewer workers during down economic periods, demand for the company’s services will decline.</p><p><blockquote>一般商业周期——当公司在经济低迷时期雇佣更少的工人时，对公司服务的需求就会下降。</blockquote></p><p> While Sterling is not immune to the ups and downs of the business cycle and potential future pandemic variant effects on economic activity, the firm has rebounded impressively and appears positioned to compete in a growing market.</p><p><blockquote>虽然英镑也不能幸免于商业周期的起伏以及未来大流行对经济活动的潜在影响，但该公司已经令人印象深刻地反弹，似乎有能力在不断增长的市场中竞争。</blockquote></p><p> As for valuation, compared to First Advantage, which went public earlier in 2021 and performed since its debut, STER appears reasonably valued on a revenue multiple basis as the firm is growing revenue at a faster rate. STER is nearing EPS breakeven.</p><p><blockquote>至于估值，与2021年初上市并自上市以来表现良好的First Advantage相比，STER在收入倍数基础上的估值似乎合理，因为该公司的收入增长速度更快。STER接近每股收益盈亏平衡。</blockquote></p><p> Given the company’s strong rebound after the 2020 pandemic period and reasonable IPO valuation, the IPO is worth a close look.</p><p><blockquote>鉴于该公司在2020年疫情后的强劲反弹以及合理的IPO估值，此次IPO值得密切关注。</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>Sterling Check opens for trading at $27.1, up about 18% from IPO price<blockquote>英镑支票开盘价为27.1美元，较IPO价格上涨约18%</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\">\nSterling Check opens for trading at $27.1, up about 18% from IPO price<blockquote>英镑支票开盘价为27.1美元，较IPO价格上涨约18%</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 23:59</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/STER\">Sterling Check Corp.</a> opens for trading at $27.1, up about 18% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/STER\">斯特林支票公司。</a>开盘价为27.1美元，较IPO价格上涨约18%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc3f51dd719989f02bf56c538ce17c72\" tg-width=\"904\" tg-height=\"560\" referrerpolicy=\"no-referrer\"><b>Company &amp; Technology</b></p><p><blockquote><b>公司与技术</b></blockquote></p><p> New York-based Sterling was founded to develop a full suite of background screening, verifications and ongoing monitoring services for businesses.</p><p><blockquote>总部位于纽约的Sterling成立的目的是为企业开发一整套背景筛查、验证和持续监控服务。</blockquote></p><p> Management is headed by Chief Executive Officer Joshua Peirez, who has been with the firm since July 2018 and was previously president and COO of Dun &amp; Bradstreet and held senior roles at Mastercard prior to that.</p><p><blockquote>管理层由首席执行官Joshua Peirez领导，他自2018年7月起加入该公司，此前曾担任邓白氏总裁兼首席运营官，此前曾在万事达卡担任高级职务。</blockquote></p><p> The company’s primary offering categories include:</p><p><blockquote>公司的主要发行类别包括：</blockquote></p><p> <ul>  <li>Identity verification</p><p><blockquote><ul><li>身份验证</li></ul></blockquote></p><p></li>  <li>Background screening</p><p><blockquote><li>背景筛选</li></blockquote></p><p></li>  <li>Credential verifications</p><p><blockquote><li>凭据验证</li></blockquote></p><p></li>  <li>Onboarding</p><p><blockquote><li>入职</li></blockquote></p><p></li>  <li>Ongoing monitoring</p><p><blockquote><li>持续监测</li></blockquote></p><p></li> </ul> Sterling has received at least $775 million in equity investment from investors including Goldman Sachs and The Greenblatt Trusts.</p><p><blockquote>斯特林已从高盛和格林布拉特信托等投资者那里获得了至少7.75亿美元的股权投资。</blockquote></p><p> <b>Customer Acquisition</b></p><p><blockquote><b>客户获取</b></blockquote></p><p> The firm pursues large clients through a direct sales team approach organized by industry vertical and region.</p><p><blockquote>该公司通过按垂直行业和地区组织的直销团队方式寻求大客户。</blockquote></p><p> For the 12 months ended June 30, 2021, the firm's platform performed over 75 million searches for over 40,000 clients.</p><p><blockquote>在截至2021年6月30日的12个月中，该公司的平台为超过40,000名客户进行了超过7500万次搜索。</blockquote></p><p> Selling, G&amp;A expenses as a percentage of total revenue have dropped as revenues have fluctuated, as the figures below indicate:</p><p><blockquote>销售、一般管理费用占总收入的百分比随着收入的波动而下降，如下图所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Selling, G&amp;A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&amp;A</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>22.8%</p><p><blockquote><td>22.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>27.0%</p><p><blockquote><td>27.0%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>29.6%</p><p><blockquote><td>29.6%</td></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> The Selling, G&amp;A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&amp;A spend, rebounded to 1.3x in the most recent reporting period, as shown in the table below:</p><p><blockquote>销售、G&amp;A效率率（定义为每美元销售、G&amp;A支出产生多少美元的额外新收入）在最近的报告期内反弹至1.3倍，如下表所示：</blockquote></p><p> <table>  <colgroup></colgroup>  <tbody>   <tr>    <td><b>Selling, G&amp;A</b></p><p><blockquote><table><colgroup></colgroup><tbody><tr><td><b>销售、G&amp;A</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>1.3</p><p><blockquote><td>1.3</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>-0.4</p><p><blockquote><td>-0.4</td></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</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> STER’s most recent calculation was 51% for the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:</p><p><blockquote>STER的最新计算结果是截至2021年6月30日的六个月为51%，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>44%</p><p><blockquote><td>44%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EBITDA %</p><p><blockquote><tr><td>EBITDA%</td></tr></blockquote></p><p></td>    <td>8%</p><p><blockquote><td>8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>Total</p><p><blockquote><tr><td>总的</td></tr></blockquote></p><p></td>    <td>51%</p><p><blockquote><td>51%</td></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> <b>Market &amp; Competition</b></p><p><blockquote><b>市场与竞争</b></blockquote></p><p> According to a 2021 marketresearch reportby The Insight Partners, the global employment screening market, one of the firm's focus areas, was an estimated $4.2 billion in 2020 and is forecast to reach $6.4 billion by 2028.</p><p><blockquote>根据Insight Partners的2021年市场研究报告，全球就业筛选市场是该公司的重点领域之一，2020年估计为42亿美元，预计到2028年将达到64亿美元。</blockquote></p><p> This represents a forecast CAGR of 5.5% from 2021 to 2028.</p><p><blockquote>这意味着2021年至2028年的预测复合年增长率为5.5%。</blockquote></p><p> The main drivers for this expected growth are increased populations in urban areas resulting in greater job opportunities and employee demand and a growing incidence of application fraud or inflation.</p><p><blockquote>这一预期增长的主要驱动力是城市地区人口的增加，导致更多的就业机会和员工需求，以及申请欺诈或通货膨胀的发生率不断上升。</blockquote></p><p> Also, the number of applicants for each job opening has increased along with a larger number of contract, temporary and 'gig economy' workers.</p><p><blockquote>此外，随着合同工、临时工和“零工经济”工人数量的增加，每个职位空缺的申请人数也有所增加。</blockquote></p><p> 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>First Advantage</p><p><blockquote><ul><li>第一个优势</li></ul></blockquote></p><p></li>  <li>HireRight</p><p><blockquote><li>雇佣权</li></blockquote></p><p></li>  <li>Accurate Background</p><p><blockquote><li>准确的背景</li></blockquote></p><p></li>  <li>ADP</p><p><blockquote><li>ADP</li></blockquote></p><p></li>  <li>Cisive</p><p><blockquote><li>西西夫</li></blockquote></p><p></li>  <li>Checkr</p><p><blockquote><li>检查器</li></blockquote></p><p></li>  <li>DISA</p><p><blockquote><li>迪萨</li></blockquote></p><p></li>  <li>Triton</p><p><blockquote><li>Triton</li></blockquote></p><p></li>  <li>Other smaller players</p><p><blockquote><li>其他较小的参与者</li></blockquote></p><p></li> </ul> <b>Financial Performance</b></p><p><blockquote><b>财务表现</b></blockquote></p><p> Sterling’s recent financial results can be summarized as follows:</p><p><blockquote>斯特林近期的财务业绩可总结如下：</blockquote></p><p> <ul>  <li>Rebounding topline revenue growth</p><p><blockquote><ul><li>营收增长反弹</li></ul></blockquote></p><p></li>  <li>Variable gross profit growth</p><p><blockquote><li>可变毛利增长</li></blockquote></p><p></li>  <li>Slightly reduced gross margin</p><p><blockquote><li>毛利率略有下降</li></blockquote></p><p></li>  <li>A swing to operating profit and net income</p><p><blockquote><li>营业利润和净利润的波动</li></blockquote></p><p></li>  <li>Growing cash flow from operations in 2021</p><p><blockquote><li>2021年运营现金流增长</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>$ 298,698,000</p><p><blockquote><td>$298,698,000</td></blockquote></p><p></td>    <td>43.6%</p><p><blockquote><td>43.6%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 454,053,000</p><p><blockquote><td>$454,053,000</td></blockquote></p><p></p><p></td>    <td>-8.7%</p><p><blockquote><td>-8.7%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 497,116,000</p><p><blockquote><td>$497,116,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>毛利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Profit (Loss)</p><p><blockquote><td>毛利（亏损）</td></blockquote></p><p></td>    <td>% Variance vs. Prior</p><p><blockquote><td>与既往相比的%差异</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 155,539,000</p><p><blockquote><td>$155,539,000</td></blockquote></p><p></td>    <td>41.9%</p><p><blockquote><td>41.9%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 236,743,000</p><p><blockquote><td>$236,743,000</td></blockquote></p><p></td>    <td>-14.2%</p><p><blockquote><td>-14.2%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 275,769,000</p><p><blockquote><td>$275,769,000</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Gross Margin</b></p><p><blockquote><tr></tr><tr><td><b>毛利率</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Gross Margin</p><p><blockquote><td>毛利率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>52.07%</p><p><blockquote><td>52.07%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>52.14%</p><p><blockquote><td>52.14%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>55.47%</p><p><blockquote><td>55.47%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Operating Profit (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>经营溢利（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Operating Profit (Loss)</p><p><blockquote><td>经营溢利（亏损）</td></blockquote></p><p></td>    <td>Operating Margin</p><p><blockquote><td>营业利润率</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 23,204,000</p><p><blockquote><td>$23,204,000</td></blockquote></p><p></td>    <td>7.8%</p><p><blockquote><td>7.8%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (23,103,000)</p><p><blockquote><td>$(23,103,000)</td></blockquote></p><p></td>    <td>-5.1%</p><p><blockquote><td>-5.1%</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (13,374,000)</p><p><blockquote><td>$(13,374,000)</td></blockquote></p><p></td>    <td>-2.7%</p><p><blockquote><td>-2.7%</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Net Income (Loss)</b></p><p><blockquote><tr></tr><tr><td><b>净利润（亏损）</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Net Income (Loss)</p><p><blockquote><td>净利润（亏损）</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 4,025,000</p><p><blockquote><td>$4,025,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ (52,293,000)</p><p><blockquote><td>$(52,293,000)</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ (46,682,000)</p><p><blockquote><td>$(46,682,000)</td></blockquote></p><p></td>   </tr>   <tr></tr>   <tr>    <td><b>Cash Flow From Operations</b></p><p><blockquote><tr></tr><tr><td><b>经营所得现金流量</b></td></tr></blockquote></p><p></td>   </tr>   <tr>    <td>Period</p><p><blockquote><tr><td>周期</td></tr></blockquote></p><p></td>    <td>Cash Flow From Operations</p><p><blockquote><td>经营所得现金流量</td></blockquote></p><p></td>   </tr>   <tr>    <td>Six Mos. Ended June 30, 2021</p><p><blockquote><tr><td>六个月。截至2021年6月30日止</td></tr></blockquote></p><p></td>    <td>$ 45,290,000</p><p><blockquote><td>$45,290,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2020</p><p><blockquote><tr><td>2020</td></tr></blockquote></p><p></td>    <td>$ 36,185,000</p><p><blockquote><td>$36,185,000</td></blockquote></p><p></td>   </tr>   <tr>    <td>2019</p><p><blockquote><tr><td>2019</td></tr></blockquote></p><p></td>    <td>$ 36,204,000</p><p><blockquote><td>$36,204,000</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)</p><p><blockquote>（资料来源）</blockquote></p><p> As of June 30, 2021, Sterling had $94.3 million in cash and $744.8 million in total liabilities.</p><p><blockquote>截至2021年6月30日，斯特林拥有9430万美元现金，总负债7.448亿美元。</blockquote></p><p> Free cash flow during the twelve months ended June 30, 2021, was $45 million.</p><p><blockquote>截至2021年6月30日的12个月内的自由现金流为4500万美元。</blockquote></p><p> <b>IPO Details</b></p><p><blockquote><b>IPO详情</b></blockquote></p><p> STER intends to sell 4.76 million shares and selling shareholders will offer 9.525 million shares of common stock at a proposed midpoint price of $21.00 per share for gross proceeds of approximately $300 million, not including the sale of customary underwriter options.</p><p><blockquote>STER打算出售476万股股票，出售股东将以每股21.00美元的拟议中中间价发行952.5万股普通股，总收益约为3亿美元，不包括出售惯常承销商期权。</blockquote></p><p> No existing shareholders have indicated an interest to purchase shares at the IPO price.</p><p><blockquote>没有现有股东表示有兴趣以IPO价格购买股票。</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 $2.4 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24亿美元。</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 15.2%. 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15.2%。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 currently intend to use the net proceeds to us from this offering, together with cash on hand, to repay approximately $100.0 million outstanding under our Term loan. We intend to use the remainder, if any, of the net proceeds to us from this offering for general corporate purposes.  Management’s presentation of the company roadshow isavailable here.</p><p><blockquote>我们目前打算使用本次发行的净收益以及手头现金来偿还我们定期贷款下约1亿美元的未偿贷款。我们拟将本次发行所得款项净额的剩余部分（如有）用于一般公司用途。管理层对公司路演的介绍可在此处获取。</blockquote></p><p> Regarding outstanding legal proceedings, management said the firm is not a party to any legal proceedings that it believes would be material to its operations or financial condition.</p><p><blockquote>关于未决法律诉讼，管理层表示，该公司不是任何其认为对其运营或财务状况有重大影响的法律诉讼的一方。</blockquote></p><p> Listed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Morgan Stanley and other investment banks.</p><p><blockquote>此次IPO的上市账簿管理人为高盛、摩根大通、摩根士丹利等投行。</blockquote></p><p> <b>Valuation Metrics</b></p><p><blockquote><b>估值指标</b></blockquote></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>$1,973,227,914</p><p><blockquote><td>$1,973,227,914</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>$2,401,254,914</p><p><blockquote><td>$2,401,254,914</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>3.62</p><p><blockquote><td>3.62</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>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>122.06</p><p><blockquote><td>122.06</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>-$0.08</p><p><blockquote><td>-$0.08</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>15.20%</p><p><blockquote><td>15.20%</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>$21.00</p><p><blockquote><td>$21.00</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>$44,998,000</p><p><blockquote><td>$44,998,000</td></blockquote></p><p></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>2.28%</p><p><blockquote><td>2.28%</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>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> (Source)</p><p><blockquote>（资料来源）</blockquote></p><p> As a reference, a potential public comparable would be First Advantage(NASDAQ:FA); shown below is a comparison of their primary valuation metrics:</p><p><blockquote>作为参考，一个潜在的公共可比将是第一优势（纳斯达克：FA）；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>First Advantage</b></p><p><blockquote><td><b>第一个优势</b></td></blockquote></p><p></td>    <td><b>Sterling Check</b></p><p><blockquote><td><b>英镑支票</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>5.76</p><p><blockquote><td>5.76</td></blockquote></p><p></td>    <td>3.62</p><p><blockquote><td>3.62</td></blockquote></p><p></td>    <td>-37.1%</p><p><blockquote><td>-37.1%</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>6.53</p><p><blockquote><td>6.53</td></blockquote></p><p></td>    <td>4.41</p><p><blockquote><td>4.41</td></blockquote></p><p></td>    <td>-32.5%</p><p><blockquote><td>-32.5%</td></blockquote></p><p></td>   </tr>   <tr>    <td>EV / EBITDA</p><p><blockquote><tr><td>EV/EBITDA</td></tr></blockquote></p><p></td>    <td>23.41</p><p><blockquote><td>23.41</td></blockquote></p><p></td>    <td>122.06</p><p><blockquote><td>122.06</td></blockquote></p><p></td>    <td>421.4%</p><p><blockquote><td>421.4%</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>$0.04</p><p><blockquote><td>$0.04</td></blockquote></p><p></td>    <td>-$0.08</p><p><blockquote><td>-$0.08</td></blockquote></p><p></td>    <td>-293.0%</p><p><blockquote><td>-293.0%</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>19.2%</p><p><blockquote><td>19.2%</td></blockquote></p><p></td>    <td>43.64%</p><p><blockquote><td>43.64%</td></blockquote></p><p></td>    <td>127.89%</p><p><blockquote><td>127.89%</td></blockquote></p><p></td>   </tr>   <tr>    <td>(Glossary Of Terms)</p><p><blockquote><tr><td>（术语表）</td></tr></blockquote></p><p></td>   </tr>  </tbody> </table> (S-1/AandSeeking Alpha)</p><p><blockquote>（S-1/AandSeeking Alpha）</blockquote></p><p> <b>Commentary</b></p><p><blockquote><b>评论</b></blockquote></p><p> STER is going public to obtain investment to pay down some of its debt and for its corporate expansion initiatives.</p><p><blockquote>STER即将上市，以获得投资来偿还部分债务并用于企业扩张计划。</blockquote></p><p> The firm’s financials show rebounding topline revenue growth, uneven gross profit growth, a swing to operating profit and net income and growing cash flow from operations in 2021.</p><p><blockquote>该公司的财务数据显示，2021年营收增长反弹，毛利润增长不均衡，营业利润和净利润出现波动，运营现金流不断增长。</blockquote></p><p> Free cash flow for the twelve months ended June 30, 2021, was an impressive $45 million.</p><p><blockquote>截至2021年6月30日的12个月的自由现金流高达4500万美元，令人印象深刻。</blockquote></p><p> Selling, G&amp;A expenses as a percentage of total revenue have trended lower as revenue has varied and its Selling, G&amp;A efficiency rate rebounded to 1.3x in the most recent six-month reporting period.</p><p><blockquote>随着收入的变化，销售、G&amp;A费用占总收入的百分比呈下降趋势，其销售、G&amp;A效率在最近六个月的报告期内反弹至1.3倍。</blockquote></p><p> The market opportunity for providing background checks and related services is large and expected to grow at a moderate CAGR Of 5.5% in the coming years, although the continued transition to a decentralized workforce may increase demand a bit above this estimate.</p><p><blockquote>提供背景调查和相关服务的市场机会很大，预计未来几年将以5.5%的适度CAGR增长，尽管向分散劳动力的持续过渡可能会增加略高于这一估计的需求。</blockquote></p><p> Goldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 37.3% since their IPO. This is a mid-tier performance for all major underwriters during the period.</p><p><blockquote>高盛是首席承销商，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37.3%。这是期内所有主要承销商的中等表现。</blockquote></p><p> The general business cycle - when companies hire fewer workers during down economic periods, demand for the company’s services will decline.</p><p><blockquote>一般商业周期——当公司在经济低迷时期雇佣更少的工人时，对公司服务的需求就会下降。</blockquote></p><p> While Sterling is not immune to the ups and downs of the business cycle and potential future pandemic variant effects on economic activity, the firm has rebounded impressively and appears positioned to compete in a growing market.</p><p><blockquote>虽然英镑也不能幸免于商业周期的起伏以及未来大流行对经济活动的潜在影响，但该公司已经令人印象深刻地反弹，似乎有能力在不断增长的市场中竞争。</blockquote></p><p> As for valuation, compared to First Advantage, which went public earlier in 2021 and performed since its debut, STER appears reasonably valued on a revenue multiple basis as the firm is growing revenue at a faster rate. STER is nearing EPS breakeven.</p><p><blockquote>至于估值，与2021年初上市并自上市以来表现良好的First Advantage相比，STER在收入倍数基础上的估值似乎合理，因为该公司的收入增长速度更快。STER接近每股收益盈亏平衡。</blockquote></p><p> Given the company’s strong rebound after the 2020 pandemic period and reasonable IPO valuation, the IPO is worth a close look.</p><p><blockquote>鉴于该公司在2020年疫情后的强劲反弹以及合理的IPO估值，此次IPO值得密切关注。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STER":"Sterling Check Corp."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1148130438","content_text":"(Sept 23) Sterling Check Corp. opens for trading at $27.1, up about 18% from IPO price.\nCompany & Technology\nNew York-based Sterling was founded to develop a full suite of background screening, verifications and ongoing monitoring services for businesses.\nManagement is headed by Chief Executive Officer Joshua Peirez, who has been with the firm since July 2018 and was previously president and COO of Dun & Bradstreet and held senior roles at Mastercard prior to that.\nThe company’s primary offering categories include:\n\nIdentity verification\nBackground screening\nCredential verifications\nOnboarding\nOngoing monitoring\n\nSterling has received at least $775 million in equity investment from investors including Goldman Sachs and The Greenblatt Trusts.\nCustomer Acquisition\nThe firm pursues large clients through a direct sales team approach organized by industry vertical and region.\nFor the 12 months ended June 30, 2021, the firm's platform performed over 75 million searches for over 40,000 clients.\nSelling, G&A expenses as a percentage of total revenue have dropped as revenues have fluctuated, as the figures below indicate:\n\n\n\n\nSelling, G&A\nExpenses vs. Revenue\n\n\nPeriod\nPercentage\n\n\nSix Mos. Ended June 30, 2021\n22.8%\n\n\n2020\n27.0%\n\n\n2019\n29.6%\n\n\n\n(Source)\nThe Selling, G&A efficiency rate, defined as how many dollars of additional new revenue are generated by each dollar of Selling, G&A spend, rebounded to 1.3x in the most recent reporting period, as shown in the table below:\n\n\n\n\nSelling, G&A\nEfficiency Rate\n\n\nPeriod\nMultiple\n\n\nSix Mos. Ended June 30, 2021\n1.3\n\n\n2020\n-0.4\n\n\n\n(Source)\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.\nSTER’s most recent calculation was 51% for the six months ended June 30, 2021, so the firm has performed well in this regard, per the table below:\n\n\n\n\nRule of 40\nCalculation\n\n\nRecent Rev. Growth %\n44%\n\n\nEBITDA %\n8%\n\n\nTotal\n51%\n\n\n\n(Source)\nMarket & Competition\nAccording to a 2021 marketresearch reportby The Insight Partners, the global employment screening market, one of the firm's focus areas, was an estimated $4.2 billion in 2020 and is forecast to reach $6.4 billion by 2028.\nThis represents a forecast CAGR of 5.5% from 2021 to 2028.\nThe main drivers for this expected growth are increased populations in urban areas resulting in greater job opportunities and employee demand and a growing incidence of application fraud or inflation.\nAlso, the number of applicants for each job opening has increased along with a larger number of contract, temporary and 'gig economy' workers.\nMajor competitive or other industry participants include:\n\nFirst Advantage\nHireRight\nAccurate Background\nADP\nCisive\nCheckr\nDISA\nTriton\nOther smaller players\n\nFinancial Performance\nSterling’s recent financial results can be summarized as follows:\n\nRebounding topline revenue growth\nVariable gross profit growth\nSlightly reduced gross margin\nA swing to operating profit and net income\nGrowing cash flow from operations in 2021\n\nBelow are relevant financial results derived from the firm’s registration statement:\n\n\n\n\nTotal Revenue\n\n\nPeriod\nTotal Revenue\n% Variance vs. Prior\n\n\nSix Mos. Ended June 30, 2021\n$ 298,698,000\n43.6%\n\n\n2020\n$ 454,053,000\n-8.7%\n\n\n2019\n$ 497,116,000\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$ 155,539,000\n41.9%\n\n\n2020\n$ 236,743,000\n-14.2%\n\n\n2019\n$ 275,769,000\n\n\n\nGross Margin\n\n\nPeriod\nGross Margin\n\n\nSix Mos. Ended June 30, 2021\n52.07%\n\n\n2020\n52.14%\n\n\n2019\n55.47%\n\n\n\nOperating Profit (Loss)\n\n\nPeriod\nOperating Profit (Loss)\nOperating Margin\n\n\nSix Mos. Ended June 30, 2021\n$ 23,204,000\n7.8%\n\n\n2020\n$ (23,103,000)\n-5.1%\n\n\n2019\n$ (13,374,000)\n-2.7%\n\n\n\nNet Income (Loss)\n\n\nPeriod\nNet Income (Loss)\n\n\nSix Mos. Ended June 30, 2021\n$ 4,025,000\n\n\n2020\n$ (52,293,000)\n\n\n2019\n$ (46,682,000)\n\n\n\nCash Flow From Operations\n\n\nPeriod\nCash Flow From Operations\n\n\nSix Mos. Ended June 30, 2021\n$ 45,290,000\n\n\n2020\n$ 36,185,000\n\n\n2019\n$ 36,204,000\n\n\n\n(Glossary Of Terms)\n\n\n\n(Source)\nAs of June 30, 2021, Sterling had $94.3 million in cash and $744.8 million in total liabilities.\nFree cash flow during the twelve months ended June 30, 2021, was $45 million.\nIPO Details\nSTER intends to sell 4.76 million shares and selling shareholders will offer 9.525 million shares of common stock at a proposed midpoint price of $21.00 per share for gross proceeds of approximately $300 million, not including the sale of customary underwriter options.\nNo existing shareholders have indicated an interest to purchase shares at the IPO 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 $2.4 billion.\nExcluding effects of underwriter options and private placement shares or restricted stock, if any, the float to outstanding shares ratio will be approximately 15.2%. 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 currently intend to use the net proceeds to us from this offering, together with cash on hand, to repay approximately $100.0 million outstanding under our Term loan. We intend to use the remainder, if any, of the net proceeds to us from this offering for general corporate purposes.\n\nManagement’s presentation of the company roadshow isavailable here.\nRegarding outstanding legal proceedings, management said the firm is not a party to any legal proceedings that it believes would be material to its operations or financial condition.\nListed bookrunners of the IPO are Goldman Sachs, J.P. Morgan, Morgan Stanley 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$1,973,227,914\n\n\nEnterprise Value\n$2,401,254,914\n\n\nPrice / Sales\n3.62\n\n\nEV / Revenue\n4.41\n\n\nEV / EBITDA\n122.06\n\n\nEarnings Per Share\n-$0.08\n\n\nFloat To Outstanding Shares Ratio\n15.20%\n\n\nProposed IPO Midpoint Price per Share\n$21.00\n\n\nNet Free Cash Flow\n$44,998,000\n\n\nFree Cash Flow Yield Per Share\n2.28%\n\n\nRevenue Growth Rate\n43.64%\n\n\n(Glossary Of Terms)\n\n\n\n(Source)\nAs a reference, a potential public comparable would be First Advantage(NASDAQ:FA); shown below is a comparison of their primary valuation metrics:\n\n\n\n\nMetric\nFirst Advantage\nSterling Check\nVariance\n\n\nPrice / Sales\n5.76\n3.62\n-37.1%\n\n\nEV / Revenue\n6.53\n4.41\n-32.5%\n\n\nEV / EBITDA\n23.41\n122.06\n421.4%\n\n\nEarnings Per Share\n$0.04\n-$0.08\n-293.0%\n\n\nRevenue Growth Rate\n19.2%\n43.64%\n127.89%\n\n\n(Glossary Of Terms)\n\n\n\n(S-1/AandSeeking Alpha)\nCommentary\nSTER is going public to obtain investment to pay down some of its debt and for its corporate expansion initiatives.\nThe firm’s financials show rebounding topline revenue growth, uneven gross profit growth, a swing to operating profit and net income and growing cash flow from operations in 2021.\nFree cash flow for the twelve months ended June 30, 2021, was an impressive $45 million.\nSelling, G&A expenses as a percentage of total revenue have trended lower as revenue has varied and its Selling, G&A efficiency rate rebounded to 1.3x in the most recent six-month reporting period.\nThe market opportunity for providing background checks and related services is large and expected to grow at a moderate CAGR Of 5.5% in the coming years, although the continued transition to a decentralized workforce may increase demand a bit above this estimate.\nGoldman Sachs is the lead left underwriter and IPOs led by the firm over the last 12-month period have generated an average return of 37.3% since their IPO. This is a mid-tier performance for all major underwriters during the period.\nThe general business cycle - when companies hire fewer workers during down economic periods, demand for the company’s services will decline.\nWhile Sterling is not immune to the ups and downs of the business cycle and potential future pandemic variant effects on economic activity, the firm has rebounded impressively and appears positioned to compete in a growing market.\nAs for valuation, compared to First Advantage, which went public earlier in 2021 and performed since its debut, STER appears reasonably valued on a revenue multiple basis as the firm is growing revenue at a faster rate. STER is nearing EPS breakeven.\nGiven the company’s strong rebound after the 2020 pandemic period and reasonable IPO valuation, the IPO is worth a close look.","news_type":1,"symbols_score_info":{"STER":0.9}},"isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863730997,"gmtCreate":1632434336619,"gmtModify":1632728289506,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863730997","repostId":"1150145468","repostType":4,"repost":{"id":"1150145468","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":1632413106,"share":"https://www.laohu8.com/m/news/1150145468?lang=zh_CN&edition=full","pubTime":"2021-09-24 00:05","market":"us","language":"en","title":"Sovos Brands opens for trading at $14.7, up about 22% from IPO price<blockquote>Sovos Brands开盘价为14.7美元，较IPO价格上涨约22%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150145468","media":"Tiger Newspress","summary":"(Sept 23) Sovos Brands, Inc. opens for trading at $14.7, up about 22% from IPO price.","content":"<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/SOVO\">Sovos Brands, Inc.</a> opens for trading at $14.7, up about 22% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/SOVO\">索沃斯品牌公司。</a>开盘价为14.7美元，较IPO价格上涨约22%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4cf35300eb72dc44987635c428fb00b\" tg-width=\"905\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Sovos Brands opens for trading at $14.7, up about 22% from IPO price<blockquote>Sovos Brands开盘价为14.7美元，较IPO价格上涨约22%</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\">\nSovos Brands opens for trading at $14.7, up about 22% from IPO price<blockquote>Sovos Brands开盘价为14.7美元，较IPO价格上涨约22%</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\">2021-09-24 00:05</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(Sept 23)&nbsp;<a href=\"https://laohu8.com/S/SOVO\">Sovos Brands, Inc.</a> opens for trading at $14.7, up about 22% from IPO price.</p><p><blockquote>（9月23日）<a href=\"https://laohu8.com/S/SOVO\">索沃斯品牌公司。</a>开盘价为14.7美元，较IPO价格上涨约22%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/a4cf35300eb72dc44987635c428fb00b\" tg-width=\"905\" tg-height=\"545\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOVO":"Sovos Brands, Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150145468","content_text":"(Sept 23) Sovos Brands, Inc. opens for trading at $14.7, up about 22% from IPO price.","news_type":1,"symbols_score_info":{"SOVO":0.9}},"isVote":1,"tweetType":1,"viewCount":1734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863055695,"gmtCreate":1632348274817,"gmtModify":1632801125801,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/863055695","repostId":"2169657258","repostType":4,"isVote":1,"tweetType":1,"viewCount":906,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863055899,"gmtCreate":1632348262811,"gmtModify":1632801125926,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/863055899","repostId":"2169657474","repostType":4,"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863055320,"gmtCreate":1632348248860,"gmtModify":1632801126172,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Liked","listText":"Liked","text":"Liked","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/863055320","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":581,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":863052793,"gmtCreate":1632348187012,"gmtModify":1632801126538,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/863052793","repostId":"1146187405","repostType":4,"isVote":1,"tweetType":1,"viewCount":866,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869496512,"gmtCreate":1632313964736,"gmtModify":1632801330411,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869496512","repostId":"2169659162","repostType":4,"isVote":1,"tweetType":1,"viewCount":959,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869496611,"gmtCreate":1632313951133,"gmtModify":1632801330533,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869496611","repostId":"1193835698","repostType":4,"repost":{"id":"1193835698","kind":"news","pubTimestamp":1632311844,"share":"https://www.laohu8.com/m/news/1193835698?lang=zh_CN&edition=full","pubTime":"2021-09-22 19:57","market":"us","language":"en","title":"Don’t fret over a market downturn: Here’s what the final months of 2021 could look like for your retirement investments<blockquote>不要担心市场低迷：以下是2021年最后几个月您的退休投资可能会出现的情况</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1193835698","media":"US today","summary":"Financial markets are suddenly turbulent again.\nFollowing a brief but devastating crash in March 202","content":"<p>Financial markets are suddenly turbulent again.</p><p><blockquote>金融市场突然再次动荡。</blockquote></p><p> Following a brief but devastating crash in March 2020, stocks and other investments had glided ever higher and touched new records, seemingly impervious to an endless stream of bad news about COVID and a historic wave of unemployment during the pandemic fueled recession. If you checked your 401(1) or your Robinhood account during that time, many investors saw a bigger net balance.</p><p><blockquote>在2020年3月经历了短暂但毁灭性的崩盘之后，股票和其他投资不断走高并创下新纪录，似乎不受有关COVID的源源不断的坏消息和大流行引发的经济衰退期间历史性失业浪潮的影响。如果您在此期间检查您的401(1)或Robinhood账户，许多投资者会看到更大的净余额。</blockquote></p><p> That is, until this month.</p><p><blockquote>也就是说，直到这个月。</blockquote></p><p> Global financial markets have wavered in recent weeks, slumping across the board Monday in what was one of the worst days of the year. An array of concerns about the global economy converged to drag down stocks, and some Wall Street experts worry it may upend Wall Street’s streak of gains.</p><p><blockquote>最近几周，全球金融市场出现波动，周一全面下跌，这是今年最糟糕的一天。对全球经济的一系列担忧汇聚在一起拖累了股市，一些华尔街专家担心这可能会颠覆华尔街的连涨势头。</blockquote></p><p> At one point on Monday, the blue-chip Dow Jones industrial average dropped by as many as 972 points before closing down 614 points. Investors worried about the pace of global growth, possible damage to markets from indebted real-estate developers in China and fears about Federal Reserve policies that could emerge from the central bank's meeting this week.</p><p><blockquote>周一，蓝筹股道琼斯工业平均指数一度下跌972点，收盘下跌614点。投资者担心全球经济增长的步伐，中国负债累累的房地产开发商可能对市场造成的损害，以及对美联储本周会议可能出台的政策的担忧。</blockquote></p><p> So does this mean trouble for your nest egg? Don’t freak out just yet, experts say.</p><p><blockquote>那么这对你的储蓄意味着麻烦吗？专家说，现在还不要惊慌。</blockquote></p><p> Here's what the stock market is signaling about the rest of the year.</p><p><blockquote>以下是股市对今年剩余时间的信号。</blockquote></p><p> <b>What's caused stock market volatility?</b></p><p><blockquote><b>是什么导致了股市波动？</b></blockquote></p><p> While there are whispers of a Lehman Brothers-like crisis brewing overseas, most financial experts said those troubles appear contained.</p><p><blockquote>尽管有传言称海外正在酝酿一场类似雷曼兄弟的危机，但大多数金融专家表示，这些麻烦似乎得到了控制。</blockquote></p><p> Those fears are part of a series of factors that have weighed on investors in recent weeks, putting the S&amp;P 500 -- the benchmark used for most mutual funds -- on track for its first monthly decline since January. Cryptocurrencies also came under further pressure Monday, with bitcoin, the world’s most popular digital currency, slumping by more than 7%.</p><p><blockquote>这些担忧是最近几周给投资者带来压力的一系列因素的一部分，导致标普500（大多数共同基金使用的基准）有望出现自1月份以来的首次月度下跌。加密货币周一也进一步承压，全球最受欢迎的数字货币比特币暴跌超过7%。</blockquote></p><p> Worries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — have rippled across global markets. Those concerns have centered on Evergrande, one of China’s biggest real estate developers, which looks like it may be unable to repay its debts.</p><p><blockquote>对负债累累的中国房地产开发商的担忧——以及如果他们违约可能对全球投资者造成的损害——已经波及全球市场。这些担忧集中在中国最大的房地产开发商之一恒大，该公司看起来可能无法偿还债务。</blockquote></p><p> The fear is that Evergrande could collapse, causing a chain reaction through the Chinese property-development industry that spills over into the broader financial system, similar to how the failure of Lehman Brothers inflamed the 2008 financial crisis and Great Recession. Those Chinese property companies have been big drivers of that nation's economy, which is the world’s second-largest.</p><p><blockquote>人们担心恒大可能会倒闭，在中国房地产开发行业引发连锁反应，蔓延到更广泛的金融体系，类似于雷曼兄弟的倒闭引发2008年金融危机和大衰退。这些中国房地产公司一直是中国经济的重要推动力，中国是世界第二大经济体。</blockquote></p><p> But analysts expect China’s government to prevent such a scenario, avoiding a Lehman-type moment, they said. For example, China’s short-term debt markets, also known as money markets, aren’t showing any worrisome signs of broader problems, according to Ryan Detrick, chief market strategist at LPL Financial. In a note to clients, he said these markets tend to be the canary in the coal mine and that the fallout appears to be fairly contained as of now.</p><p><blockquote>但分析师表示，他们预计中国政府将阻止这种情况发生，避免雷曼式的时刻。例如，LPL Financial首席市场策略师瑞安·德特里克(Ryan Detrick)表示，中国的短期债务市场（也称为货币市场）没有显示出任何令人担忧的更广泛问题的迹象。他在给客户的一份报告中表示，这些市场往往是煤矿中的金丝雀，到目前为止，其影响似乎得到了相当大的控制。</blockquote></p><p> “Short-term funding markets are acting just fine in China thus far,\" Detrick wrote. \"Remember, it was the money markets in the U.S. that first started to show cracks in the system in early 2008, well before the wheels fell off.”</p><p><blockquote>德特里克写道：“到目前为止，中国的短期融资市场表现良好。请记住，2008年初，美国的货币市场体系首次开始出现裂痕，远在车轮脱落之前。”</blockquote></p><p> Investors are also concerned that the Fed, which is due to deliver its latest economic and interest rate policy update on Wednesday, may signal Wednesday that it’s planning to pull back some of the support measures it provided markets and the economy.</p><p><blockquote>投资者还担心，美联储将于周三发布最新的经济和利率政策更新，周三可能会发出信号，表示计划撤回向市场和经济提供的一些支持措施。</blockquote></p><p> A potential rise in interest rates has implications for the stock market and could make shares of companies with relatively high prices less attractive. Those types of stocks tend to be technology companies that are priced typically for growth and not for a steady return of dividends like consumer staples, utilities and real estate companies.</p><p><blockquote>利率的潜在上升会对股市产生影响，并可能降低价格相对较高公司的股票的吸引力。这些类型的股票往往是科技公司，其定价通常是为了增长，而不是像必需消费品、公用事业和房地产公司那样为了稳定的股息回报。</blockquote></p><p> In addition to Fed fears, the COVID-19 pandemic continues to weigh on the global economy. Congress also faces a looming deadline at the end of the month before the government may shut down.</p><p><blockquote>除了美联储的担忧之外，COVID-19大流行继续给全球经济带来压力。国会还面临着政府可能关闭的月底最后期限。</blockquote></p><p> Despite concerns that Americans may reign in their spending following supply shortages and a flare-up of COVID-19 infections fueled by the delta variant, purchasing power has remained strong. That could help mitigate expectations for a slowdown in economic growth in the third quarter, as consumer spending accounts for more than two-thirds of U.S. economy activity.</p><p><blockquote>尽管人们担心美国人可能会在供应短缺和德尔塔变异毒株引发的COVID-19感染爆发后控制支出，但购买力仍然强劲。这可能有助于缓解对第三季度经济增长放缓的预期，因为消费者支出占美国经济活动的三分之二以上。</blockquote></p><p> U.S. retail sales unexpectedly rose 0.7% in August, the Commerce Department said last week, helped by back-to-school shopping and additional stimulus through child tax credit payments from the IRS. Sales up 15.1% from the same period a year ago.</p><p><blockquote>美国商务部上周表示，得益于返校购物和国税局儿童税收抵免支付的额外刺激措施，美国8月份零售额意外增长0.7%。销售额较去年同期增长15.1%。</blockquote></p><p> Consumer confidence has remained strong following a jump in personal income, which has helped the savings rate remain elevated. Last month, a separate report from the Commerce Department showed that incomes outpaced spending in July, with the personal savings rate climbing to 9.6%, up from 8.8% in June.</p><p><blockquote>随着个人收入的增加，消费者信心仍然强劲，这有助于储蓄率保持在较高水平。上个月，商务部的另一份报告显示，7月份收入超过支出，个人储蓄率从6月份的8.8%攀升至9.6%。</blockquote></p><p></p><p> <b>Stocks face bumpy road after record run, but are poised to march higher</b></p><p><blockquote><b>股市在创纪录上涨后面临坎坷之路，但有望走高</b></blockquote></p><p> The U.S. stock market has remained resilient despite concerns about the economic effects of the spread of the delta coronavirus variant and worries about how the Fed will react to rising inflation. In fact, the S&amp;P 500 has rallied more than 90% since the pandemic-fueled sell-off in March 2020.</p><p><blockquote>尽管人们担心德尔塔新冠病毒变异毒株蔓延的经济影响，并担心美联储将如何应对通胀上升，但美国股市仍保持弹性。事实上，自2020年3月大流行引发的抛售以来，标普500已上涨90%以上。</blockquote></p><p> September, however, has proven to be a tough month for financial markets, with major stock averages retreating for a third straight week. The month is also historically the weakest of the year for the stock market, averaging a 0.4% decline, according to the Stock Trader’s Almanac.</p><p><blockquote>然而，事实证明，九月对金融市场来说是艰难的一个月，主要股指连续第三周下跌。根据股票交易者年鉴，本月也是股市一年中历史上最疲软的月份，平均下跌0.4%。</blockquote></p><p> Some analysts said such a decline was due, and any hint of uncertainty may be enough to upset Wall Street as stocks have continued to march higher since October 2020.</p><p><blockquote>一些分析师表示，这种下跌是理所应当的，随着股市自2020年10月以来持续走高，任何不确定性的迹象都可能足以让华尔街感到不安。</blockquote></p><p> The S&amp;P 500, for instance, hasn’t had a 5% drop from a peak since October, and the nearly unstoppable rise has left stocks looking more expensive and with less room for error.</p><p><blockquote>例如，自10月份以来，标普500从未从峰值下跌过5%，而且几乎不可阻挡的上涨让股票看起来更加昂贵，出错的空间也更小。</blockquote></p><p> The stock market typically sees about three 5%-plus falls a year on average. That makes the market more vulnerable in the near term following some signs of investor complacency, analysts say.</p><p><blockquote>股市通常平均每年下跌约三次5%以上。分析师表示，在投资者出现一些自满迹象后，这使得市场在短期内更加脆弱。</blockquote></p><p> Heading into Wednesday, the S&amp;P 500 was about 4% below its record high set on Sept. 2. Both the Dow and the Nasdaq were 4.8% and 4% from their respective all-time highs.</p><p><blockquote>截至周三，标普500较9月2日创下的历史新高低约4%。道琼斯指数和纳斯达克指数均较各自的历史高点上涨了4.8%和4%。</blockquote></p><p> “This kind of a pullback is normal behavior for markets on bad news and therefore a rational response to real but contained risks. As crashes go, this could be much worse,” Brad McMillan, chief investment officer at investment adviser Commonwealth Financial Network, said in a note to clients.</p><p><blockquote>投资顾问Commonwealth Financial Network首席投资官布拉德·麦克米兰(Brad McMillan)表示：“这种回调是市场因坏消息而出现的正常行为，因此是对真实但可控风险的理性反应。随着崩盘的发展，情况可能会更糟。”在给客户的一份报告中表示。</blockquote></p><p> <b>Market pullbacks provide a buying opportunity, experts say</b></p><p><blockquote><b>专家表示，市场回调提供了买入机会</b></blockquote></p><p> Heading into this week, about 68% of investors thought there would be at least a 5% correction in stock markets before year-end, according to a recent Deutsche Bank survey.</p><p><blockquote>德意志银行最近的一项调查显示，进入本周，约68%的投资者认为年底前股市将至少出现5%的调整。</blockquote></p><p> Through Sept. 2 when the S&amp;P 500 last hit a record high, it had been 293 calendar days since the broad stock average had gone without a drop of 5% or more, according to investment research firm CFRA. That bucks a historical trend. Since World War II, the average is 178 calendar days.</p><p><blockquote>根据投资研究公司CFRA的数据，截至9月2日标普500上次创下历史新高，已有293个日历日没有出现5%或以上的跌幅。这与历史趋势背道而驰。自二战以来，平均为178个日历日。</blockquote></p><p> Though any weakness could present an opportunity for investors to scoop up more stocks at lower prices, or investors could at least hold steady in their retirement accounts, money managers and personal finance experts say.</p><p><blockquote>基金经理和个人理财专家表示，尽管任何疲软都可能为投资者提供以较低价格买入更多股票的机会，或者投资者至少可以在退休账户中保持稳定。</blockquote></p><p> “It’s normal for the market to encounter downturns — dips, corrections and crashes — but with time it will rebound,” Tiffany Lam-Balfour, investing spokesperson at personal finance site NerdWallet, said in a note. “Even though it might be hard, sitting tight and trying not to panic will keep you from making any rash decisions you might regret later on.”</p><p><blockquote>个人理财网站NerdWallet的投资发言人Tiffany Lam-Balfour在一份报告中表示：“市场遇到低迷——下跌、调整和崩盘——是正常的，但随着时间的推移，它会反弹。”“尽管这可能很困难，但坐稳并尽量不惊慌会让你不会做出任何可能会后悔的轻率决定。”</blockquote></p><p> With investments, the golden rule is “buy low, sell high,” Lam-Balfour explained. So for those investors who have extra cash lying around, it’s actually a great opportunity to consider scooping up shares at cheaper prices, she added.</p><p><blockquote>Lam-Balfour解释说，投资的黄金法则是“低买高卖”。她补充说，因此，对于那些拥有额外现金的投资者来说，这实际上是一个考虑以更便宜的价格买入股票的好机会。</blockquote></p><p> Last week, analysts at Goldman Sachs forecast that the S&amp;P 500 would end 2021 at 4,700, or a nearly 8% rise from Tuesday’s close. And the market is expected to continue to grind higher next year. The bank expects the S&amp;P 500 will end at 4,900 in 2022.</p><p><blockquote>上周，高盛分析师预测，2021年标普500将收于4,700点，较周二收盘价上涨近8%。预计明年市场将继续走高。该行预计，2022年标普500将在4900点结束。</blockquote></p><p> <b>Signs of weakness have lurked, but you shouldn't worry.</b></p><p><blockquote><b>软弱的迹象已经潜伏着，但你不应该担心。</b></blockquote></p><p> Still, a shift has taken place beneath the stock market's surface in recent months, and that means the all-time highs in stocks might be in jeopardy, analysts say.</p><p><blockquote>分析师表示，尽管如此，近几个月来股市表面下发生了转变，这意味着股市的历史高点可能面临危险。</blockquote></p><p> Wall Street watchers point to this concern: Fewer stocks are part of the market rally, a trend that is often viewed as a warning sign for investors.</p><p><blockquote>华尔街观察人士指出了这种担忧：参与市场反弹的股票数量减少，这一趋势通常被视为投资者的警告信号。</blockquote></p><p> So why should you care? In general, market breadth, or how many stocks are participating in the rally, has deteriorated recently, which could signal a pessimistic shift in investor attitudes after they remained largely optimistic in the market boom this year.</p><p><blockquote>那么你为什么要关心呢？总体而言，市场广度或参与涨势的股票数量最近有所恶化，这可能预示着投资者态度的悲观转变，此前他们对今年的市场繁荣基本保持乐观。</blockquote></p><p> Nearly 30% of stocks in the index have already moved below their 200-day average, according to Willie Delwiche, investment strategist at market research firm All Star Charts. The 200-day moving average steps back and signals how things look from higher up.</p><p><blockquote>市场研究公司All Star Charts的投资策略师Willie Delwiche表示，该指数中近30%的股票已经跌破200天平均水平。200日移动平均线回落，预示着从更高的角度来看情况。</blockquote></p><p> The Evergrande situation wasn’t the primary reason for Monday’s sell-off as several other worries have been lurking underneath the stock market’s surface for months, analysts say.</p><p><blockquote>分析师表示，恒大的情况并不是周一抛售的主要原因，因为其他几个月来一直潜伏在股市表面之下。</blockquote></p><p> “The Evergrande news is probably the trigger, but not the cause, of the small pullback we have seen,” McMillan of Commonwealth Financial Network said in a note. “Markets have been unusually steady in recent months, and a pullback was overdue.”</p><p><blockquote>英联邦金融网络的麦克米兰在一份报告中表示：“恒大的消息可能是我们看到的小幅回调的触发因素，但不是原因。”“近几个月来市场异常稳定，早该回调了。”</blockquote></p><p></p><p> On Monday, the S&amp;P 500 closed below its 50-day moving average, a shorter-term gauge which calculates the average price of stocks over that stretch, for the second consecutive day, breaking a streak that had held for the duration of 2021 and was the longest since a streak that ended in 1996, according to LPL Financial.</p><p><blockquote>周一，标普500连续第二天收于50日移动平均线下方，50日移动平均线是一个计算该时间段股票平均价格的短期指标，打破了2021年的连涨势头，据LPL Financial称，这是自1996年结束以来最长的一次。</blockquote></p><p> But this streak was rare and the dip was bound to happen because it isn’t sustainable for the S&amp;P 500 to stay above such a short-term moving average for a long period of time, according to Detrick of LPL Financial. He argues that the ability for the broad index to hold above that threshold for as long as it did is actually a sign of strength.</p><p><blockquote>但LPL Financial的Detrick表示，这种连跌是罕见的，而且下跌是必然会发生的，因为标普500长期保持在如此短期移动平均线之上是不可持续的。他认为，广泛指数能够长期保持在该阈值之上，实际上是实力的标志。</blockquote></p><p> He also doesn’t foresee that the issues with Evergrande or potential upcoming changes to the Fed’s policy are likely to derail the bull market, which is now in its second year after stocks bottomed in March 2020 during the pandemic-fueled selloff.</p><p><blockquote>他也没有预见到恒大的问题或美联储政策即将发生的潜在变化可能会破坏牛市，自2020年3月疫情引发的抛售期间股市触底以来，牛市现已进入第二年。</blockquote></p><p> “We’ve warned a pullback may be coming,” Detrick said in a note to clients. “However, the fact is that most years experience more volatility than we have seen so far in 2021, and we would likely view a further pullback as a buying opportunity going into the fourth quarter.”</p><p><blockquote>德特里克在给客户的一份报告中表示：“我们警告称，回调可能即将到来。”“然而，事实是，大多数年份都会经历比2021年迄今为止更大的波动，我们可能会将进一步回调视为进入第四季度的买入机会。”</blockquote></p><p> McMillan agrees, adding that he thinks it’s “extremely unlikely” that Evergrande approaching bankruptcy would disrupt the global economy since the Chinese financial system and the rest of the world are much less integrated than the developed world was in 2008, he explained.</p><p><blockquote>麦克米兰对此表示同意，并补充说，他认为恒大接近破产“极不可能”扰乱全球经济，因为中国金融体系与世界其他地区的一体化程度远低于2008年发达国家。</blockquote></p><p> “Hurricanes can do damage, but for U.S. investors, right now this looks like a hurricane on the other side of the world—scary and damaging, but not a significant threat to us,” McMillan added. “As always, pay attention, but keep calm and carry on.”</p><p><blockquote>麦克米兰补充道：“飓风会造成损害，但对于美国投资者来说，目前这看起来就像是世界另一端的飓风——可怕且具有破坏性，但对我们来说并不是重大威胁。”“一如既往地注意，但要保持冷静，继续前进。”</blockquote></p><p></p>","source":"lsy1632311862982","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>Don’t fret over a market downturn: Here’s what the final months of 2021 could look like for your retirement investments<blockquote>不要担心市场低迷：以下是2021年最后几个月您的退休投资可能会出现的情况</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\">\nDon’t fret over a market downturn: Here’s what the final months of 2021 could look like for your retirement investments<blockquote>不要担心市场低迷：以下是2021年最后几个月您的退休投资可能会出现的情况</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">US today</strong><span class=\"h-time small\">2021-09-22 19:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Financial markets are suddenly turbulent again.</p><p><blockquote>金融市场突然再次动荡。</blockquote></p><p> Following a brief but devastating crash in March 2020, stocks and other investments had glided ever higher and touched new records, seemingly impervious to an endless stream of bad news about COVID and a historic wave of unemployment during the pandemic fueled recession. If you checked your 401(1) or your Robinhood account during that time, many investors saw a bigger net balance.</p><p><blockquote>在2020年3月经历了短暂但毁灭性的崩盘之后，股票和其他投资不断走高并创下新纪录，似乎不受有关COVID的源源不断的坏消息和大流行引发的经济衰退期间历史性失业浪潮的影响。如果您在此期间检查您的401(1)或Robinhood账户，许多投资者会看到更大的净余额。</blockquote></p><p> That is, until this month.</p><p><blockquote>也就是说，直到这个月。</blockquote></p><p> Global financial markets have wavered in recent weeks, slumping across the board Monday in what was one of the worst days of the year. An array of concerns about the global economy converged to drag down stocks, and some Wall Street experts worry it may upend Wall Street’s streak of gains.</p><p><blockquote>最近几周，全球金融市场出现波动，周一全面下跌，这是今年最糟糕的一天。对全球经济的一系列担忧汇聚在一起拖累了股市，一些华尔街专家担心这可能会颠覆华尔街的连涨势头。</blockquote></p><p> At one point on Monday, the blue-chip Dow Jones industrial average dropped by as many as 972 points before closing down 614 points. Investors worried about the pace of global growth, possible damage to markets from indebted real-estate developers in China and fears about Federal Reserve policies that could emerge from the central bank's meeting this week.</p><p><blockquote>周一，蓝筹股道琼斯工业平均指数一度下跌972点，收盘下跌614点。投资者担心全球经济增长的步伐，中国负债累累的房地产开发商可能对市场造成的损害，以及对美联储本周会议可能出台的政策的担忧。</blockquote></p><p> So does this mean trouble for your nest egg? Don’t freak out just yet, experts say.</p><p><blockquote>那么这对你的储蓄意味着麻烦吗？专家说，现在还不要惊慌。</blockquote></p><p> Here's what the stock market is signaling about the rest of the year.</p><p><blockquote>以下是股市对今年剩余时间的信号。</blockquote></p><p> <b>What's caused stock market volatility?</b></p><p><blockquote><b>是什么导致了股市波动？</b></blockquote></p><p> While there are whispers of a Lehman Brothers-like crisis brewing overseas, most financial experts said those troubles appear contained.</p><p><blockquote>尽管有传言称海外正在酝酿一场类似雷曼兄弟的危机，但大多数金融专家表示，这些麻烦似乎得到了控制。</blockquote></p><p> Those fears are part of a series of factors that have weighed on investors in recent weeks, putting the S&amp;P 500 -- the benchmark used for most mutual funds -- on track for its first monthly decline since January. Cryptocurrencies also came under further pressure Monday, with bitcoin, the world’s most popular digital currency, slumping by more than 7%.</p><p><blockquote>这些担忧是最近几周给投资者带来压力的一系列因素的一部分，导致标普500（大多数共同基金使用的基准）有望出现自1月份以来的首次月度下跌。加密货币周一也进一步承压，全球最受欢迎的数字货币比特币暴跌超过7%。</blockquote></p><p> Worries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — have rippled across global markets. Those concerns have centered on Evergrande, one of China’s biggest real estate developers, which looks like it may be unable to repay its debts.</p><p><blockquote>对负债累累的中国房地产开发商的担忧——以及如果他们违约可能对全球投资者造成的损害——已经波及全球市场。这些担忧集中在中国最大的房地产开发商之一恒大，该公司看起来可能无法偿还债务。</blockquote></p><p> The fear is that Evergrande could collapse, causing a chain reaction through the Chinese property-development industry that spills over into the broader financial system, similar to how the failure of Lehman Brothers inflamed the 2008 financial crisis and Great Recession. Those Chinese property companies have been big drivers of that nation's economy, which is the world’s second-largest.</p><p><blockquote>人们担心恒大可能会倒闭，在中国房地产开发行业引发连锁反应，蔓延到更广泛的金融体系，类似于雷曼兄弟的倒闭引发2008年金融危机和大衰退。这些中国房地产公司一直是中国经济的重要推动力，中国是世界第二大经济体。</blockquote></p><p> But analysts expect China’s government to prevent such a scenario, avoiding a Lehman-type moment, they said. For example, China’s short-term debt markets, also known as money markets, aren’t showing any worrisome signs of broader problems, according to Ryan Detrick, chief market strategist at LPL Financial. In a note to clients, he said these markets tend to be the canary in the coal mine and that the fallout appears to be fairly contained as of now.</p><p><blockquote>但分析师表示，他们预计中国政府将阻止这种情况发生，避免雷曼式的时刻。例如，LPL Financial首席市场策略师瑞安·德特里克(Ryan Detrick)表示，中国的短期债务市场（也称为货币市场）没有显示出任何令人担忧的更广泛问题的迹象。他在给客户的一份报告中表示，这些市场往往是煤矿中的金丝雀，到目前为止，其影响似乎得到了相当大的控制。</blockquote></p><p> “Short-term funding markets are acting just fine in China thus far,\" Detrick wrote. \"Remember, it was the money markets in the U.S. that first started to show cracks in the system in early 2008, well before the wheels fell off.”</p><p><blockquote>德特里克写道：“到目前为止，中国的短期融资市场表现良好。请记住，2008年初，美国的货币市场体系首次开始出现裂痕，远在车轮脱落之前。”</blockquote></p><p> Investors are also concerned that the Fed, which is due to deliver its latest economic and interest rate policy update on Wednesday, may signal Wednesday that it’s planning to pull back some of the support measures it provided markets and the economy.</p><p><blockquote>投资者还担心，美联储将于周三发布最新的经济和利率政策更新，周三可能会发出信号，表示计划撤回向市场和经济提供的一些支持措施。</blockquote></p><p> A potential rise in interest rates has implications for the stock market and could make shares of companies with relatively high prices less attractive. Those types of stocks tend to be technology companies that are priced typically for growth and not for a steady return of dividends like consumer staples, utilities and real estate companies.</p><p><blockquote>利率的潜在上升会对股市产生影响，并可能降低价格相对较高公司的股票的吸引力。这些类型的股票往往是科技公司，其定价通常是为了增长，而不是像必需消费品、公用事业和房地产公司那样为了稳定的股息回报。</blockquote></p><p> In addition to Fed fears, the COVID-19 pandemic continues to weigh on the global economy. Congress also faces a looming deadline at the end of the month before the government may shut down.</p><p><blockquote>除了美联储的担忧之外，COVID-19大流行继续给全球经济带来压力。国会还面临着政府可能关闭的月底最后期限。</blockquote></p><p> Despite concerns that Americans may reign in their spending following supply shortages and a flare-up of COVID-19 infections fueled by the delta variant, purchasing power has remained strong. That could help mitigate expectations for a slowdown in economic growth in the third quarter, as consumer spending accounts for more than two-thirds of U.S. economy activity.</p><p><blockquote>尽管人们担心美国人可能会在供应短缺和德尔塔变异毒株引发的COVID-19感染爆发后控制支出，但购买力仍然强劲。这可能有助于缓解对第三季度经济增长放缓的预期，因为消费者支出占美国经济活动的三分之二以上。</blockquote></p><p> U.S. retail sales unexpectedly rose 0.7% in August, the Commerce Department said last week, helped by back-to-school shopping and additional stimulus through child tax credit payments from the IRS. Sales up 15.1% from the same period a year ago.</p><p><blockquote>美国商务部上周表示，得益于返校购物和国税局儿童税收抵免支付的额外刺激措施，美国8月份零售额意外增长0.7%。销售额较去年同期增长15.1%。</blockquote></p><p> Consumer confidence has remained strong following a jump in personal income, which has helped the savings rate remain elevated. Last month, a separate report from the Commerce Department showed that incomes outpaced spending in July, with the personal savings rate climbing to 9.6%, up from 8.8% in June.</p><p><blockquote>随着个人收入的增加，消费者信心仍然强劲，这有助于储蓄率保持在较高水平。上个月，商务部的另一份报告显示，7月份收入超过支出，个人储蓄率从6月份的8.8%攀升至9.6%。</blockquote></p><p></p><p> <b>Stocks face bumpy road after record run, but are poised to march higher</b></p><p><blockquote><b>股市在创纪录上涨后面临坎坷之路，但有望走高</b></blockquote></p><p> The U.S. stock market has remained resilient despite concerns about the economic effects of the spread of the delta coronavirus variant and worries about how the Fed will react to rising inflation. In fact, the S&amp;P 500 has rallied more than 90% since the pandemic-fueled sell-off in March 2020.</p><p><blockquote>尽管人们担心德尔塔新冠病毒变异毒株蔓延的经济影响，并担心美联储将如何应对通胀上升，但美国股市仍保持弹性。事实上，自2020年3月大流行引发的抛售以来，标普500已上涨90%以上。</blockquote></p><p> September, however, has proven to be a tough month for financial markets, with major stock averages retreating for a third straight week. The month is also historically the weakest of the year for the stock market, averaging a 0.4% decline, according to the Stock Trader’s Almanac.</p><p><blockquote>然而，事实证明，九月对金融市场来说是艰难的一个月，主要股指连续第三周下跌。根据股票交易者年鉴，本月也是股市一年中历史上最疲软的月份，平均下跌0.4%。</blockquote></p><p> Some analysts said such a decline was due, and any hint of uncertainty may be enough to upset Wall Street as stocks have continued to march higher since October 2020.</p><p><blockquote>一些分析师表示，这种下跌是理所应当的，随着股市自2020年10月以来持续走高，任何不确定性的迹象都可能足以让华尔街感到不安。</blockquote></p><p> The S&amp;P 500, for instance, hasn’t had a 5% drop from a peak since October, and the nearly unstoppable rise has left stocks looking more expensive and with less room for error.</p><p><blockquote>例如，自10月份以来，标普500从未从峰值下跌过5%，而且几乎不可阻挡的上涨让股票看起来更加昂贵，出错的空间也更小。</blockquote></p><p> The stock market typically sees about three 5%-plus falls a year on average. That makes the market more vulnerable in the near term following some signs of investor complacency, analysts say.</p><p><blockquote>股市通常平均每年下跌约三次5%以上。分析师表示，在投资者出现一些自满迹象后，这使得市场在短期内更加脆弱。</blockquote></p><p> Heading into Wednesday, the S&amp;P 500 was about 4% below its record high set on Sept. 2. Both the Dow and the Nasdaq were 4.8% and 4% from their respective all-time highs.</p><p><blockquote>截至周三，标普500较9月2日创下的历史新高低约4%。道琼斯指数和纳斯达克指数均较各自的历史高点上涨了4.8%和4%。</blockquote></p><p> “This kind of a pullback is normal behavior for markets on bad news and therefore a rational response to real but contained risks. As crashes go, this could be much worse,” Brad McMillan, chief investment officer at investment adviser Commonwealth Financial Network, said in a note to clients.</p><p><blockquote>投资顾问Commonwealth Financial Network首席投资官布拉德·麦克米兰(Brad McMillan)表示：“这种回调是市场因坏消息而出现的正常行为，因此是对真实但可控风险的理性反应。随着崩盘的发展，情况可能会更糟。”在给客户的一份报告中表示。</blockquote></p><p> <b>Market pullbacks provide a buying opportunity, experts say</b></p><p><blockquote><b>专家表示，市场回调提供了买入机会</b></blockquote></p><p> Heading into this week, about 68% of investors thought there would be at least a 5% correction in stock markets before year-end, according to a recent Deutsche Bank survey.</p><p><blockquote>德意志银行最近的一项调查显示，进入本周，约68%的投资者认为年底前股市将至少出现5%的调整。</blockquote></p><p> Through Sept. 2 when the S&amp;P 500 last hit a record high, it had been 293 calendar days since the broad stock average had gone without a drop of 5% or more, according to investment research firm CFRA. That bucks a historical trend. Since World War II, the average is 178 calendar days.</p><p><blockquote>根据投资研究公司CFRA的数据，截至9月2日标普500上次创下历史新高，已有293个日历日没有出现5%或以上的跌幅。这与历史趋势背道而驰。自二战以来，平均为178个日历日。</blockquote></p><p> Though any weakness could present an opportunity for investors to scoop up more stocks at lower prices, or investors could at least hold steady in their retirement accounts, money managers and personal finance experts say.</p><p><blockquote>基金经理和个人理财专家表示，尽管任何疲软都可能为投资者提供以较低价格买入更多股票的机会，或者投资者至少可以在退休账户中保持稳定。</blockquote></p><p> “It’s normal for the market to encounter downturns — dips, corrections and crashes — but with time it will rebound,” Tiffany Lam-Balfour, investing spokesperson at personal finance site NerdWallet, said in a note. “Even though it might be hard, sitting tight and trying not to panic will keep you from making any rash decisions you might regret later on.”</p><p><blockquote>个人理财网站NerdWallet的投资发言人Tiffany Lam-Balfour在一份报告中表示：“市场遇到低迷——下跌、调整和崩盘——是正常的，但随着时间的推移，它会反弹。”“尽管这可能很困难，但坐稳并尽量不惊慌会让你不会做出任何可能会后悔的轻率决定。”</blockquote></p><p> With investments, the golden rule is “buy low, sell high,” Lam-Balfour explained. So for those investors who have extra cash lying around, it’s actually a great opportunity to consider scooping up shares at cheaper prices, she added.</p><p><blockquote>Lam-Balfour解释说，投资的黄金法则是“低买高卖”。她补充说，因此，对于那些拥有额外现金的投资者来说，这实际上是一个考虑以更便宜的价格买入股票的好机会。</blockquote></p><p> Last week, analysts at Goldman Sachs forecast that the S&amp;P 500 would end 2021 at 4,700, or a nearly 8% rise from Tuesday’s close. And the market is expected to continue to grind higher next year. The bank expects the S&amp;P 500 will end at 4,900 in 2022.</p><p><blockquote>上周，高盛分析师预测，2021年标普500将收于4,700点，较周二收盘价上涨近8%。预计明年市场将继续走高。该行预计，2022年标普500将在4900点结束。</blockquote></p><p> <b>Signs of weakness have lurked, but you shouldn't worry.</b></p><p><blockquote><b>软弱的迹象已经潜伏着，但你不应该担心。</b></blockquote></p><p> Still, a shift has taken place beneath the stock market's surface in recent months, and that means the all-time highs in stocks might be in jeopardy, analysts say.</p><p><blockquote>分析师表示，尽管如此，近几个月来股市表面下发生了转变，这意味着股市的历史高点可能面临危险。</blockquote></p><p> Wall Street watchers point to this concern: Fewer stocks are part of the market rally, a trend that is often viewed as a warning sign for investors.</p><p><blockquote>华尔街观察人士指出了这种担忧：参与市场反弹的股票数量减少，这一趋势通常被视为投资者的警告信号。</blockquote></p><p> So why should you care? In general, market breadth, or how many stocks are participating in the rally, has deteriorated recently, which could signal a pessimistic shift in investor attitudes after they remained largely optimistic in the market boom this year.</p><p><blockquote>那么你为什么要关心呢？总体而言，市场广度或参与涨势的股票数量最近有所恶化，这可能预示着投资者态度的悲观转变，此前他们对今年的市场繁荣基本保持乐观。</blockquote></p><p> Nearly 30% of stocks in the index have already moved below their 200-day average, according to Willie Delwiche, investment strategist at market research firm All Star Charts. The 200-day moving average steps back and signals how things look from higher up.</p><p><blockquote>市场研究公司All Star Charts的投资策略师Willie Delwiche表示，该指数中近30%的股票已经跌破200天平均水平。200日移动平均线回落，预示着从更高的角度来看情况。</blockquote></p><p> The Evergrande situation wasn’t the primary reason for Monday’s sell-off as several other worries have been lurking underneath the stock market’s surface for months, analysts say.</p><p><blockquote>分析师表示，恒大的情况并不是周一抛售的主要原因，因为其他几个月来一直潜伏在股市表面之下。</blockquote></p><p> “The Evergrande news is probably the trigger, but not the cause, of the small pullback we have seen,” McMillan of Commonwealth Financial Network said in a note. “Markets have been unusually steady in recent months, and a pullback was overdue.”</p><p><blockquote>英联邦金融网络的麦克米兰在一份报告中表示：“恒大的消息可能是我们看到的小幅回调的触发因素，但不是原因。”“近几个月来市场异常稳定，早该回调了。”</blockquote></p><p></p><p> On Monday, the S&amp;P 500 closed below its 50-day moving average, a shorter-term gauge which calculates the average price of stocks over that stretch, for the second consecutive day, breaking a streak that had held for the duration of 2021 and was the longest since a streak that ended in 1996, according to LPL Financial.</p><p><blockquote>周一，标普500连续第二天收于50日移动平均线下方，50日移动平均线是一个计算该时间段股票平均价格的短期指标，打破了2021年的连涨势头，据LPL Financial称，这是自1996年结束以来最长的一次。</blockquote></p><p> But this streak was rare and the dip was bound to happen because it isn’t sustainable for the S&amp;P 500 to stay above such a short-term moving average for a long period of time, according to Detrick of LPL Financial. He argues that the ability for the broad index to hold above that threshold for as long as it did is actually a sign of strength.</p><p><blockquote>但LPL Financial的Detrick表示，这种连跌是罕见的，而且下跌是必然会发生的，因为标普500长期保持在如此短期移动平均线之上是不可持续的。他认为，广泛指数能够长期保持在该阈值之上，实际上是实力的标志。</blockquote></p><p> He also doesn’t foresee that the issues with Evergrande or potential upcoming changes to the Fed’s policy are likely to derail the bull market, which is now in its second year after stocks bottomed in March 2020 during the pandemic-fueled selloff.</p><p><blockquote>他也没有预见到恒大的问题或美联储政策即将发生的潜在变化可能会破坏牛市，自2020年3月疫情引发的抛售期间股市触底以来，牛市现已进入第二年。</blockquote></p><p> “We’ve warned a pullback may be coming,” Detrick said in a note to clients. “However, the fact is that most years experience more volatility than we have seen so far in 2021, and we would likely view a further pullback as a buying opportunity going into the fourth quarter.”</p><p><blockquote>德特里克在给客户的一份报告中表示：“我们警告称，回调可能即将到来。”“然而，事实是，大多数年份都会经历比2021年迄今为止更大的波动，我们可能会将进一步回调视为进入第四季度的买入机会。”</blockquote></p><p> McMillan agrees, adding that he thinks it’s “extremely unlikely” that Evergrande approaching bankruptcy would disrupt the global economy since the Chinese financial system and the rest of the world are much less integrated than the developed world was in 2008, he explained.</p><p><blockquote>麦克米兰对此表示同意，并补充说，他认为恒大接近破产“极不可能”扰乱全球经济，因为中国金融体系与世界其他地区的一体化程度远低于2008年发达国家。</blockquote></p><p> “Hurricanes can do damage, but for U.S. investors, right now this looks like a hurricane on the other side of the world—scary and damaging, but not a significant threat to us,” McMillan added. “As always, pay attention, but keep calm and carry on.”</p><p><blockquote>麦克米兰补充道：“飓风会造成损害，但对于美国投资者来说，目前这看起来就像是世界另一端的飓风——可怕且具有破坏性，但对我们来说并不是重大威胁。”“一如既往地注意，但要保持冷静，继续前进。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/don-t-fret-over-market-090157109.html\">US today</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/don-t-fret-over-market-090157109.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193835698","content_text":"Financial markets are suddenly turbulent again.\nFollowing a brief but devastating crash in March 2020, stocks and other investments had glided ever higher and touched new records, seemingly impervious to an endless stream of bad news about COVID and a historic wave of unemployment during the pandemic fueled recession. If you checked your 401(1) or your Robinhood account during that time, many investors saw a bigger net balance.\nThat is, until this month.\nGlobal financial markets have wavered in recent weeks, slumping across the board Monday in what was one of the worst days of the year. An array of concerns about the global economy converged to drag down stocks, and some Wall Street experts worry it may upend Wall Street’s streak of gains.\nAt one point on Monday, the blue-chip Dow Jones industrial average dropped by as many as 972 points before closing down 614 points. Investors worried about the pace of global growth, possible damage to markets from indebted real-estate developers in China and fears about Federal Reserve policies that could emerge from the central bank's meeting this week.\nSo does this mean trouble for your nest egg? Don’t freak out just yet, experts say.\nHere's what the stock market is signaling about the rest of the year.\nWhat's caused stock market volatility?\nWhile there are whispers of a Lehman Brothers-like crisis brewing overseas, most financial experts said those troubles appear contained.\nThose fears are part of a series of factors that have weighed on investors in recent weeks, putting the S&P 500 -- the benchmark used for most mutual funds -- on track for its first monthly decline since January. Cryptocurrencies also came under further pressure Monday, with bitcoin, the world’s most popular digital currency, slumping by more than 7%.\nWorries about debt-engorged Chinese property developers — and the damage they could do to investors worldwide if they default — have rippled across global markets. Those concerns have centered on Evergrande, one of China’s biggest real estate developers, which looks like it may be unable to repay its debts.\nThe fear is that Evergrande could collapse, causing a chain reaction through the Chinese property-development industry that spills over into the broader financial system, similar to how the failure of Lehman Brothers inflamed the 2008 financial crisis and Great Recession. Those Chinese property companies have been big drivers of that nation's economy, which is the world’s second-largest.\nBut analysts expect China’s government to prevent such a scenario, avoiding a Lehman-type moment, they said. For example, China’s short-term debt markets, also known as money markets, aren’t showing any worrisome signs of broader problems, according to Ryan Detrick, chief market strategist at LPL Financial. In a note to clients, he said these markets tend to be the canary in the coal mine and that the fallout appears to be fairly contained as of now.\n“Short-term funding markets are acting just fine in China thus far,\" Detrick wrote. \"Remember, it was the money markets in the U.S. that first started to show cracks in the system in early 2008, well before the wheels fell off.”\nInvestors are also concerned that the Fed, which is due to deliver its latest economic and interest rate policy update on Wednesday, may signal Wednesday that it’s planning to pull back some of the support measures it provided markets and the economy.\nA potential rise in interest rates has implications for the stock market and could make shares of companies with relatively high prices less attractive. Those types of stocks tend to be technology companies that are priced typically for growth and not for a steady return of dividends like consumer staples, utilities and real estate companies.\nIn addition to Fed fears, the COVID-19 pandemic continues to weigh on the global economy. Congress also faces a looming deadline at the end of the month before the government may shut down.\nDespite concerns that Americans may reign in their spending following supply shortages and a flare-up of COVID-19 infections fueled by the delta variant, purchasing power has remained strong. That could help mitigate expectations for a slowdown in economic growth in the third quarter, as consumer spending accounts for more than two-thirds of U.S. economy activity.\nU.S. retail sales unexpectedly rose 0.7% in August, the Commerce Department said last week, helped by back-to-school shopping and additional stimulus through child tax credit payments from the IRS. Sales up 15.1% from the same period a year ago.\nConsumer confidence has remained strong following a jump in personal income, which has helped the savings rate remain elevated. Last month, a separate report from the Commerce Department showed that incomes outpaced spending in July, with the personal savings rate climbing to 9.6%, up from 8.8% in June.\nStocks face bumpy road after record run, but are poised to march higher\nThe U.S. stock market has remained resilient despite concerns about the economic effects of the spread of the delta coronavirus variant and worries about how the Fed will react to rising inflation. In fact, the S&P 500 has rallied more than 90% since the pandemic-fueled sell-off in March 2020.\nSeptember, however, has proven to be a tough month for financial markets, with major stock averages retreating for a third straight week. The month is also historically the weakest of the year for the stock market, averaging a 0.4% decline, according to the Stock Trader’s Almanac.\nSome analysts said such a decline was due, and any hint of uncertainty may be enough to upset Wall Street as stocks have continued to march higher since October 2020.\nThe S&P 500, for instance, hasn’t had a 5% drop from a peak since October, and the nearly unstoppable rise has left stocks looking more expensive and with less room for error.\nThe stock market typically sees about three 5%-plus falls a year on average. That makes the market more vulnerable in the near term following some signs of investor complacency, analysts say.\nHeading into Wednesday, the S&P 500 was about 4% below its record high set on Sept. 2. Both the Dow and the Nasdaq were 4.8% and 4% from their respective all-time highs.\n“This kind of a pullback is normal behavior for markets on bad news and therefore a rational response to real but contained risks. As crashes go, this could be much worse,” Brad McMillan, chief investment officer at investment adviser Commonwealth Financial Network, said in a note to clients.\nMarket pullbacks provide a buying opportunity, experts say\nHeading into this week, about 68% of investors thought there would be at least a 5% correction in stock markets before year-end, according to a recent Deutsche Bank survey.\nThrough Sept. 2 when the S&P 500 last hit a record high, it had been 293 calendar days since the broad stock average had gone without a drop of 5% or more, according to investment research firm CFRA. That bucks a historical trend. Since World War II, the average is 178 calendar days.\nThough any weakness could present an opportunity for investors to scoop up more stocks at lower prices, or investors could at least hold steady in their retirement accounts, money managers and personal finance experts say.\n“It’s normal for the market to encounter downturns — dips, corrections and crashes — but with time it will rebound,” Tiffany Lam-Balfour, investing spokesperson at personal finance site NerdWallet, said in a note. “Even though it might be hard, sitting tight and trying not to panic will keep you from making any rash decisions you might regret later on.”\nWith investments, the golden rule is “buy low, sell high,” Lam-Balfour explained. So for those investors who have extra cash lying around, it’s actually a great opportunity to consider scooping up shares at cheaper prices, she added.\nLast week, analysts at Goldman Sachs forecast that the S&P 500 would end 2021 at 4,700, or a nearly 8% rise from Tuesday’s close. And the market is expected to continue to grind higher next year. The bank expects the S&P 500 will end at 4,900 in 2022.\nSigns of weakness have lurked, but you shouldn't worry.\nStill, a shift has taken place beneath the stock market's surface in recent months, and that means the all-time highs in stocks might be in jeopardy, analysts say.\nWall Street watchers point to this concern: Fewer stocks are part of the market rally, a trend that is often viewed as a warning sign for investors.\nSo why should you care? In general, market breadth, or how many stocks are participating in the rally, has deteriorated recently, which could signal a pessimistic shift in investor attitudes after they remained largely optimistic in the market boom this year.\nNearly 30% of stocks in the index have already moved below their 200-day average, according to Willie Delwiche, investment strategist at market research firm All Star Charts. The 200-day moving average steps back and signals how things look from higher up.\nThe Evergrande situation wasn’t the primary reason for Monday’s sell-off as several other worries have been lurking underneath the stock market’s surface for months, analysts say.\n“The Evergrande news is probably the trigger, but not the cause, of the small pullback we have seen,” McMillan of Commonwealth Financial Network said in a note. “Markets have been unusually steady in recent months, and a pullback was overdue.”\nOn Monday, the S&P 500 closed below its 50-day moving average, a shorter-term gauge which calculates the average price of stocks over that stretch, for the second consecutive day, breaking a streak that had held for the duration of 2021 and was the longest since a streak that ended in 1996, according to LPL Financial.\nBut this streak was rare and the dip was bound to happen because it isn’t sustainable for the S&P 500 to stay above such a short-term moving average for a long period of time, according to Detrick of LPL Financial. He argues that the ability for the broad index to hold above that threshold for as long as it did is actually a sign of strength.\nHe also doesn’t foresee that the issues with Evergrande or potential upcoming changes to the Fed’s policy are likely to derail the bull market, which is now in its second year after stocks bottomed in March 2020 during the pandemic-fueled selloff.\n“We’ve warned a pullback may be coming,” Detrick said in a note to clients. “However, the fact is that most years experience more volatility than we have seen so far in 2021, and we would likely view a further pullback as a buying opportunity going into the fourth quarter.”\nMcMillan agrees, adding that he thinks it’s “extremely unlikely” that Evergrande approaching bankruptcy would disrupt the global economy since the Chinese financial system and the rest of the world are much less integrated than the developed world was in 2008, he explained.\n“Hurricanes can do damage, but for U.S. investors, right now this looks like a hurricane on the other side of the world—scary and damaging, but not a significant threat to us,” McMillan added. “As always, pay attention, but keep calm and carry on.”","news_type":1,"symbols_score_info":{".IXIC":0.9,"SPY":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":629,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869496871,"gmtCreate":1632313942393,"gmtModify":1632801330655,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869496871","repostId":"1144673393","repostType":4,"repost":{"id":"1144673393","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":1632312079,"share":"https://www.laohu8.com/m/news/1144673393?lang=zh_CN&edition=full","pubTime":"2021-09-22 20:01","market":"us","language":"en","title":"Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144673393","media":"Tiger Newspress","summary":"House Dems pass bill to avoid shutdown, suspend debt limit.Pfizer provides 500 million more Covid vaccine doses to U.S. for donation. The nation’s largest banks are asking an international body of regulators to give them the space to grow their crypto asset exposures, sparking debate over where guardrails should be placed on the emerging asset class.At 08:03 a.m. ET, Dow e-minis were up 189 points, or 0.56%, S&P 500 e-minis gained 23.5 points, or 0.54%, and Nasdaq 100 e-minis jumped 47.5 points,","content":"<p><ul>  <li>Stock futures gain ahead of Fed decision.</li>  <li>House Dems pass bill to avoid shutdown, suspend debt limit.</li>  <li>Pfizer provides 500 million more Covid vaccine doses to U.S. for donation.</li>  <li>Commodities rallied while the dollar was steady.</li> </ul> (Sept 22)&nbsp;The nation’s largest banks are asking an international body of regulators to give them the space to grow their crypto asset exposures, sparking debate over where guardrails should be placed on the emerging asset class.</p><p><blockquote><ul><li>在美联储做出决定之前，股票期货上涨。</li><li>众议院民主党通过法案以避免关闭，暂停债务限额。</li><li>辉瑞公司向美国捐赠了5亿剂Covid疫苗。</li><li>大宗商品上涨，而美元保持稳定。</li></ul>（9月22日）美国最大的银行正在要求一个国际监管机构给予它们增加加密资产敞口的空间，这引发了关于新兴资产类别应该在哪里设置护栏的辩论。</blockquote></p><p> At 08:03 a.m. ET, Dow e-minis were up 189 points, or 0.56%, S&amp;P 500 e-minis gained 23.5 points, or 0.54%, and Nasdaq 100 e-minis jumped 47.5&nbsp;points, or 0.32%.</p><p><blockquote>截至美国东部时间上午08:03，道指e-minis上涨189点，涨幅0.56%，标普500 e-minis上涨23.5点，涨幅0.54%，纳斯达克100 e-minis上涨47.5点，涨幅0.32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/78d8e953a71ca0b637329c25532e7182\" tg-width=\"1224\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <ul>  <li><a href=\"https://laohu8.com/S/FDX\">FedEx</a> shares slid 6.2% premarket.&nbsp;The delivery giant spent an additional $450 million tied to&nbsp;problems attracting workers&nbsp;in its latest quarter, contributing to an 11% drop in profit. RivalUPSwas also down, by 2.5%.</li>  <li>Shares of&nbsp;<a href=\"https://laohu8.com/S/SFIX\">Stitch Fix Inc.</a> were looking spiffy with a 13% premarket jump. The online personal shopping and styling service reached $2 billion in annual sales for the first time.</li>  <li><a href=\"https://laohu8.com/S/GIS\">General Mills</a> shares rose 1.7% after the maker of grocery staples like Cheerios, Häagen-Dazs and Betty Crocker said it expects changes in consumer behavior brought on by the pandemic to result in continued high demand for food at home.</li>  <li>Crude prices gained more than 1%, and oil producers were riding the coattails.Occidental Petroleumadded 1.9% premarket, Devon Energy gained 1.8% andDiamondback Energyrose 2%.</li>  <li>Sometimes an earnings beat isn’t enough. Software companyAdobereported higher profit and record revenue in the latest period, but its stock was down 3.7% premarket.</li>  <li>Marin Software surged over 80% in premarket trading</li>  <li>Bitcoin was up 2.7%, a move that has often boosted the stock ofCoinbase Global—but premarket the cryptocurrency exchange added a more muted 0.2%. Perhaps investors are still licking their wounds after the companyscrapped its plans for a lending programthat had provoked threats of regulatory action.</li>  <li>Black&nbsp;Berryand&nbsp;KB Home&nbsp;are among the companies reporting earnings after Wednesday’s close.</li> </ul> <b>In FX, </b>commodity currencies rallied as concerns about China Evergrande Group’s debt troubles eased as China’s central bank boosted liquidity and investors reviewed a statement from the troubled developer about an interest payment. Overnight implied volatility on the pound climbed to the highest since March ahead of Bank of England’s meeting on Thursday. The British pound weakened after Business Secretary Kwasi Kwarteng&nbsp;warnedthat people should prepare for longer-term high energy prices amid a natural-gas shortage that sent power costs soaring. Several U.K. power firms have stopped taking in new clients as small energy suppliers struggle to meet their previous commitments to sell supplies at lower prices.</p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/FDX\">联邦快递</a>盘前股价下跌6.2%。这家快递巨头在最近一个季度因吸引工人的问题额外花费了4.5亿美元，导致利润下降11%。竞争对手也下跌了2.5%。</li><li>本公司之股份<a href=\"https://laohu8.com/S/SFIX\">缝合修复公司。</a>盘前上涨13%，看起来很漂亮。在线个人购物和造型服务的年销售额首次达到20亿美元。</li><li><a href=\"https://laohu8.com/S/GIS\">通用磨坊</a>Cheerios、Häagen-Dazs和Betty Crocker等主食杂货制造商表示，预计疫情带来的消费者行为变化将导致国内食品需求持续旺盛，该公司股价上涨1.7%。</li><li>原油价格上涨超过1%，石油生产商乘风破浪。西方石油公司盘前上涨1.9%，德文能源公司上涨1.8%，响尾蛇能源公司上涨2%。</li><li>有时盈利超出预期是不够的。软件公司ADO报告最近一段时间利润较高，收入创历史新高，但其股价盘前下跌3.7%。</li><li>Marin Software盘前交易飙升逾80%</li><li>比特币股价上涨2.7%，此举经常提振Coinbase Global的股价，但盘前该加密货币交易所的涨幅较为温和，为0.2%。也许在该公司取消了引发监管行动威胁的贷款计划后，投资者仍在舔伤口。</li><li>Black Berry和KB Home等公司在周三收盘后公布了财报。</li></ul><b>在FX中，</b>随着中国央行增加流动性以及投资者审查这家陷入困境的开发商关于利息支付的声明，对中国恒大集团债务问题的担忧有所缓解，大宗商品货币上涨。在周四英国央行会议之前，英镑隔夜隐含波动率攀升至3月份以来的最高水平。商务大臣夸西·夸滕警告称，由于天然气短缺导致电力成本飙升，人们应该为长期高能源价格做好准备，英镑走软。由于小型能源供应商难以履行之前以较低价格销售供应的承诺，几家英国电力公司已停止接纳新客户。</blockquote></p><p> Overnight volatility in the euro rises above 10% for the first time since July ahead of the Federal Reserve’s monetary policy decision announcement. The Aussie jumped as much as 0.5% as iron-ore prices rebounded. Spot surged through option-related selling at 0.7240 before topping out near 0.7265 strikes expiring Wednesday, according to Asia- based FX traders.&nbsp; Elsewhere, the yen weakened and commodity-linked currencies such as the Australian dollar pushed higher.</p><p><blockquote>在美联储宣布货币政策决定之前，欧元隔夜波动率自7月以来首次升破10%。随着铁矿石价格反弹，澳元上涨0.5%。据亚洲外汇交易员称，现货市场因期权相关抛售而飙升至0.7240，随后在周三到期的0.7265附近见顶。在其他地方，日元走软，澳元等大宗商品挂钩货币走高。</blockquote></p><p> <b>In rates, </b>the dollar weakened against most of its Group-of-10 peers. Treasury futures were under modest pressure in early U.S. trading, leaving yields cheaper by ~1.5bp from belly to long-end of the curve. The 10-year yield was at ~1.336% steepening the 2s10s curve by ~1bp as the front-end was little changed. Improved risk appetite weighed; with stock futures have recovering much of Tuesday’s losses as Evergrande concerns subside. Focal point for Wednesday’s session is FOMC rate decision at 2pm ET.&nbsp;&nbsp; FOMC is expected to suggest it will start scaling back asset purchases later this year, while its quarterly summary of economic projections reveals policy makers’ expectations for the fed funds target in coming years in the dot-plot update; eurodollar positions have emerged recently that anticipate a hawkish shift</p><p><blockquote><b>在费率方面，</b>美元兑大多数10国集团货币走软。美国早盘美国国债期货面临适度压力，导致收益率从曲线底部到长端下跌约1.5个基点。10年期国债收益率约为1.336%，使2s10s曲线陡峭约1bp，因为前端变化不大。权衡风险偏好改善；随着恒大担忧消退，股指期货收复了周二的大部分跌幅。周三会议的焦点是美国东部时间下午2点的FOMC利率决定。预计FOMC将暗示将在今年晚些时候开始缩减资产购买规模，而其季度经济预测摘要则在点阵图更新中揭示了政策制定者对未来几年联邦基金目标的预期；欧洲美元头寸最近出现，预计将出现鹰派转变</blockquote></p><p> Bitcoin dropped briefly below $40,000 for the first time since August amid rising criticism from regulators, before rallying as the mood in global markets improved.</p><p><blockquote>由于监管机构的批评越来越多，比特币自8月份以来首次短暂跌破40,000美元，随后随着全球市场情绪改善而反弹。</blockquote></p><p> <b>In commodities,</b> Iron ore halted its collapse and metals steadied. Oil advanced for a second day.&nbsp;Bitcoin&nbsp;slid below $40,000 for the first time since early August before rebounding back above $42,000.</p><p><blockquote><b>在大宗商品中，</b>铁矿石停止下跌，金属企稳。油价连续第二天上涨。比特币原油价格自8月初以来首次跌破40,000美元，随后反弹至42,000美元上方。</blockquote></p><p></p><p> To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September.</p><p><blockquote>接下来的一天，主要亮点将是上述美联储决定和鲍威尔主席随后的新闻发布会。除此之外，在数据方面，我们将获得美国8月份成屋销售，以及欧盟委员会9月份欧元区消费者信心指数。</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>Toplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</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\">\nToplines Before US Market Open on Wednesday<blockquote>周三美国市场开盘前的顶线</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\">2021-09-22 20:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><ul>  <li>Stock futures gain ahead of Fed decision.</li>  <li>House Dems pass bill to avoid shutdown, suspend debt limit.</li>  <li>Pfizer provides 500 million more Covid vaccine doses to U.S. for donation.</li>  <li>Commodities rallied while the dollar was steady.</li> </ul> (Sept 22)&nbsp;The nation’s largest banks are asking an international body of regulators to give them the space to grow their crypto asset exposures, sparking debate over where guardrails should be placed on the emerging asset class.</p><p><blockquote><ul><li>在美联储做出决定之前，股票期货上涨。</li><li>众议院民主党通过法案以避免关闭，暂停债务限额。</li><li>辉瑞公司向美国捐赠了5亿剂Covid疫苗。</li><li>大宗商品上涨，而美元保持稳定。</li></ul>（9月22日）美国最大的银行正在要求一个国际监管机构给予它们增加加密资产敞口的空间，这引发了关于新兴资产类别应该在哪里设置护栏的辩论。</blockquote></p><p> At 08:03 a.m. ET, Dow e-minis were up 189 points, or 0.56%, S&amp;P 500 e-minis gained 23.5 points, or 0.54%, and Nasdaq 100 e-minis jumped 47.5&nbsp;points, or 0.32%.</p><p><blockquote>截至美国东部时间上午08:03，道指e-minis上涨189点，涨幅0.56%，标普500 e-minis上涨23.5点，涨幅0.54%，纳斯达克100 e-minis上涨47.5点，涨幅0.32%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/78d8e953a71ca0b637329c25532e7182\" tg-width=\"1224\" tg-height=\"495\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> <b>Stocks making the biggest moves premarket:</b></p><p><blockquote><b>盘前涨幅最大的股票：</b></blockquote></p><p> <ul>  <li><a href=\"https://laohu8.com/S/FDX\">FedEx</a> shares slid 6.2% premarket.&nbsp;The delivery giant spent an additional $450 million tied to&nbsp;problems attracting workers&nbsp;in its latest quarter, contributing to an 11% drop in profit. RivalUPSwas also down, by 2.5%.</li>  <li>Shares of&nbsp;<a href=\"https://laohu8.com/S/SFIX\">Stitch Fix Inc.</a> were looking spiffy with a 13% premarket jump. The online personal shopping and styling service reached $2 billion in annual sales for the first time.</li>  <li><a href=\"https://laohu8.com/S/GIS\">General Mills</a> shares rose 1.7% after the maker of grocery staples like Cheerios, Häagen-Dazs and Betty Crocker said it expects changes in consumer behavior brought on by the pandemic to result in continued high demand for food at home.</li>  <li>Crude prices gained more than 1%, and oil producers were riding the coattails.Occidental Petroleumadded 1.9% premarket, Devon Energy gained 1.8% andDiamondback Energyrose 2%.</li>  <li>Sometimes an earnings beat isn’t enough. Software companyAdobereported higher profit and record revenue in the latest period, but its stock was down 3.7% premarket.</li>  <li>Marin Software surged over 80% in premarket trading</li>  <li>Bitcoin was up 2.7%, a move that has often boosted the stock ofCoinbase Global—but premarket the cryptocurrency exchange added a more muted 0.2%. Perhaps investors are still licking their wounds after the companyscrapped its plans for a lending programthat had provoked threats of regulatory action.</li>  <li>Black&nbsp;Berryand&nbsp;KB Home&nbsp;are among the companies reporting earnings after Wednesday’s close.</li> </ul> <b>In FX, </b>commodity currencies rallied as concerns about China Evergrande Group’s debt troubles eased as China’s central bank boosted liquidity and investors reviewed a statement from the troubled developer about an interest payment. Overnight implied volatility on the pound climbed to the highest since March ahead of Bank of England’s meeting on Thursday. The British pound weakened after Business Secretary Kwasi Kwarteng&nbsp;warnedthat people should prepare for longer-term high energy prices amid a natural-gas shortage that sent power costs soaring. Several U.K. power firms have stopped taking in new clients as small energy suppliers struggle to meet their previous commitments to sell supplies at lower prices.</p><p><blockquote><ul><li><a href=\"https://laohu8.com/S/FDX\">联邦快递</a>盘前股价下跌6.2%。这家快递巨头在最近一个季度因吸引工人的问题额外花费了4.5亿美元，导致利润下降11%。竞争对手也下跌了2.5%。</li><li>本公司之股份<a href=\"https://laohu8.com/S/SFIX\">缝合修复公司。</a>盘前上涨13%，看起来很漂亮。在线个人购物和造型服务的年销售额首次达到20亿美元。</li><li><a href=\"https://laohu8.com/S/GIS\">通用磨坊</a>Cheerios、Häagen-Dazs和Betty Crocker等主食杂货制造商表示，预计疫情带来的消费者行为变化将导致国内食品需求持续旺盛，该公司股价上涨1.7%。</li><li>原油价格上涨超过1%，石油生产商乘风破浪。西方石油公司盘前上涨1.9%，德文能源公司上涨1.8%，响尾蛇能源公司上涨2%。</li><li>有时盈利超出预期是不够的。软件公司ADO报告最近一段时间利润较高，收入创历史新高，但其股价盘前下跌3.7%。</li><li>Marin Software盘前交易飙升逾80%</li><li>比特币股价上涨2.7%，此举经常提振Coinbase Global的股价，但盘前该加密货币交易所的涨幅较为温和，为0.2%。也许在该公司取消了引发监管行动威胁的贷款计划后，投资者仍在舔伤口。</li><li>Black Berry和KB Home等公司在周三收盘后公布了财报。</li></ul><b>在FX中，</b>随着中国央行增加流动性以及投资者审查这家陷入困境的开发商关于利息支付的声明，对中国恒大集团债务问题的担忧有所缓解，大宗商品货币上涨。在周四英国央行会议之前，英镑隔夜隐含波动率攀升至3月份以来的最高水平。商务大臣夸西·夸滕警告称，由于天然气短缺导致电力成本飙升，人们应该为长期高能源价格做好准备，英镑走软。由于小型能源供应商难以履行之前以较低价格销售供应的承诺，几家英国电力公司已停止接纳新客户。</blockquote></p><p> Overnight volatility in the euro rises above 10% for the first time since July ahead of the Federal Reserve’s monetary policy decision announcement. The Aussie jumped as much as 0.5% as iron-ore prices rebounded. Spot surged through option-related selling at 0.7240 before topping out near 0.7265 strikes expiring Wednesday, according to Asia- based FX traders.&nbsp; Elsewhere, the yen weakened and commodity-linked currencies such as the Australian dollar pushed higher.</p><p><blockquote>在美联储宣布货币政策决定之前，欧元隔夜波动率自7月以来首次升破10%。随着铁矿石价格反弹，澳元上涨0.5%。据亚洲外汇交易员称，现货市场因期权相关抛售而飙升至0.7240，随后在周三到期的0.7265附近见顶。在其他地方，日元走软，澳元等大宗商品挂钩货币走高。</blockquote></p><p> <b>In rates, </b>the dollar weakened against most of its Group-of-10 peers. Treasury futures were under modest pressure in early U.S. trading, leaving yields cheaper by ~1.5bp from belly to long-end of the curve. The 10-year yield was at ~1.336% steepening the 2s10s curve by ~1bp as the front-end was little changed. Improved risk appetite weighed; with stock futures have recovering much of Tuesday’s losses as Evergrande concerns subside. Focal point for Wednesday’s session is FOMC rate decision at 2pm ET.&nbsp;&nbsp; FOMC is expected to suggest it will start scaling back asset purchases later this year, while its quarterly summary of economic projections reveals policy makers’ expectations for the fed funds target in coming years in the dot-plot update; eurodollar positions have emerged recently that anticipate a hawkish shift</p><p><blockquote><b>在费率方面，</b>美元兑大多数10国集团货币走软。美国早盘美国国债期货面临适度压力，导致收益率从曲线底部到长端下跌约1.5个基点。10年期国债收益率约为1.336%，使2s10s曲线陡峭约1bp，因为前端变化不大。权衡风险偏好改善；随着恒大担忧消退，股指期货收复了周二的大部分跌幅。周三会议的焦点是美国东部时间下午2点的FOMC利率决定。预计FOMC将暗示将在今年晚些时候开始缩减资产购买规模，而其季度经济预测摘要则在点阵图更新中揭示了政策制定者对未来几年联邦基金目标的预期；欧洲美元头寸最近出现，预计将出现鹰派转变</blockquote></p><p> Bitcoin dropped briefly below $40,000 for the first time since August amid rising criticism from regulators, before rallying as the mood in global markets improved.</p><p><blockquote>由于监管机构的批评越来越多，比特币自8月份以来首次短暂跌破40,000美元，随后随着全球市场情绪改善而反弹。</blockquote></p><p> <b>In commodities,</b> Iron ore halted its collapse and metals steadied. Oil advanced for a second day.&nbsp;Bitcoin&nbsp;slid below $40,000 for the first time since early August before rebounding back above $42,000.</p><p><blockquote><b>在大宗商品中，</b>铁矿石停止下跌，金属企稳。油价连续第二天上涨。比特币原油价格自8月初以来首次跌破40,000美元，随后反弹至42,000美元上方。</blockquote></p><p></p><p> To the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September.</p><p><blockquote>接下来的一天，主要亮点将是上述美联储决定和鲍威尔主席随后的新闻发布会。除此之外，在数据方面，我们将获得美国8月份成屋销售，以及欧盟委员会9月份欧元区消费者信心指数。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144673393","content_text":"Stock futures gain ahead of Fed decision.\nHouse Dems pass bill to avoid shutdown, suspend debt limit.\nPfizer provides 500 million more Covid vaccine doses to U.S. for donation.\nCommodities rallied while the dollar was steady.\n\n(Sept 22) The nation’s largest banks are asking an international body of regulators to give them the space to grow their crypto asset exposures, sparking debate over where guardrails should be placed on the emerging asset class.\nAt 08:03 a.m. ET, Dow e-minis were up 189 points, or 0.56%, S&P 500 e-minis gained 23.5 points, or 0.54%, and Nasdaq 100 e-minis jumped 47.5 points, or 0.32%.\n\nStocks making the biggest moves premarket:\n\nFedEx shares slid 6.2% premarket. The delivery giant spent an additional $450 million tied to problems attracting workers in its latest quarter, contributing to an 11% drop in profit. RivalUPSwas also down, by 2.5%.\nShares of Stitch Fix Inc. were looking spiffy with a 13% premarket jump. The online personal shopping and styling service reached $2 billion in annual sales for the first time.\nGeneral Mills shares rose 1.7% after the maker of grocery staples like Cheerios, Häagen-Dazs and Betty Crocker said it expects changes in consumer behavior brought on by the pandemic to result in continued high demand for food at home.\nCrude prices gained more than 1%, and oil producers were riding the coattails.Occidental Petroleumadded 1.9% premarket, Devon Energy gained 1.8% andDiamondback Energyrose 2%.\nSometimes an earnings beat isn’t enough. Software companyAdobereported higher profit and record revenue in the latest period, but its stock was down 3.7% premarket.\nMarin Software surged over 80% in premarket trading\nBitcoin was up 2.7%, a move that has often boosted the stock ofCoinbase Global—but premarket the cryptocurrency exchange added a more muted 0.2%. Perhaps investors are still licking their wounds after the companyscrapped its plans for a lending programthat had provoked threats of regulatory action.\nBlack Berryand KB Home are among the companies reporting earnings after Wednesday’s close.\n\nIn FX, commodity currencies rallied as concerns about China Evergrande Group’s debt troubles eased as China’s central bank boosted liquidity and investors reviewed a statement from the troubled developer about an interest payment. Overnight implied volatility on the pound climbed to the highest since March ahead of Bank of England’s meeting on Thursday. The British pound weakened after Business Secretary Kwasi Kwarteng warnedthat people should prepare for longer-term high energy prices amid a natural-gas shortage that sent power costs soaring. Several U.K. power firms have stopped taking in new clients as small energy suppliers struggle to meet their previous commitments to sell supplies at lower prices.\nOvernight volatility in the euro rises above 10% for the first time since July ahead of the Federal Reserve’s monetary policy decision announcement. The Aussie jumped as much as 0.5% as iron-ore prices rebounded. Spot surged through option-related selling at 0.7240 before topping out near 0.7265 strikes expiring Wednesday, according to Asia- based FX traders.  Elsewhere, the yen weakened and commodity-linked currencies such as the Australian dollar pushed higher.\nIn rates, the dollar weakened against most of its Group-of-10 peers. Treasury futures were under modest pressure in early U.S. trading, leaving yields cheaper by ~1.5bp from belly to long-end of the curve. The 10-year yield was at ~1.336% steepening the 2s10s curve by ~1bp as the front-end was little changed. Improved risk appetite weighed; with stock futures have recovering much of Tuesday’s losses as Evergrande concerns subside. Focal point for Wednesday’s session is FOMC rate decision at 2pm ET.   FOMC is expected to suggest it will start scaling back asset purchases later this year, while its quarterly summary of economic projections reveals policy makers’ expectations for the fed funds target in coming years in the dot-plot update; eurodollar positions have emerged recently that anticipate a hawkish shift\nBitcoin dropped briefly below $40,000 for the first time since August amid rising criticism from regulators, before rallying as the mood in global markets improved.\nIn commodities, Iron ore halted its collapse and metals steadied. Oil advanced for a second day. Bitcoin slid below $40,000 for the first time since early August before rebounding back above $42,000.\nTo the day ahead now, and the main highlight will be the aforementioned Federal Reserve decision and Chair Powell’s subsequent press conference. Otherwise on the data side, we’ll get US existing home sales for August, and the European Commission’s advance consumer confidence reading for the Euro Area in September.","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":662,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869496195,"gmtCreate":1632313928917,"gmtModify":1632801330777,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/869496195","repostId":"1182163370","repostType":4,"repost":{"id":"1182163370","kind":"news","pubTimestamp":1632313786,"share":"https://www.laohu8.com/m/news/1182163370?lang=zh_CN&edition=full","pubTime":"2021-09-22 20:29","market":"us","language":"en","title":"Sens McConnell, Shelby Offer Short-Term Govt. Funding Bill Without Debt Ceiling<blockquote>参议员麦康奈尔，谢尔比提供短期政府。无债务上限的融资法案</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1182163370","media":"zerohedge","summary":"Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Richard Shelby (R-Ala.) on Sept. 21 offered ","content":"<p>Senate&nbsp;Minority Leader Mitch McConnell (R-Ky.) and Sen. Richard Shelby&nbsp;(R-Ala.) on Sept. 21 offered a competing short-term government funding bill, just as House Democratspassed a stopgap measure&nbsp;that also suspends thedebt limit&nbsp;until after the 2022 election.</p><p><blockquote>参议院少数党领袖米奇·麦康奈尔（肯塔基州共和党人）和参议员理查德·谢尔比（阿拉巴马州共和党人）于9月21日提出了一项竞争性的短期政府拨款法案，就像众议院民主党人通过了一项权宜之计，也将债务限额暂停到2022年大选之后。</blockquote></p><p> <b>The bill&nbsp;from&nbsp;McConnell and&nbsp;Shelby&nbsp;does not include a debt ceiling suspension,</b>as&nbsp;Republicans have urged&nbsp;Democrats—the majority party—to raise the $28.4 trillion debt ceiling themselves through reconciliation,&nbsp;a special parliamentary procedure that would expedite the passage of a budgetary measure through the Senate.</p><p><blockquote><b>麦康奈尔和谢尔比的法案不包括暂停债务上限，</b>共和党人敦促多数党民主党人通过和解自行提高28.4万亿美元的债务上限，这是一种特殊的议会程序，将加快参议院通过预算措施。</blockquote></p><p> <i>[ZH: The introduction of the bill likely increases the probability of no Senate deal, and for now, the market is tending to agree as debt ceiling anxiety has not eased at all]</i></p><p><blockquote><i>[ZH：该法案的出台可能会增加参议院无法达成协议的可能性，目前，市场倾向于同意，因为债务上限焦虑丝毫没有缓解]</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/adde3642e318f1934b298f8bbca83d08\" tg-width=\"1024\" tg-height=\"539\" width=\"100%\" height=\"auto\"><b>Through&nbsp;reconciliation, Democrats would be able to bypass the need for 60 votes to approve legislation, and instead rely on a simple majority in the Senate.&nbsp;But Democrats have resisted doing that so far, saying the vote to raise the debt limit should be a bipartisan one.</b></p><p><blockquote><b>通过和解，民主党人将能够绕过60票批准立法的需要，而是依靠参议院的简单多数。但到目前为止，民主党人拒绝这样做，称提高债务上限的投票应该是两党的投票。</b></blockquote></p><p>   “I am pleased to introduce a package with Leader McConnell that would extend government funding, provide much-needed disaster relief, and deliver targeted Afghan assistance. Republicans and Democrats have undergone bipartisan, bicameral negotiations for weeks to keep the government open and provide emergency aid. This bill reflects those urgent priorities,” Shelby&nbsp;said in a statement.  <i>Sen. Richard Shelby (R-Ala.) walks through the basement of the U.S. Capitol Building in Washington, on Aug. 10, 2021. (Samuel Corum/Getty Images)</i></p><p><blockquote>谢尔比在一份声明中说：“我很高兴与麦康奈尔领导人一起提出一项一揽子计划，该计划将扩大政府资金，提供急需的救灾，并提供有针对性的阿富汗援助。共和党和民主党已经进行了数周的两党、两院谈判，以保持政府开放并提供紧急援助。这项法案反映了这些紧迫的优先事项。”<i>参议员理查德·谢尔比（阿拉巴马州共和党人）于2021年8月10日走过华盛顿美国国会大厦的地下室。（塞缪尔·科勒姆/盖蒂图片社）</i></blockquote></p><p>   <i><b>“Importantly, our legislation includes funding for the Iron Dome, making good on our commitment to a historic and significant ally, and removes the Democrats’ ill-conceived language on the debt limit. Members on both sides of the aisle can support this measure, and I urge them to do so with haste,</b></i>” he added.  Similar to the&nbsp;Democrats’ bill, the legislation from&nbsp;McConnell and&nbsp;Shelby&nbsp;would also keep the government funded through Dec. 3.</p><p><blockquote><i><b>“重要的是，我们的立法包括为铁穹提供资金，兑现我们对一个历史性的重要盟友的承诺，并删除了民主党在债务限额上考虑不周的语言。两党议员都可以支持这项措施，我敦促他们尽快这样做，</b></i>”他补充道。与民主党的法案类似，麦康奈尔和谢尔比的立法也将在12月3日之前为政府提供资金。</blockquote></p><p> It also includes&nbsp;resources for disaster aid and assistance for Afghan allies, as well as funding for the Iron Dome,&nbsp;Israel’s defense system.&nbsp;The Republicans senators said the funding for the&nbsp;Iron Dome would “bolster Israel’s defense capacity and protect against Hamas attacks.”</p><p><blockquote>它还包括用于救灾和援助阿富汗盟友的资源，以及为以色列防御系统铁穹提供资金。共和党参议员表示，为铁穹提供的资金将“增强以色列的防御能力并抵御哈马斯的袭击”。</blockquote></p><p> On Tuesday,&nbsp;House Democrats removed&nbsp;$1 billion in funding for the Dome from their bill, amid accusations of human rights abuses within the Israel’s military and its treatment towards&nbsp;Palestinians.</p><p><blockquote>周二，众议院民主党人从他们的法案中删除了10亿美元的穹顶资金，因为有人指控以色列军队侵犯人权及其对待巴勒斯坦人的方式。</blockquote></p><p> <i>An Israeli soldier lies on the ground as missiles are fired from an Iron Dome anti-missile station near the city of Beer Sheva, Israel on Nov. 15, 2012. (Ilia Yefimovich/Getty Images)</i></p><p><blockquote><i>2012年11月15日，以色列贝尔谢巴市附近的铁穹反导站发射导弹，一名以色列士兵躺在地上。（伊利亚·叶菲莫维奇/盖蒂图片社）</i></blockquote></p><p> <b>The latest GOP legislation comes after&nbsp;The House of Representatives voted late Tuesday to&nbsp;pass a bill&nbsp;that would avert a government shutdown or U.S. default, fund it&nbsp;through Dec. 3 and suspend the debt limit through Dec. 16, 2022.</b></p><p><blockquote><b>共和党的最新立法是在众议院周二晚些时候投票通过一项法案之后发布的，该法案将避免政府关门或美国违约，为其提供资金至12月3日，并在2022年12月16日之前暂停债务限额。</b></blockquote></p><p> The&nbsp;220–211 vote in the Democrat-majority chamber was on party lines. However, the bill now faces a tough hurdle in the Senate, where Republicans have said they would mount a filibuster.</p><p><blockquote>民主党占多数的众议院以220票对211票的投票结果符合党派界限。然而，该法案现在在参议院面临着一个艰难的障碍，共和党人表示他们将发起阻挠议事。</blockquote></p><p> Speaking to&nbsp;reporters at a press conference on Tuesday,&nbsp;McConnell reiterated that&nbsp;Republicans were willing to support&nbsp;a short-term government funding bill if it included funding support for the Iron Dome, as well as&nbsp;assistance for Louisiana,&nbsp;which has been left debilitated by&nbsp;hurricane Ida in recent weeks.</p><p><blockquote>麦康奈尔在周二的新闻发布会上对记者重申，共和党人愿意支持一项短期政府拨款法案，如果该法案包括对铁穹的资金支持，以及对路易斯安那州的援助，路易斯安那州因飓风艾达而变得虚弱。最近几周。</blockquote></p><p>   “We’re prepared to support a continuing resolution with assistance for Louisiana, with additional funds to replenish Iron Dome,” McConnell said, reported The Hill.    “What we’re not prepared to do is to relieve the Democratic president, Democratic House, Democratic Senate from their governing obligation to address the debt ceiling,” he added.  Congress must pass a funding plan by Sept. 30 to avert a government shutdown or U.S. default.&nbsp;The extra time will allow lawmakers to negotiate on the budget for the coming year.</p><p><blockquote>据《国会山报》报道，麦康奈尔表示：“我们准备支持一项持续的决议，向路易斯安那州提供援助，并提供额外资金来补充铁穹。”他补充说：“我们不准备做的是解除民主党总统、民主党众议院、民主党参议院解决债务上限问题的治理义务。”国会必须在9月30日之前通过一项拨款计划，以避免政府关门或美国违约。额外的时间将允许议员们就来年的预算进行谈判。</blockquote></p><p> <b>The current debt ceiling has already been breached, with debt at $28.78 trillion. It is being temporarily financed through the Treasury Department’s “extraordinary measures,” which it expects will be exhausted by October.</b></p><p><blockquote><b>目前的债务上限已经被突破，债务为28.78万亿美元。它是通过财政部的“非常措施”临时融资的，预计这些措施将在10月份用尽。</b></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>Sens McConnell, Shelby Offer Short-Term Govt. Funding Bill Without Debt Ceiling<blockquote>参议员麦康奈尔，谢尔比提供短期政府。无债务上限的融资法案</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\">\nSens McConnell, Shelby Offer Short-Term Govt. Funding Bill Without Debt Ceiling<blockquote>参议员麦康奈尔，谢尔比提供短期政府。无债务上限的融资法案</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-09-22 20:29</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Senate&nbsp;Minority Leader Mitch McConnell (R-Ky.) and Sen. Richard Shelby&nbsp;(R-Ala.) on Sept. 21 offered a competing short-term government funding bill, just as House Democratspassed a stopgap measure&nbsp;that also suspends thedebt limit&nbsp;until after the 2022 election.</p><p><blockquote>参议院少数党领袖米奇·麦康奈尔（肯塔基州共和党人）和参议员理查德·谢尔比（阿拉巴马州共和党人）于9月21日提出了一项竞争性的短期政府拨款法案，就像众议院民主党人通过了一项权宜之计，也将债务限额暂停到2022年大选之后。</blockquote></p><p> <b>The bill&nbsp;from&nbsp;McConnell and&nbsp;Shelby&nbsp;does not include a debt ceiling suspension,</b>as&nbsp;Republicans have urged&nbsp;Democrats—the majority party—to raise the $28.4 trillion debt ceiling themselves through reconciliation,&nbsp;a special parliamentary procedure that would expedite the passage of a budgetary measure through the Senate.</p><p><blockquote><b>麦康奈尔和谢尔比的法案不包括暂停债务上限，</b>共和党人敦促多数党民主党人通过和解自行提高28.4万亿美元的债务上限，这是一种特殊的议会程序，将加快参议院通过预算措施。</blockquote></p><p> <i>[ZH: The introduction of the bill likely increases the probability of no Senate deal, and for now, the market is tending to agree as debt ceiling anxiety has not eased at all]</i></p><p><blockquote><i>[ZH：该法案的出台可能会增加参议院无法达成协议的可能性，目前，市场倾向于同意，因为债务上限焦虑丝毫没有缓解]</i></blockquote></p><p> <img src=\"https://static.tigerbbs.com/adde3642e318f1934b298f8bbca83d08\" tg-width=\"1024\" tg-height=\"539\" width=\"100%\" height=\"auto\"><b>Through&nbsp;reconciliation, Democrats would be able to bypass the need for 60 votes to approve legislation, and instead rely on a simple majority in the Senate.&nbsp;But Democrats have resisted doing that so far, saying the vote to raise the debt limit should be a bipartisan one.</b></p><p><blockquote><b>通过和解，民主党人将能够绕过60票批准立法的需要，而是依靠参议院的简单多数。但到目前为止，民主党人拒绝这样做，称提高债务上限的投票应该是两党的投票。</b></blockquote></p><p>   “I am pleased to introduce a package with Leader McConnell that would extend government funding, provide much-needed disaster relief, and deliver targeted Afghan assistance. Republicans and Democrats have undergone bipartisan, bicameral negotiations for weeks to keep the government open and provide emergency aid. This bill reflects those urgent priorities,” Shelby&nbsp;said in a statement.  <i>Sen. Richard Shelby (R-Ala.) walks through the basement of the U.S. Capitol Building in Washington, on Aug. 10, 2021. (Samuel Corum/Getty Images)</i></p><p><blockquote>谢尔比在一份声明中说：“我很高兴与麦康奈尔领导人一起提出一项一揽子计划，该计划将扩大政府资金，提供急需的救灾，并提供有针对性的阿富汗援助。共和党和民主党已经进行了数周的两党、两院谈判，以保持政府开放并提供紧急援助。这项法案反映了这些紧迫的优先事项。”<i>参议员理查德·谢尔比（阿拉巴马州共和党人）于2021年8月10日走过华盛顿美国国会大厦的地下室。（塞缪尔·科勒姆/盖蒂图片社）</i></blockquote></p><p>   <i><b>“Importantly, our legislation includes funding for the Iron Dome, making good on our commitment to a historic and significant ally, and removes the Democrats’ ill-conceived language on the debt limit. Members on both sides of the aisle can support this measure, and I urge them to do so with haste,</b></i>” he added.  Similar to the&nbsp;Democrats’ bill, the legislation from&nbsp;McConnell and&nbsp;Shelby&nbsp;would also keep the government funded through Dec. 3.</p><p><blockquote><i><b>“重要的是，我们的立法包括为铁穹提供资金，兑现我们对一个历史性的重要盟友的承诺，并删除了民主党在债务限额上考虑不周的语言。两党议员都可以支持这项措施，我敦促他们尽快这样做，</b></i>”他补充道。与民主党的法案类似，麦康奈尔和谢尔比的立法也将在12月3日之前为政府提供资金。</blockquote></p><p> It also includes&nbsp;resources for disaster aid and assistance for Afghan allies, as well as funding for the Iron Dome,&nbsp;Israel’s defense system.&nbsp;The Republicans senators said the funding for the&nbsp;Iron Dome would “bolster Israel’s defense capacity and protect against Hamas attacks.”</p><p><blockquote>它还包括用于救灾和援助阿富汗盟友的资源，以及为以色列防御系统铁穹提供资金。共和党参议员表示，为铁穹提供的资金将“增强以色列的防御能力并抵御哈马斯的袭击”。</blockquote></p><p> On Tuesday,&nbsp;House Democrats removed&nbsp;$1 billion in funding for the Dome from their bill, amid accusations of human rights abuses within the Israel’s military and its treatment towards&nbsp;Palestinians.</p><p><blockquote>周二，众议院民主党人从他们的法案中删除了10亿美元的穹顶资金，因为有人指控以色列军队侵犯人权及其对待巴勒斯坦人的方式。</blockquote></p><p> <i>An Israeli soldier lies on the ground as missiles are fired from an Iron Dome anti-missile station near the city of Beer Sheva, Israel on Nov. 15, 2012. (Ilia Yefimovich/Getty Images)</i></p><p><blockquote><i>2012年11月15日，以色列贝尔谢巴市附近的铁穹反导站发射导弹，一名以色列士兵躺在地上。（伊利亚·叶菲莫维奇/盖蒂图片社）</i></blockquote></p><p> <b>The latest GOP legislation comes after&nbsp;The House of Representatives voted late Tuesday to&nbsp;pass a bill&nbsp;that would avert a government shutdown or U.S. default, fund it&nbsp;through Dec. 3 and suspend the debt limit through Dec. 16, 2022.</b></p><p><blockquote><b>共和党的最新立法是在众议院周二晚些时候投票通过一项法案之后发布的，该法案将避免政府关门或美国违约，为其提供资金至12月3日，并在2022年12月16日之前暂停债务限额。</b></blockquote></p><p> The&nbsp;220–211 vote in the Democrat-majority chamber was on party lines. However, the bill now faces a tough hurdle in the Senate, where Republicans have said they would mount a filibuster.</p><p><blockquote>民主党占多数的众议院以220票对211票的投票结果符合党派界限。然而，该法案现在在参议院面临着一个艰难的障碍，共和党人表示他们将发起阻挠议事。</blockquote></p><p> Speaking to&nbsp;reporters at a press conference on Tuesday,&nbsp;McConnell reiterated that&nbsp;Republicans were willing to support&nbsp;a short-term government funding bill if it included funding support for the Iron Dome, as well as&nbsp;assistance for Louisiana,&nbsp;which has been left debilitated by&nbsp;hurricane Ida in recent weeks.</p><p><blockquote>麦康奈尔在周二的新闻发布会上对记者重申，共和党人愿意支持一项短期政府拨款法案，如果该法案包括对铁穹的资金支持，以及对路易斯安那州的援助，路易斯安那州因飓风艾达而变得虚弱。最近几周。</blockquote></p><p>   “We’re prepared to support a continuing resolution with assistance for Louisiana, with additional funds to replenish Iron Dome,” McConnell said, reported The Hill.    “What we’re not prepared to do is to relieve the Democratic president, Democratic House, Democratic Senate from their governing obligation to address the debt ceiling,” he added.  Congress must pass a funding plan by Sept. 30 to avert a government shutdown or U.S. default.&nbsp;The extra time will allow lawmakers to negotiate on the budget for the coming year.</p><p><blockquote>据《国会山报》报道，麦康奈尔表示：“我们准备支持一项持续的决议，向路易斯安那州提供援助，并提供额外资金来补充铁穹。”他补充说：“我们不准备做的是解除民主党总统、民主党众议院、民主党参议院解决债务上限问题的治理义务。”国会必须在9月30日之前通过一项拨款计划，以避免政府关门或美国违约。额外的时间将允许议员们就来年的预算进行谈判。</blockquote></p><p> <b>The current debt ceiling has already been breached, with debt at $28.78 trillion. It is being temporarily financed through the Treasury Department’s “extraordinary measures,” which it expects will be exhausted by October.</b></p><p><blockquote><b>目前的债务上限已经被突破，债务为28.78万亿美元。它是通过财政部的“非常措施”临时融资的，预计这些措施将在10月份用尽。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/political/sens-mcconnell-shelby-offer-short-term-govt-funding-bill-without-debt-ceiling?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/political/sens-mcconnell-shelby-offer-short-term-govt-funding-bill-without-debt-ceiling?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182163370","content_text":"Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Richard Shelby (R-Ala.) on Sept. 21 offered a competing short-term government funding bill, just as House Democratspassed a stopgap measure that also suspends thedebt limit until after the 2022 election.\nThe bill from McConnell and Shelby does not include a debt ceiling suspension,as Republicans have urged Democrats—the majority party—to raise the $28.4 trillion debt ceiling themselves through reconciliation, a special parliamentary procedure that would expedite the passage of a budgetary measure through the Senate.\n[ZH: The introduction of the bill likely increases the probability of no Senate deal, and for now, the market is tending to agree as debt ceiling anxiety has not eased at all]\nThrough reconciliation, Democrats would be able to bypass the need for 60 votes to approve legislation, and instead rely on a simple majority in the Senate. But Democrats have resisted doing that so far, saying the vote to raise the debt limit should be a bipartisan one.\n\n “I am pleased to introduce a package with Leader McConnell that would extend government funding, provide much-needed disaster relief, and deliver targeted Afghan assistance. Republicans and Democrats have undergone bipartisan, bicameral negotiations for weeks to keep the government open and provide emergency aid. This bill reflects those urgent priorities,” Shelby said in a statement.\n\nSen. Richard Shelby (R-Ala.) walks through the basement of the U.S. Capitol Building in Washington, on Aug. 10, 2021. (Samuel Corum/Getty Images)\n\n“Importantly, our legislation includes funding for the Iron Dome, making good on our commitment to a historic and significant ally, and removes the Democrats’ ill-conceived language on the debt limit. Members on both sides of the aisle can support this measure, and I urge them to do so with haste,” he added.\n\nSimilar to the Democrats’ bill, the legislation from McConnell and Shelby would also keep the government funded through Dec. 3.\nIt also includes resources for disaster aid and assistance for Afghan allies, as well as funding for the Iron Dome, Israel’s defense system. The Republicans senators said the funding for the Iron Dome would “bolster Israel’s defense capacity and protect against Hamas attacks.”\nOn Tuesday, House Democrats removed $1 billion in funding for the Dome from their bill, amid accusations of human rights abuses within the Israel’s military and its treatment towards Palestinians.\nAn Israeli soldier lies on the ground as missiles are fired from an Iron Dome anti-missile station near the city of Beer Sheva, Israel on Nov. 15, 2012. (Ilia Yefimovich/Getty Images)\nThe latest GOP legislation comes after The House of Representatives voted late Tuesday to pass a bill that would avert a government shutdown or U.S. default, fund it through Dec. 3 and suspend the debt limit through Dec. 16, 2022.\nThe 220–211 vote in the Democrat-majority chamber was on party lines. However, the bill now faces a tough hurdle in the Senate, where Republicans have said they would mount a filibuster.\nSpeaking to reporters at a press conference on Tuesday, McConnell reiterated that Republicans were willing to support a short-term government funding bill if it included funding support for the Iron Dome, as well as assistance for Louisiana, which has been left debilitated by hurricane Ida in recent weeks.\n\n “We’re prepared to support a continuing resolution with assistance for Louisiana, with additional funds to replenish Iron Dome,” McConnell said, reported The Hill.\n\n\n “What we’re not prepared to do is to relieve the Democratic president, Democratic House, Democratic Senate from their governing obligation to address the debt ceiling,” he added.\n\nCongress must pass a funding plan by Sept. 30 to avert a government shutdown or U.S. default. The extra time will allow lawmakers to negotiate on the budget for the coming year.\nThe current debt ceiling has already been breached, with debt at $28.78 trillion. It is being temporarily financed through the Treasury Department’s “extraordinary measures,” which it expects will be exhausted by October.","news_type":1,"symbols_score_info":{"SPY":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":937,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869498464,"gmtCreate":1632313920058,"gmtModify":1632801331266,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/869498464","repostId":"2169324976","repostType":4,"isVote":1,"tweetType":1,"viewCount":615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":869498235,"gmtCreate":1632313907227,"gmtModify":1632465530425,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3583140590641923","authorIdStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/869498235","repostId":"1146187405","repostType":4,"isVote":1,"tweetType":1,"viewCount":633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":188527320,"gmtCreate":1623456030860,"gmtModify":1634033046356,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like comment&nbsp;Please&nbsp;Thank you","listText":"Like comment&nbsp;Please&nbsp;Thank you","text":"Like comment Please Thank you","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":5,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/188527320","repostId":"1177806573","repostType":4,"isVote":1,"tweetType":1,"viewCount":481,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188529838,"gmtCreate":1623455709824,"gmtModify":1634033053277,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Liked&nbsp;Comment please&nbsp;Thank you","listText":"Liked&nbsp;Comment please&nbsp;Thank you","text":"Liked Comment please Thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/188529838","repostId":"2142204074","repostType":4,"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160230416,"gmtCreate":1623799016735,"gmtModify":1634028170316,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like&nbsp;Comment&nbsp;PleaseThank you&nbsp;","listText":"Like&nbsp;Comment&nbsp;PleaseThank you&nbsp;","text":"Like Comment PleaseThank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":9,"repostSize":0,"link":"https://laohu8.com/post/160230416","repostId":"2143680537","repostType":4,"isVote":1,"tweetType":1,"viewCount":585,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":126672041,"gmtCreate":1624571989483,"gmtModify":1634004334939,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/126672041","repostId":"1198422658","repostType":4,"isVote":1,"tweetType":1,"viewCount":342,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":833696790,"gmtCreate":1629236072510,"gmtModify":1633686434978,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/833696790","repostId":"2160207922","repostType":4,"isVote":1,"tweetType":1,"viewCount":505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":163622070,"gmtCreate":1623883948390,"gmtModify":1634026624023,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Comment&nbsp;","listText":"Comment&nbsp;","text":"Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/163622070","repostId":"2144713861","repostType":4,"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":188524342,"gmtCreate":1623456010186,"gmtModify":1634033047429,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like&nbsp;Comment please&nbsp;Thank you&nbsp;","listText":"Like&nbsp;Comment please&nbsp;Thank you&nbsp;","text":"Like Comment please Thank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/188524342","repostId":"2142823202","repostType":4,"isVote":1,"tweetType":1,"viewCount":459,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":183749384,"gmtCreate":1623363779948,"gmtModify":1634034285316,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like please&nbsp;Comment pleaseThank you","listText":"Like please&nbsp;Comment pleaseThank you","text":"Like please Comment pleaseThank you","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/183749384","repostId":"1107871315","repostType":4,"isVote":1,"tweetType":1,"viewCount":642,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114444918,"gmtCreate":1623100817734,"gmtModify":1634037060831,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Liked&nbsp;Please&nbsp;Comment&nbsp;","listText":"Liked&nbsp;Please&nbsp;Comment&nbsp;","text":"Liked Please Comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/114444918","repostId":"1108033863","repostType":4,"isVote":1,"tweetType":1,"viewCount":329,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":115967409,"gmtCreate":1622946950201,"gmtModify":1634096724733,"author":{"id":"3583140590641923","authorId":"3583140590641923","name":"Andrew210782","avatar":"https://static.tigerbbs.com/0e065afa93f953171dd0eb9aaebbe93b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3583140590641923","idStr":"3583140590641923"},"themes":[],"htmlText":"Like and comment :)","listText":"Like and comment :)","text":"Like and comment :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/115967409","repostId":"1106312903","repostType":4,"repost":{"id":"1106312903","kind":"news","pubTimestamp":1622855773,"share":"https://www.laohu8.com/m/news/1106312903?lang=zh_CN&edition=full","pubTime":"2021-06-05 09:16","market":"us","language":"en","title":"U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106312903","media":"Renaissance Capital","summary":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental h","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>","source":"lsy1603787993745","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>U.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</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\">\nU.S. IPO Week Ahead: Digital Payments, Mental Health Services, And More In A Diverse 8 IPO<blockquote>未来一周的美国IPO：多元化的8次IPO中的数字支付、心理健康服务等</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Renaissance Capital</strong><span class=\"h-time small\">2021-06-05 09:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</li>  <li>Payments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.</li>  <li>Chinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.</li> </ul> Eight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.</p><p><blockquote><ul><li>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</li><li>支付平台Marqeta计划以124亿美元的市值筹集10亿美元。</li><li>中国在线招聘平台看准计划以82亿美元的市值筹集8.64亿美元。</li></ul>目前有八起IPO计划筹集37亿美元，涉及数字支付、心理健康服务等领域。</blockquote></p><p> Payments platform&nbsp;<b>Marqeta</b>(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.</p><p><blockquote>支付平台<b>马尔凯塔</b>(MQ)计划以124亿美元的市值筹集10亿美元。该公司的平台允许企业启动和管理自己的卡计划，向客户或最终用户发行卡，以及授权和结算交易。Marqeta发展迅速，其客户包括Affirm(AFRM)和DoorDash(DASH)等品牌。</blockquote></p><p> Chinese online recruitment platform&nbsp;<b>Kanzhun</b>(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.</p><p><blockquote>中文在线招聘平台<b>看准</b>(BZ)计划以82亿美元的市值筹集8.64亿美元。看准的核心产品BOSS直聘是一个移动原生平台，促进求职者和企业客户之间的直接聊天。该公司声称，按月活跃用户数计算，它是2020年中国最大的在线招聘平台。</blockquote></p><p> Mental health services provider&nbsp;<b>LifeStance Health</b>(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.</p><p><blockquote>心理健康服务提供者<b>生命健康</b>(LFST)计划以61亿美元的市值筹集6.4亿美元。LifeStance表示，截至2021年3月31日，它已经建立了美国最大的门诊心理健康平台之一，在27个州的73个MSA中雇用了3,300多名持牌心理健康临床医生。尽管2021年第一季度的息税前利润转为负值，但该公司仍实现了增长。</blockquote></p><p> Israel’s&nbsp;<b>monday.com</b>(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.</p><p><blockquote>以色列的<b>周一网</b>(MNDY)计划以68亿美元的市值筹集4.9亿美元。monday.com允许组织轻松构建满足其需求的软件应用程序和工作管理工具。截至2021年3月31日，它为190多个国家200多个行业的近128,000名客户提供服务。Salesforce和Zoom计划同时进行私募，总共投资1.5亿美元。</blockquote></p><p> BPO vendor&nbsp;<b>TaskUs</b>(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.</p><p><blockquote>BPO供应商<b>塔斯库斯</b>(TASK)计划以25亿美元的市值筹集3.04亿美元。TaskUs是一家数字商业服务外包商，提供数字客户体验服务、内容安全服务和人工智能运营。截至2020年12月31日，该公司盈利强劲，增长强劲，拥有100多家客户。</blockquote></p><p> Data-driven marketing platform&nbsp;<b>Zeta Global</b>(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.</p><p><blockquote>数据驱动营销平台<b>泽塔全球</b>(ZETA)计划以21亿美元的市值筹集2.5亿美元。该公司的Zeta营销平台使用身份数据通过电子邮件、社交媒体、网络、聊天、联网电视、视频和其他渠道锁定、联系和吸引消费者。Zeta已实现盈利，为1,000多家客户提供服务，2020年提供约5亿次广告展示。</blockquote></p><p> Online luxury goods marketplace&nbsp;<b>1stDibs</b>(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.</p><p><blockquote>网上奢侈品市场<b>第一个</b>(DIBS)计划以7.73亿美元的市值筹集1.12亿美元。1stDibs连接复古、古董和当代家具、家居装饰、珠宝、手表、艺术和时尚的买家和卖家。2020年，该市场有超过58,000名买家在过去一年中进行了购买，平均每年的总购买额超过5,500美元。</blockquote></p><p> Chinese online tutoring platform&nbsp;<b>Zhangmen Education</b>(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.</p><p><blockquote>中文在线辅导平台<b>掌门教育</b>(ZME)计划以19亿美元的市值筹集4300万美元。掌门教育表示，自2017年以来，按收入计算，它一直是中国最大的在线K-12辅导服务提供商，2020年占据32%的市场份额。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d771f02e44d9d489ff772f1577280332\" tg-width=\"945\" tg-height=\"666\"></p><p><blockquote></blockquote></p><p> Street research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.</p><p><blockquote>预计将有6家公司接受街头调查，多达11家公司的禁售期将到期。</blockquote></p><p> <b>IPO Market Snapshot</b></p><p><blockquote><b>IPO市场快照</b></blockquote></p><p> The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&amp;P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.</p><p><blockquote>文艺复兴IPO指数是新上市公司的市值加权篮子。截至2011年6月3日，文艺复兴IPO指数今年迄今下跌6.0%，而标普500上涨11.6%。Renaissance Capital的IPO ETF（纽约证券交易所股票代码：IPO）跟踪该指数，持有最多的ETF包括Zoom Video（ZM）和优步（UBER）。Renaissance International IPO指数今年迄今下跌1.1%，而ACWX指数上涨10.5%。Renaissance Capital的国际IPO ETF（纽约证券交易所股票代码：IPOS）跟踪该指数，持有最多的ETF包括Nexi和EQT Partners。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div\">Renaissance Capital</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","LFST":"LifeStance Health Group, Inc.","MNDY":"Monday.com Ltd.","TASK":"TaskUs Inc.",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","MQ":"Marqeta, Inc.","DIBS":"1stdibs.com Inc.","ZME":"掌门教育","BZ":"BOSS直聘","ZETA":"Zeta Global Holdings Corp."},"source_url":"https://www.renaissancecapital.com/IPO-Center/News/82421/US-IPO-Week-Ahead-Digital-payments-mental-health-services-and-more-in-a-div","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106312903","content_text":"Summary\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta plans to raise $1.0 billion at a $12.4 billion market cap.\nChinese online recruitment platform Kanzhun plans to raise $864 million at an $8.2 billion market cap.\n\nEight IPOs are currently slated to raise $3.7 billion, featuring digital payments, mental health services, and more.\nPayments platform Marqeta(MQ) plans to raise $1.0 billion at a $12.4 billion market cap. The company's platform allows businesses to launch and manage their own card programs, issue cards to their customers or end users, and authorize and settle transactions. Marqeta is fast growing and counts names like Affirm (AFRM) and DoorDash (DASH) among its customers.\nChinese online recruitment platform Kanzhun(BZ) plans to raise $864 million at an $8.2 billion market cap. Kanzhun's core product, BOSS Zhipin, is a mobile-native platform that promotes direct chats between job seekers and enterprise clients. The company claims it was the largest online recruitment platform in China by MAUs in 2020.\nMental health services provider LifeStance Health(LFST) plans to raise $640 million at a $6.1 billion market cap. LifeStance states that it has built one of the nation's largest outpatient mental health platforms, employing over 3,300 licensed mental health clinicians across 73 MSAs in 27 states as of March 31, 2021. The company has demonstrated growth, though EBIT turned negative in the 1Q21.\nIsrael’s monday.com(MNDY) plans to raise $490 million at a $6.8 billion market cap. monday.com allows organizations to easily build software applications and work management tools that fit their needs. As of March 31, 2021, it served nearly 128,000 customers across over 200 industries in more than 190 countries. Salesforce and Zoom plan to invest a combined $150 million in a concurrent private placement.\nBPO vendor TaskUs(TASK) plans to raise $304 million at a $2.5 billion market cap. TaskUs is a digital business services outsourcer, providing digital customer experience services, content security services, and artificial intelligence operations. Profitable with strong growth, the company had over 100 clients as of December 31, 2020.\nData-driven marketing platform Zeta Global(ZETA) plans to raise $250 million at a $2.1 billion market cap. The company’s Zeta Marketing Platform uses identity data to target, connect, and engage consumers across email, social media, web, chat, connected TV, video, and other channels. Zeta is profitable and serves more than 1,000 customers, delivering roughly 500 million ad impressions in 2020.\nOnline luxury goods marketplace 1stDibs(DIBS) plans to raise $112 million at a $773 million market cap. 1stDibs connects buyers and sellers of vintage, antique, and contemporary furniture, home decor, jewelry, watches, art, and fashion. In 2020, the marketplace had more than 58,000 buyers who had made a purchase in the past year, with an average aggregate purchase per year of over $5,500.\nChinese online tutoring platform Zhangmen Education(ZME) plans to raise $43 million at a $1.9 billion market cap. Zhangmen Education states that it has been the largest online K-12 tutoring service provider in China by revenue since 2017, claiming a 32% market share in 2020.\n\nStreet research is expected for six companies, and lock-up periods will be expiring for up to 11 companies.\nIPO Market Snapshot\nThe Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 6/3/21, the Renaissance IPO Index was down 6.0% year-to-date, while the S&P 500 was up 11.6%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Zoom Video (ZM) and Uber (UBER). The Renaissance International IPO Index was down 1.1% year-to-date, while the ACWX was up 10.5%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Nexi and EQT Partners.","news_type":1,"symbols_score_info":{".DJI":0.9,"ZME":0.9,"MNDY":0.9,"ZETA":0.9,"DIBS":0.9,"TASK":0.9,"LFST":0.9,".IXIC":0.9,"BZ":0.9,"MQ":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":352,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}