深度剖析Chegg首次公開募股申請
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????教科書租賃公司Chegg Inc.今日提交了1.5億美元的首次公開募股申請。Chegg預計，公司將于下個月上市，且市值將超過近幾輪風投融資過程中所給出的8億美元的估值。 ????Chegg計劃于紐交所掛牌交易，股票代碼CHGG，摩根大通（J.P. Morgan）(JPM)和美銀美林（BoA Merrill Lynch）(BAC)將擔任主承銷商。
????很明顯，公司的注冊聲明中含有大量的信息，但有兩點尤為引人注目： ????1. 上半年增長情況：Chegg2010-2012年的財務狀況實在是不盡人意。虧損的速度超過了營收，息稅折舊攤銷前利潤繼續下滑。然而，在了解公司2013年上半年業績之后，人們就會知道Chegg為什么會等到如今才決定上市。 ????2013年上半年，這家公司息稅折舊攤銷前利潤為179.6億美元，而2012年同期只有21.5億美元。營收增長了26%（增加近1.17億美元），而虧損降低了34%（3,200萬美元對比2,100萬美元）。同時，請注意，其中還包含了第二季度——這個往往是公司業績增長最慢的季度，因為學生們很少會在4-6月期間物色新的教科書。 ????2. 數字化？Chegg一直在強調教科書進一步數字化的風險，尤其是出版商開始為電子工具提供更大折扣時的風險。因此，為了未雨綢繆，這家公司已經開始提供大量的數字產品，包括電子教科書、在線/移動家庭作業幫助和學院和大學招生營銷服務。Chegg表示，所有這些數字服務占2013年上半年營收的20%，而2012年占比為13%。 ????不幸的是，它并沒有提到具體的數額細分，包括這些產品的運營成本以及同類對比信息。我覺得潛在投資者希望看到這些數據，因為公司產品的最終方向不大可能是紙質教科書。（財富中文網）?? |
????Textbook rental company Chegg Inc. today filed for a $150 million IPO, with expectations that it will list next month at a premium to the $800 million valuation it received in its latter rounds of venture capital funding. ????Chegg plans to trade on the NYSE under ticker symbol CHGG, with J.P. Morgan (JPM) and BoA Merrill Lynch (BAC) serving as lead underwriters. ????Obviously there is lots of data in the company's registration statement, but two things jumped out in particular: ????1. First half growth: If you look at Chegg's financials between 2010 and 2012, it's fairly uninspiring. Losses expanded at a faster clip than did revenue, and EBITDA kept slipping. But then comes the first half results for 2013, and you can understand why Chegg chose to wait until now to go public. ????The company reports $17.96 million in EBITDA for the first half of 2013, compared to just $2.15 million for the first half of 2012. Revenue grew by 26% (up to nearly $117 million), while losses decreased by 34% ($32 million vs. $21 million). And, remember, all of this includes Q2 -- typically the company's slowest quarter, since students are rarely seeking new textbooks between April and June. ????2. Digital? Chegg spends a lot of time talking about the risks of further textbook digitization, particularly if publishers begin offering deeper discounts for their electronic wares. And the company is trying to combat that future via a slew of digital offerings, including e-textbooks, online/mobile homework help and enrollment marketing services for colleges and universities. All together, Chegg says these digital services made up 20% of first half 2013 revenue, compared to 13% in 2012. ????Unfortunately, there isn't a more detailed quantitative breakdown. No info on operating costs for these products, or how they compare to one another. I'd think prospective investors are going to want such figures, given that the company's ultimate future is unlikely to be print textbooks. |
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