Q: Comments on the quarter please
5i Research Answer:
Revenue rose 34% to $3.17B, ahead of estimates of $3.09B. Recurring revenue rose 16% to $212M ahead of estimates of $211M. Operating income rose 88% to $382M (estimate $329M). Gross merchandise volume rose 35% to $100.74B (estimates $98.8B). Free cash flow was $476M. Cash is close to $6B. Guidance calls for 2Q free cash flow to be mid-teens margin. Q2 revenue to grow at high-twenties percentage. Operating expensese as a percentage of revenue is expected to be 35% to 36%.
Growth is there, but the forecast calls for a bit of a deceleration, which investors will likely focus on. Expenses going forward also look higher than planned.
The conference call has not yet occurred and we may get more details then.