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Proterra 過去の業績
過去 基準チェック /06
Proterraの収益は年間平均-27.9%の割合で減少していますが、 Machinery業界の収益は年間 増加しています。収益は年間8% 19.4%割合で 増加しています。
主要情報
-27.92%
収益成長率
71.49%
EPS成長率
| Machinery 業界の成長 | 8.77% |
| 収益成長率 | 19.41% |
| 株主資本利益率 | -127.45% |
| ネット・マージン | -105.84% |
| 前回の決算情報 | 30 Sep 2023 |
最近の業績更新
Recent updates
分析記事 • Mar 18
Analysts Have Lowered Expectations For Proterra Inc. (NASDAQ:PTRA) After Its Latest Results
Proterra Inc. ( NASDAQ:PTRA ) missed earnings with its latest full-year results, disappointing overly-optimistic...Seeking Alpha • Sep 01
Buy Proterra On Arrival's Downs
Summary Proterra finally managed to recover after the Q1 profitability miss and is back on track to achieve the 2022 outlook. Although I expect the business profitability to suffer from short-term headwinds, I believe that the long-term perspectives have recently improved. The competitive pressure has been alleviated due to challenges by Proterra’s rival, Arrival. My analysis indicates that these challenges are not fully factored in Proterra’s share price and may be a significant catalyst for the share price acceleration. Arrival (ARVL) has recently posted its Q2 report. Although I was skeptical about the company’s prospects, I was still surprised by their decision to postpone bus production indefinitely. The main question is what that news can mean for the electric vehicle ("EV") industry as Arrival was perceived as a disrupter in the electric bus field and a strong potential opponent of Proterra Inc. (PTRA). In my previous articles, I wrote that both of them had flops they were struggling to overcome. However, unlike Arrival, Proterra seems to be recovering after a Q1 profitability miss. Even though it is bound hand and foot by global supply chain constraints, it can still benefit greatly from Arrival’s difficulties. I believe that Arrival’s problems are still not fully factored in Proterra’s share price and may serve as a long-term catalyst for its stock performance. Let's delve deeper into this issue. Q2 performance update. Proterra is well on track to achieve its 2022 forecast Revenue In the second quarter, Proterra managed to achieve solid revenue growth. As promised earlier this year, it alleviated supply issues in the Transit business and produced over 50 buses over the second quarter. I was really glad to hear the roll-out number, as such a fast-paced manufacturing rate shows that Proterra is on track to achieve its 200 bus target over the entire year. Its second segment, Powered & Energy, achieved a doubled revenue compared with the previous year. However, if I benchmark its performance with the last quarter, I see a lower segment revenue despite an increasing number of batteries sold. At first sight, it may sound alarming because the price per battery went down despite growing prices for raw materials. In reality, price decrease is driven by higher demand in the bus segment, where batteries with lower capacity are required. As the price is set not per battery but per MWh— megawatts per hour— the batteries with lower MHh are cheaper. Thus, Proterra’s battery business continues to gain further traction among customers and is expected to meet full-year targets. Unfortunately, Proterra did not manage to solve sourcing problems in its Energy (charging infrastructure) business. During the second quarter earnings call, Proterra’s Chief Executive Officer, Karina Padilla, even mentioned worsening supply-side issues: On top of continued shortages in charging hardware, we are now also coping with the shortages in switchgear 2. Do I see it as a big problem? Not really, because supply-side issues in the early-stage Energy business have been known for a long time and are already included in the full-year outlook. Proterra's financial accounts. Prepared by author Gross margin As for gross margin, it is back in positive territory in Q2, amounting to approximately $600,000 in the quarter. This is certainly a nice comeback after a negative gross margin rate in Q1, as it confirms that Proterra managed to alleviate its supply issues in the bus business that were quite severe in the first quarter. Those challenges are summarized well in the following paragraph from my previous article “A recession would make Proterra a buy”: The tight labor market and scarce materials severely impacted gross margins. In Transit, 9% more incremental labor hours were required to complete a bus than in Q1 2022 and 25% more than in Q4 2021. The idle time a bus spent waiting on one component to arrive led to significant inefficiencies across the factory floor. Despite some profitability increase, I expect weather around the gross margin to remain cloudy until 2023. Proterra is still facing a scarce supply of wiring harnesses and power connectors. Wiring harness production requires a lot of manual operations, and is therefore produced in countries with a cheap labor force such as Ukraine. The ongoing war has dramatically impacted production capacities and prices worldwide. Consequently, I do not see any supply alleviation until the war ends. That is definitely not on the horizon in 2022. Additionally, ramping up production in a new factory in late 2022 will negatively pressure margins before Proterra achieves a break-even production scale. However, I expect improvement in 2023 as a result of recent pricing initiatives, roll-out scale-up, and an easing of the competitive field where significant positive changes have happened recently. Let me show you in detail what I mean. Competitive field Proterra’s main competitor was BYD Company Limited (BYDDF, BYDDY), a Chinese manufacturer of electric vehicles. Although the quality of BYD buses is sometimes debatable, its cost advantages, strong presence in the EV sector, and efficient supply chain management allowed BYD to get a significant market share. Therefore, the decision made by the U.S. government to deprive BYD of its customer base by excluding Chinese producers from federal subsidies was highly beneficial for Proterra. Another rival of Proterra’s is the NFI Group Inc. (NFYEF), a Canadian bus manufacturer. Though they have recently entered the EV and batteries market, they mainly specialize in combustion-engine buses. Zero-emission buses represent about 17% of their portfolio, primarily consisting of hybrid buses rather than battery-electric ones. Despite its efforts in the EV transition, the NFI group is not perceived as an EV player by the market. Its low price/sales multiple of 0.3x is evidence that the company is considered a traditional car player. An additional competitor for Proterra is the British EV manufacturer Arrival specializing in electric buses and vans. The start-up had ambitious development plans, leveraging on placing its microfactories near its customers’ locations. That strategy was focused on decreasing production costs via an innovative production concept and capturing demand based on the proximity of its microfactories to the customers. However, Arrival has recently faced significant implementation problems. I believe that its downs can serve as a long-term catalyst for Proterra’s performance. Arrival - on the other side Vehicle producers primarily achieve profitability by extracting savings from economies of scale. However, the demand for buses is relatively limited and insufficient for significant economy-of-scale synergies. Therefore, producers have to either expand their product range beyond the buses or devise alternative production methods. Proterra opted for the former approach of expanding in the battery business, selling to commercial vehicle producers with insufficient money and expertise for EV transformation. At the same time, Arrival placed its bet on a unique production method via the microfactory concept. It promised to decrease total costs of bus ownership by 50% vs. competitors and achieve 2.2x lower production costs while keeping profitability. These savings should have come from three factors: high vertical integration with vehicles built from scratch, the significant economy of scale as bus and van parts are interchangeable, and lightweight composite materials. Additionally, the characteristic uniqueness of the microfactory concept lies in its proximity to customers. Both labor and supply chain issues can be diminished through such an approach, not to mention strengthening the regional economy. A proposition to order buses by a company-manufacturer located nearby in the county is significant for local authorities, the main customers in the bus market. To illustrate some of these local customers, let’s go through the primary beneficiaries of federal funds under the Bipartisan Infrastructure Law in 2022. The agencies involved are the New York Metropolitan Transportation Authority, Los Angeles County Metropolitan Transportation Authority, Memphis Area Transit Authority, and Colorado Department of Transportation. They are all public departments or public benefit corporations responsible for public transportation in a particular area. While it’s probably not a high priority to attract an automotive employer to the state when the unemployment rate is so low as it is now, the innovative workplace is appreciated by the voters in the next elections. The microfactory strategy was perceived as an extremely promising idea, and was appreciated by investors valuing Arrival at $13 billion when it got listed last year via SPAC. Initially, Arrival planned to produce around 11k buses worldwide in 2024. However, despite its many promises to investors, Arrival faced significant issues I described in my May article “Avoid Arrival - management needs to show some execution”. I doubted the management’s credibility and was inclined to think that Arrival had serious production issues leading to financial distress by the end of the year. Unfortunately, my Cassandra's view turned out to be correct. Recently, Arrival announced its restructuring plans to preserve cash and decided to focus on the vans while simultaneously abandoning the projected bus roll-out. Giving a commentary about their plans, Arrival said that their main bus client, First Bus, was still committed to restarting the trials when Arrival has a new road map for the platform. From my perspective, “a new road map for the platform” sounds quite far-fetched as Arrival has both serious cash issues and plans to raise a part of a new equity round later this year, even before the first vehicle roll-out. It’s a sign that the management is not confident in its manufacturing capabilities. Otherwise, why not issue equity after a successful launch benefiting from a higher share price? I will soon publish an article where I will focus on the topic in more detail. Currently, it is essential that Arrival is off the bus route for an uncertain period. I summarize these developments in the chart below.Seeking Alpha • Aug 12
Proterra: Issues Abound
Proterra has an interesting business model, and management has done well to grow the company's topline recently. Although the near-term risk is low because of the firm having excess cash on hand, the long-term picture is also questionable. Shares look very pricey right now and could lead to pain for investors moving forward. Whether you want to admit it or not, the future of all vehicles is electric. These days, there are a number of players in this space, but not all of them are created equal. Some will certainly go on to generate a significant amount of value for their investors. But others, such as Proterra (PTRA), look to be drastically overpriced and incredibly risky. Overall, I believe that investors in this company should tread carefully because, while the firm is likely to continue expanding from a revenue perspective, its fundamental condition is far from great. On the whole, I believe it makes for a worthy 'sell' candidate at this time. A play on electric vehicles According to the management team at Proterra, the company is focused on electric vehicle technology. Conceptually, this represents a tremendous opportunity for investors. The IEA, for instance, has provided some guidance on what the future might hold. Globally, the number of electric vehicles across all road transport modes is forecasted to grow from roughly 18 million in 2021 to 200 million by 2030. That implies an annualized growth rate of 30%. Total annual vehicle sales under the electric category are expected to hit 18 million in 2025 before hitting 30 million in 2030. At that point, they will represent over 20% of all road vehicle sales. Of course, other forecasts do vary. Under the most aggressive forecast, the total number of vehicles that are electric across the globe could hit 350 million by 2030, with annual sales of 65 million translating to a 60% market share of all vehicles sold. Naturally, this should prove bullish for the companies and the investors that operate in this space. One such prospect is Proterra. To best understand the company, we should break it up into its two key operating segments. The first of these is referred to as Proterra Powered and Energy. This unit provides technology solutions to commercial vehicle producers and owners of commercial fleets. It, in turn, is broken up into two separate business lines. The first of these, Proterra Powered produces and integrates proprietary battery technology and electrification solutions into vehicles for global commercial vehicle OEM customers. At present, this business line only serves vehicles in the Class 3 to Class 8 categories such as delivery trucks, school buses, and coach buses. It is also involved in these same activities for construction and mining equipment. The other business line is called Proterra Energy. Through this, the company provides turn-key fleet-scale, high-power charging solutions and software services. Activities that the company focuses on here include fleet and energy management software as a service, fleet planning, installation, charging optimization, and more. The other segment the company has is called Proterra Transit. Through this, the company sells electric transit buses as an OEM for North American public transit agencies, airports, universities, and other commercial transit fleets. Author - SEC EDGAR Data Over the past three years, Proterra has done a really good job to grow its topline. Revenue has risen from $181.3 million in 2019 to $242.9 million last year. Unfortunately, the company has also experienced a great deal of pain in its bottom line. Even with revenue growing, profitability has been an issue. The company generated a net loss of $101.6 million in 2019. This loss increased to $127 million in 2020 before ballooning to $250 million last year. If it were just the company's net loss, the picture might not be so bad. But the pain also extends to cash flow. Between 2019 and 2021, operating cash flow went from a negative $97.3 million to a negative $126.3 million. If we adjust for changes in working capital, it still would have worsened from negative $72.8 million to negative $103.1 million. Even EBITDA for the company worsened during this time frame, going from a negative $71.2 million to a negative $97.1 million. Author - SEC EDGAR Data To compound problems even further, the pain has extended into the current fiscal year. In the first half of the year, revenue came in at $133.1 million. That's 18.3% above the $112.5 million generated just one year earlier. Net income did improve, going from a loss of $241.2 million to a more modest loss of $91.9 million. At the same time, however, operating cash flow went from negative $46.9 million to negative $116.7 million. On an adjusted basis, it went from negative $45.8 million to negative $73.7 million. And EBITDA turned from negative $41.3 million to negative $67.6 million. When it comes to the 2022 fiscal year as a whole, management expects sales to come in about 24% to 34% higher than they were last year. This implies revenue of between $300 million and $325 million. Unfortunately, there is no guidance when it comes to profitability. But it's clear that profits and cash flows will be negative. Potentially significantly so. At least the good part is that the company has cash in excess of debt in the amount of $423.9 million. That provides it some wiggle room and reduces the risk for shareholders. But at the same time, it's clear that something needs to change.Seeking Alpha • May 26
A Recession Would Make Proterra A Buy
Since it went public a year ago, Proterra has decreased by 70% as the market punished management’s struggle with supply chain issues. Despite lacking components and a tight labor market, Proterra is transforming into a global-battery producer. Profitability issues are a vital concern. We will see how they can be resolved. Despite cash burn, I do not see an immediate need to raise capital. An important factor during turbulent market times. I would invest in Proterra when I see the labor market easing. Otherwise, expansion plans are at risk.Seeking Alpha • Apr 25
Proterra: Holding Off For Now
Proterra must prove it can improve its margins to show it has a viable business, and the supply chain is constricting its potential. Management unveiled a 3-point plan to improve margins, but these factors heavily rely on the supply chain coming into balance again. I don't see the supply chain improving in the near future, and its revenue guidance did not account for the situation in Ukraine. The stock's technicals are headed towards the bottom without becoming oversold, so a cheaper stock price is on the cards shortly.Seeking Alpha • Jan 28
Proterra's Road To Profitability Won't Be Easy
Proterra's positive net income during the third quarter was primarily driven by a significant decline in its warrant liabilities. Operating margins are still negative despite the impressive revenue growth. Supply chain disruptions continue to impact gross margins. Current deferred revenue declined by $7 million or 39% from last quarter. Bearish with a target price of $5/share.Seeking Alpha • Sep 04
Is Proterra Stock Overvalued Or Undervalued? We're Boarding This Bus For More Upside
Proterra is a leading manufacturer of electric transit buses with integrated technology and energy solutions. The company is well-positioned to benefit from an accelerating trend of commercial fleet vehicle electrification supported by government zero-emission mandates. We are bullish on Proterra which trades at a discount to other EV stocks while the company is supported by a positive long-term outlook.Seeking Alpha • Jul 10
Proterra Is Promising But A Little Too Expensive
Proterra is a fast growing EV bus business that should keep revenue increasing for many years. The company, while young, seems to already be having a real impact, and their business model is solid. Unfortunately shares are a bit expensive, but it is worth keeping the company in a watch list, or making a small investment to increase it if the price goes down.収支内訳
収支内訳
Proterra の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。
収益と収入の歴史
| 日付 | 収益 | 収益 | G+A経費 | 研究開発費 |
|---|---|---|---|---|
| 30 Sep 23 | 331 | -351 | 143 | 63 |
| 30 Jun 23 | 341 | -421 | 145 | 70 |
| 31 Mar 23 | 330 | -432 | 141 | 70 |
| 31 Dec 22 | 309 | -238 | 133 | 64 |
| 30 Sep 22 | 298 | -202 | 124 | 57 |
| 30 Jun 22 | 263 | -101 | 107 | 51 |
| 31 Mar 22 | 247 | -248 | 96 | 46 |
| 31 Dec 21 | 243 | -250 | 86 | 44 |
| 30 Sep 21 | 229 | -237 | 80 | 41 |
| 30 Jun 21 | 214 | -321 | 74 | 39 |
| 31 Mar 21 | 198 | -154 | 69 | 37 |
| 31 Dec 20 | 197 | -127 | 67 | 36 |
| 30 Sep 20 | 182 | -129 | 62 | 36 |
| 31 Dec 19 | 181 | -102 | 56 | 35 |
| 31 Dec 18 | 123 | -92 | 46 | 32 |
質の高い収益: PTRA.Qは現在利益が出ていません。
利益率の向上: PTRA.Qは現在利益が出ていません。
フリー・キャッシュフローと収益の比較
過去の収益成長分析
収益動向: PTRA.Qは利益が出ておらず、過去 5 年間で損失は年間27.9%の割合で増加しています。
成長の加速: PTRA.Qの過去 1 年間の収益成長を 5 年間の平均と比較することはできません。現在は利益が出ていないためです。
収益対業界: PTRA.Qは利益が出ていないため、過去 1 年間の収益成長をMachinery業界 ( 1.6% ) と比較することは困難です。
株主資本利益率
高いROE: PTRA.Qは現在利益が出ていないため、自己資本利益率 ( -127.45% ) はマイナスです。
総資産利益率
使用総資本利益率
過去の好業績企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2024/03/13 16:51 |
| 終値 | 2024/03/13 00:00 |
| 収益 | 2023/09/30 |
| 年間収益 | 2022/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
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| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
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* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Proterra Inc. これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。6
| アナリスト | 機関 |
|---|---|
| Brian Johnson | Barclays |
| Sherif El-Sabbahy | BofA Global Research |
| Itay Michaeli | Citigroup Inc |