Blackhawk Browser 2017

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As traditional retailers continue to struggle and the all important Q4 holiday season looming, tangential and support players to the retail ecosystem may be the best way to get exposure to the space, while circumventing Amazons NASDAQ AMZN onslaught. Quarter Overview. One such player is Blackhawk Network HAWK, one of the leading providers of digital and physical gift card products. The company posted its Q3 results a few days ago. Revenue was up 2. I was disappointed to find out that this is non GAAP revenue which even SA has got into the habit of using in its news briefs. Later, I will expand more on how drastically different this is to GAAP revenue and why I disagree with the approach. EPS was 0. 1. 8 which beat estimates. Actual GAAP net income was negative 7. Diving Further Into The Quarter. Some good news from the company was that its new and expanding partnership with Target TGT is going well. Management indicated it should have a strong presence up and ready for the big holiday season, which should further contribute to the companys growth. Revenue wise, the company did excellently with much of its growth coming from international and a rebound in physical US card and transaction volume. The sticking point for me is that it suffered a small goodwill impairment related to one of its recent acquisitions, Cardpool, which it is now trying to sell along with its small events business. These actions have less financial impact for me, but give me worry about managements strategy and capability with making accretive and intelligent acquisitions, especially as the events business was acquired only a year ago. Blackhawks financial history only goes back to 2. IPOd, but looking longer term we can see that 2. Expenses were up across virtually every category, outpacing revenue by a large margin, which resulted in the big decrease in operating income. The company, in its Q3 presentation, cited some areas where it is going to try to increase margin expansion. From the 2. 01. 6 results and the 2. I dont see much margin expansion but that could be a good thing as the company still has these opportunities in front of it even as they are slow to come. Q4 Guidance, Market Reaction Non GAAPThe company issued strong guidance for Q4 2. Blackhawk does have a slightly seasonal tilt with its Q4 being its biggest quarter, while the other three quarters are relatively even. If the company can meet these projections, it would mean continued strong revenue growth and a return to profit levels we saw in prior years, albeit still 3. I personally would love to see the company slow down on the acquisitions and focus on its core business and cut expenses as promised, to get a better idea of the go forward margins of the company on a permanent GAAP basis. The company also now has a big chunk of debt to contend with in the form of a 5. Prior to that note, its balance sheet remained squeaky clean and is still stable. The market had a fairly swift and one directional reaction to Blackhawks quarter with a 1. HAWK data by YCharts. Blackhawk is now trading just above its 5. Valuation wise, the stock looks very expensive using GAAP EPS at 0. When there is that large of a disparity, I tend to go with the more conservative number, especially when it is the GAAP number which is usually the case. And one final note on the companys use of non GAAP measures. If one dives into the difference in its latest quarter, you will see that non GAAP results exclude almost 1 billion in revenue. Now that is a little bit crazy, dont you think The less egregious approach I have seen most companies use is to exclude a few nonoperational costs that could arguably be non continuous in nature like goodwill charges, intangible related items, and other minor expense items. But looking at why the company does this, it seems to exclude certain transactions which have a corresponding marketing expense that goes with them and others where it has to pay a portion or all of the revenue to its retail partners. So basically, the company is showing off its best and brightest revenue and leaving out the low to zero margin junk in its non GAAP results. I get it, but I ask myself that if this revenue or these types of transactions are so bad that you must exclude a billion dollars worth, why perform them at all Why not sell as much or all of this part of the business and focus on the higher margin itemsAnd how much of this now excluded revenue comes from the new acquisitions or can those not be excluded because they are needed to show growth I think a much better approach would be to only exclude the revenue and costs related to businesses held for sale, to give the investor a better idea of the companys ongoing and continuing financials, if those businesses are indeed sold as expected. Excluding real revenues and expenses of such a large amount is odd at best. Conclusion. Blackhawk Network had a decent albeit mixed quarter. The stock falling 2. Q4 guidance and the fact that the stock hit a 5. I like Blackhawk for a short term trade or call option try here, but it is clear that management struggles with making quality acquisitions, and non GAAP presentation makes me less confident in the transparency and consistency I will receive as a passive, minority investor thus lowering the price I am interested in owning the stock at and the desire to build a position for years, instead of months. Disclosure Iwe have no positions in any stocks mentioned, and no plans to initiate any positions within the next 7. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it other than from Seeking Alpha. I have no business relationship with any company whose stock is mentioned in this article.