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=== Freetrade peer(s) === {| class="wikitable" |+ ! !Freetrade !Trading 212 !Robinhood !Hargreaves Lansdown !AJ Bell !Avanza Bank Holding AB !The Charles Schwab Corporation !Average (median) |- ! colspan="6" |Relative valuation data ! ! ! |- |Local currency |GBP |EUR |USD |GBP |GBP |SEK |USD |N/A |- |Current market capitalisation (local currency, million) |658 |N/A |8,500 |4,080 |1,300 |34,690 |100,102 |N/A |- |Year ago sales |16 | |1,360 |583 |164 |2,970 |20,760 |N/A |- |Current sales |37 |N/A |1,860 |709 |212 |3,540 |19,570 |N/A |- |Sales growth rate (%) |135 |N/A |37 |22 |30 |19 |(5.70) |N/A |- |Current cash |23 | |10,520 |446 |100 |9,050 |81,300 |N/A |- |Current debt |32<ref>https://www.crowdcube.com/companies/freetrade/pitches/qQNNal</ref> | |2,750 |15 |13 |83 |76,850 |N/A |- ! colspan="6" |Relative valuation metrics ! ! ! |- |Enterprise value/sales |41.69 |N/A |0.39 |5.15 |5.72 |7.27 |4.89 |'''5.15''' |- |Growth-adjusted enterprise value/sales ratio |0.31 |N/A |0.01 |0.23 |0.19 |0.38 |(0.85) |'''0.19''' |- ! colspan="6" |Absolute valuation data ! ! ! |- |Lifecycle growth stage |Stage 1 (of 4) |Stage 2 (of 4) |Stage 1 (of 4) |Between stage 2 and 3 (of 4) |Stage 3 (of 4) |Stage 3 (of 4) |Between stage 2 and 3 (of 4) |N/A |- |Cost of goods sold as a proportion of revenue (%) |12.92% |N/A |N/A |N/A |N/A | | | |- |Operating expenses as a proportion of revenue (%) |230.83% |41.11% |174.45% |46.31% |64.00% | | | |- |Tax rate (%) |(6.23)% |15.23% |0.10% |19.84% |19.98% | | | |- |Depreciation and amortisation rate (%) |76.85% |79.52% |35.67% |22.91% |14.94% | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |15.12% |1.13% |2.06% |2.35% |2.06% | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |121.88% |52.01% |(20.03)% |(3.09)% |0.18% | | | |- |Net borrowing as a proportion of revenue (%) |43.49% |0.27% |0% | -0.67% | -1.52% | | | |- |Interest expense as a proportion of revenue (%) |0.12% |0.41% |0% |0.14% |0.48% | | | |} {| class="wikitable" |+Key metrics for different stages of the business lifecycle ! !Stage 1 !Stage 2 !Stage 3 !Stage 4 |- |Cost of goods sold as a proportion of revenue (%) |12.92% |0.00% |0.00% |36.13% |- |Operating expenses as a proportion of revenue (%) |202.64% |41.11% |55.16% |174.39% |- |Tax rate (%) |(3.07)% |15.23% |19.91% |(1.94)% |- |Depreciation and amortisation rate (%) |56.26% |79.52% |18.93% |47.29% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |8.59% |1.13% |2.21% |6.25% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |50.93% |52.01% |(1.46)% |2.13% |- |Net borrowing as a proportion of revenue (%) |21.75% |0.27% |(1.10)% |0% |- |Interest expense as a proportion of revenue (%) |0.06% |0.41% |0.31% |0% |} {| class="wikitable" |+Stage 1 ! !Freetrade !Robinhood ! !Median |- |Cost of goods sold as a proportion of revenue (%) |12.92% |N/A | |12.92% |- |Operating expenses as a proportion of revenue (%) |230.83% |174.45% | |202.64% |- |Tax rate (%) |(6.23)% |0.10% | |(3.07)% |- |Depreciation and amortisation rate (%) |76.85% |35.67% | |56.26% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |15.12% |2.06% | |8.59% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |121.88% |(20.03)% | |50.93% |- |Net borrowing as a proportion of revenue (%) |43.49% |0% | |21.75% |- |Interest expense as a proportion of revenue (%) |0.12% |0% | |0.06% |} {| class="wikitable" |+Stage 2 ! !Trading 212 ! ! !Median |- |Cost of goods sold as a proportion of revenue (%) |N/A | | |0.00% |- |Operating expenses as a proportion of revenue (%) |41.11% | | |41.11% |- |Tax rate (%) |15.23% | | |15.23% |- |Depreciation and amortisation rate (%) |79.52% | | |79.52% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |1.13% | | |1.13% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |52.01% | | |52.01% |- |Net borrowing as a proportion of revenue (%) |0.27% | | |0.27% |- |Interest expense as a proportion of revenue (%) |0.41% | | |0.41% |} {| class="wikitable" |+Stage 3 ! !AJ Bell !Hargreaves Lansdown ! !Median |- |Cost of goods sold as a proportion of revenue (%) |N/A |N/A | |0.00% |- |Operating expenses as a proportion of revenue (%) |64.00% |46.31% | |55.16% |- |Tax rate (%) |19.98% |19.84% | |19.91% |- |Depreciation and amortisation rate (%) |14.94% |22.91% | |18.93% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |2.06% |2.35% | |2.21% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |0.18% |(3.09)% | |(1.46)% |- |Net borrowing as a proportion of revenue (%) | -1.52% | -0.67% | |(1.10)% |- |Interest expense as a proportion of revenue (%) |0.48% |0.14% | |0.31% |} {| class="wikitable" |+Stage 4 ! !Blackberry ! ! !Median |- |Cost of goods sold as a proportion of revenue (%) |36.13% | | |36.13% |- |Operating expenses as a proportion of revenue (%) |174.39% | | |174.39% |- |Tax rate (%) |(1.94)% | | |(1.94)% |- |Depreciation and amortisation rate (%) |47.29% | | |47.29% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |6.25% | | |6.25% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |2.13% | | |2.13% |- |Net borrowing as a proportion of revenue (%) |0% | | |0% |- |Interest expense as a proportion of revenue (%) |0% | | |0% |} {| class="wikitable" |+Hargreaves Lansdown ! !30/06/2018 !30/06/2019 !30/06/2020 !30/06/2021 !30/06/2022 |- ! !Historic !Historic !Historic !Historic !Historic |- ! colspan="6" |Profit and loss |- |Revenue (£'million) |447.50 |480.50 |550.90 |631.00 |583.00 |- |Gross profit | | | |N/A |N/A |- |Operating profit/(loss) |291.10 |303.30 |337.70 |365.60 |270.00 |- |Net interest |1.30 |2.50 |1.80 |0.40 |(0.80) |- |Profit Before Tax |292.40 |305.80 |378.30 |366.00 |269.20 |- |Profit for the period |236.70 |247.60 |313.20 |296.30 |215.80 |- ! colspan="6" |Balance sheet |- | colspan="6" |'''Assets''' |- | colspan="6" |'''Non-current assets''' |- |Goodwill | | | |1.3 |1.3 |- |Other intangible assets | | | |33.6 |37.3 |- |Property, plant and equipment | | | |22.5 |28.6 |- |Deferred tax assets | | | |3.7 |1.9 |- | colspan="6" |'''Current assets''' |- |Investments | | | |0.9 |0.8 |- |Trade and other receivables | | | |869.2 |523.5 |- |Cash and cash equivalents (£'million) |125.30 |179.30 |235.90 |445.3 |488.3 |- |Current tax assets | | | |1.5 |0.6 |- |Total current assets | | | |1,316.9 |1,013.2 |- | colspan="6" |'''Liabilities''' |- | colspan="6" |'''Non-current liabilities''' |- |Debt (£'million) |0 |0 |19.90 |15.00 |11.80 |- | colspan="6" |'''Current liabilities''' |- |Trade and other payables | | | |774.0 |488.3 |- |Total current liabilities | | | |774.0 |488.3 |- |Net assets |405.20 |459.30 |557.60 |592.40 |573.50 |- ! colspan="6" |Cash flow statement |- |'''Net cash from/(used in) operating activities''' | | |'''265.4''' |'''328.6''' |'''262.9''' |- | colspan="6" |'''Investing activities''' |- |Decrease in term deposits | | | |170.0 |40.0 |- |Purchase of property, plant and equipment | | | |(5.4) |(2.8) |- |Purchase of intangible assets | | | |(12.8) |(10.9) |- |Proceeds on disposal of subsidiary | | | |0.2 |0.0 |- |Proceeds/(purchase) on disposal of investments | | | |(0.3) |0.1 |- |'''Net cash from/(used in) investing activities''' | | |'''7.8''' |'''151.7''' |'''26.4''' |- | colspan="6" |'''Financing activities''' |- |Purchase of own shares in EBT | | | |(7 .7) |(4.2) |- |Proceeds on sale of own shares in EB | | | |4.3 |2.8 |- |Payment of principal in relation to lease liabilities | | | |(4.0) |(3.9) |- |Dividends paid to owners of the parent | | | |(263.5) |(241 .0) |- |'''Net cash from/(used in) financing activities''' | | |'''(216.6)''' |'''(270.9)''' |'''(246.3)''' |- ! colspan="6" |Revenue breakdown |- | colspan="6" |'''Ongoing revenue''' |- |Platform fees | | | |263.7 |289.1 |- |Fund management fees | | | |60.8 |60.3 |- |Ongoing advice charges | | | |9.0 |8.3 |- |Interest earned on client money | | | |51.9 |51.8 |- |Renewal commission | | | |5.1 |4.6 |- | colspan="6" |'''Transactional revenue''' |- |Fees on stockbroking transactions | | | |231.6 |164.6 |- |Initial advice charges | | | |5.1 |4.0 |- |Other transactional income | | | |3.8 |0.3 |- ! colspan="6" |Operating costs |- |Depreciation of owned plant and equipment and right-of-use assets | | | |9.0 |8.9 |- |Amortisation of other intangible assets | | | |6.1 |6.2 |- |Impairment of intangible assets | | | |1.1 |1.0 |- |Marketing costs | | | |28.3 |25.8 |- |Operating lease rentals payable – property | | | | | |- |Office running costs – excluding operating lease rents payable | | | | | |- |FSCS costs | | | | | |- |Dealing and financial services costs | | | | | |- |Data and technology costs | | | | | |- |Legal and professional costs | | | | | |- |Other operating costs | | | | | |- |Staff (including contractors) costs | | | | | |- |Total | | | |266.0 |313.0 |- ! colspan="6" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |N/A |N/A |- |Operating expenses as a proportion of revenue (%) |65.05 |63.12 |61.30 |57.94 |46.31 |- |Tax rate (%) |19.05 |19.03 |17.21 |19.04 |19.84 |- |Depreciation and amortisation rate (%) | | | |26.92 |22.91 |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |2.88 |2.35 |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | |(3.09) |- |Net borrowing as a proportion of revenue (%) | | | | -0.62% | -0.67% |- |Interest expense as a proportion of revenue (%) | | | |0.16% |0.14% |} {| class="wikitable" |+AJ Bell Plc ! !30/09/2018 !30/09/2019 !30/09/2020 !30/09/2021 !30/09/2022 !30/09/2023 !30/09/2024 |- ! !Historic !Historic !Historic !Historic !Historic !Forecast !Forecast |- ! colspan="6" |Profit and loss ! ! |- |Revenue (£'000) | | |126,749 |145,826 |163,847 |212,100 |240,900 |- |Administrative expenses | | | |(89,975) |(104,866) | | |- |Operating profit | | | |55,851 |58,981 | | |- |Investment income | | | |23 |198 | | |- |Finance costs | | | |(790) |(768) | | |- |Profit before tax | | | |55,084 |58,411 |79,800 |92,600 |- |Tax expense | | | |(11,262) |(11,672) | | |- | colspan="8" |'''Profit for the financial year attributable to:''' |- |Equity holders of the Parent Company | | | |43,822 |46,739 | | |- | colspan="8" |'''Earnings per share:''' |- |Basic (pence) | | | |10.71 |11.39 | | |- |Diluted (pence) | | | |10.67 |11.35 | | |- ! colspan="6" |Balance sheet ! ! |- | colspan="8" |'''Assets''' |- | colspan="8" |'''Non-current assets''' |- |Goodwill | | | |6,991 |6,991 | | |- |Other intangible assets | | | |6,014 |8,779 | | |- |Property, plant and equipment | | | |3,351 |3,325 | | |- |Right-of-use assets | | | |13,325 |12,273 | | |- |Deferred tax asset | | | |940 |610 | | |- | | | | |30,621 |31,978 | | |- | colspan="8" |'''Current assets''' |- |Trade and other receivables | | | |37,462 |49,436 | | |- |Current tax receivable | | | |51 |38 | | |- |Cash and cash equivalents (£'000) | | | |94,008 |84,030 | | |- | | | | |131,521 |133,504 | | |- |Total assets | | | |162,142 |165,482 | | |- | colspan="8" |'''Liabilities''' |- | colspan="8" |'''Current liabilities''' |- |Trade and other payables | | | |(12,765) |(15,604) | | |- |Lease liabilities | | | |(1,708) |(1,566) | | |- |Provisions | | | |(1,526) |(519) | | |- | | | | |(15,999) |(17,689) | | |- | colspan="8" |'''Non-current liabilities''' |- |Lease liabilities | | | |(13,886) |(12,395) | | |- |Provisions | | | |(1,549) |(2,004) | | |- | | | | |(15,435) |(14,399) | | |- |Total liabilities | | | |(31,434) |(32,088) | | |- |Net assets | | | |130,708 |133,394 | | |- | colspan="8" |'''Equity''' |- |Share capital | | | |51 |51 | | |- |Share premium | | | |8,658 |8,930 | | |- |Own shares | | | |(740) |(473) | | |- |Retained earnings | | | |122,739 |124,886 | | |- |Total equity | | | |130,708 |133,394 | | |- ! colspan="6" |Cash flow statement ! ! |- | colspan="8" |'''Cash flows from operating activities''' |- |Profit for the financial year | | | |43,822 |46,739 | | |- | colspan="8" |Adjustments for: |- |Investment income | | | |(23) |(198) | | |- |Finance costs | | | |790 |768 | | |- |Income tax expense | | | |11,262 |11,672 | | |- |Depreciation and amortisation | | | |3,623 |3,643 | | |- |Share-based payment expense | | | |4,952 |4,728 | | |- |Decrease in provisions and other payables | | | |(69) |(1,007) | | |- |Loss on disposal of property, plant and equipment | | | |13 |21 | | |- |Profit on disposal of right-of-use assets | | | |(3) |0 | | |- |Increase in trade and other receivables | | | |(6,889) |(11,974) | | |- |Increase / (decrease) in trade and other payables | | | |(1,347) |2,839 | | |- |Cash generated from operations | | | |56,131 |57,231 | | |- |Income tax paid | | | |(11,455) |(11,433) | | |- |Interest expense paid | | | |(1) |0 | | |- |Net cash from/(used in) operating activities | | | |44,675 |45,798 | | |- | colspan="8" |'''Cash flows from investing activities''' |- |Purchase of other intangible assets | | | |(2,370) |(2,365) | | |- |Purchase of property, plant and equipment | | | |(1,174) |(1,014) | | |- |Acquisition of subsidiary, net of cash acquired | | | |(2,561) |0 | | |- |Interest received | | | |23 |198 | | |- |Net cash from/(used in) investing activities | | | |(6,082) |(3,181) | | |- | colspan="8" |'''Cash flows from financing activities''' |- |Payments of principal in relation to lease liabilities | | | |(1,241) |(1,716) | | |- |Payments of interest on lease liabilities | | | |(789) |(768) | | |- |Proceeds from issue of share capital | | | |199 |272 | | |- |Dividends paid | | | |(29,138) |(50,383) | | |- |Net cash from/(used in) financing activities | | | |(30,969) |(52,595) | | |- ! colspan="8" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |0% |0% | | |- |Operating expenses as a proportion of revenue (%) | | | |61.70% |64.00% | | |- |Tax rate (%) | | | |20.45% |19.98% | | |- |Depreciation and amortisation rate (%) | | | |15.97% |14.94% | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |2.43% |2.06% | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | |0.18% | | |- |Net borrowing as a proportion of revenue (%) | | | | -1.39% | -1.52% | | |- |Interest expense as a proportion of revenue (%) | | | |0.53% |0.48% | | |} {| class="wikitable" |+Trading 212 Group Limited !Year !1<ref>https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/VjHMtIQiiQi__nVCWAt11Y5huQG68koLl03pvpnqrn0/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3KS3H3G5V%2F20230606%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230606T213520Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEAMaCWV1LXdlc3QtMiJIMEYCIQC660r%2Bjx4D8MAt7dZnQyI4rQKB%2ByjmjuPvdqPe%2FzG5gwIhAMWx9BAf15tgFNPWA30ZMAQoITU1FekaZU4DdaDpbqpBKroFCEwQBBoMNDQ5MjI5MDMyODIyIgxTLwy1663v14A2ya4qlwW716KZyuhql1qyYzIKJqYYB3LoPM5dO6SP%2BGh1aYozdNJq7ZXCxOATczExlzncRJDmLWz0z1CurY9ZplLg4eiabGEMU0sZQshK4gKgagQ1A4rNWijM5fefc0CIoE%2FanqRcqu95iDs%2FiQofP48NNSqCxwcNUcBk1sSojK4RPJIlJxb5AeU2khPA1ldd80lrLdDrLswPOtjjyzLenNFGf5q2ArWweQL%2FzvPIg%2FelxdUzd91W1PLmU%2BBXfDEw%2BXdnD25AB2%2BLhij7Ueg8hc9hl0wSikQ6%2BLXpQyJBlgy0sURS0k2FSsEDv35cmdHX%2BTG0jUMQvdeKRy7FhHZhp%2BkcAnTMXoD5Q8flHUeigOAM1H4Upeukj%2FQvHxeIJwJECydGsGxed8x8uzREXYJPoijgRJjaXIMQXPY%2FwZ%2F0uK0iZnNwLPdQ3iUfwFFr5Z8LJB22iJA0WQOGVXtrWOPm2ePOkVz7kYYVYYFWaUKsFJXoTz1ddQ6yxrlXJELpXwOqClKe%2B2jXqA%2FPPjGqJzhxN08oKsE4R1tI%2F5XO8CkkVt1j9dzkcg3j46oz%2Frah5op4BvY%2BZ5SwJKe1k7IAjzerriBgvb0nevlWE%2B2M7P6wX0xqaFh28yzraDWif0VYhqwWbxm4Fa1QooHBTDLNSHcUKAPrWMfa8dA3OKIgOqybGtrBu%2FGIcsBkEXOajDjVE5OlmQakV%2Brz8XRPYEbzMMNuSawNwrv8NW3Mm7mb8y%2Bivq72a4YuaqwRhPPXv7ZJMPBs48hgjH8lRNMqmyK6FLaEIDyFLAGiRpXCTsaRyDqA7ydsGd4sdEUKzlAwpXzKH3ZrR%2B8webQv4S4Mo7lY9XmLXF1a4UEjiX6MNYLQfhpEs6WfAIL%2B6CiR7U1PfuQwiIf%2BowY6sAHe%2B%2FOG%2FE7AbAx8JhLgEhcGzWkFdOHiC0G5h%2Brx6a7s%2BKDx6Y2uB%2FH8Iz2BvGmuyJywGfydIu%2BpuBpyXDJIiSHEaPXgdem9Vr1qfWp4DgAKBDqbXXynyVzhBfIcTshNhDAV%2FeCRyk1sMW8wOGvkXh09tP6hekKWL84gHFuzpO5P2TD5ssECMlD2mzAKzgG%2FJ4m6s1vPE6uS%2F7zLhcjceOfFo1CH2Vzib3s5ZkCMSQo%2Bbg%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=b2374cf4a6daa79a50613961fbeed5cee094a9ab08c59ad284c7ee50ff859a78</ref> !2 !3 !4 !5 !6 !7<ref>https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/TSm136YZkgOVAft-B377F-NKlBy9iC-6ZBi-J0I__mk/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3KS3H3G5V%2F20230606%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20230606T211732Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEAMaCWV1LXdlc3QtMiJIMEYCIQC660r%2Bjx4D8MAt7dZnQyI4rQKB%2ByjmjuPvdqPe%2FzG5gwIhAMWx9BAf15tgFNPWA30ZMAQoITU1FekaZU4DdaDpbqpBKroFCEwQBBoMNDQ5MjI5MDMyODIyIgxTLwy1663v14A2ya4qlwW716KZyuhql1qyYzIKJqYYB3LoPM5dO6SP%2BGh1aYozdNJq7ZXCxOATczExlzncRJDmLWz0z1CurY9ZplLg4eiabGEMU0sZQshK4gKgagQ1A4rNWijM5fefc0CIoE%2FanqRcqu95iDs%2FiQofP48NNSqCxwcNUcBk1sSojK4RPJIlJxb5AeU2khPA1ldd80lrLdDrLswPOtjjyzLenNFGf5q2ArWweQL%2FzvPIg%2FelxdUzd91W1PLmU%2BBXfDEw%2BXdnD25AB2%2BLhij7Ueg8hc9hl0wSikQ6%2BLXpQyJBlgy0sURS0k2FSsEDv35cmdHX%2BTG0jUMQvdeKRy7FhHZhp%2BkcAnTMXoD5Q8flHUeigOAM1H4Upeukj%2FQvHxeIJwJECydGsGxed8x8uzREXYJPoijgRJjaXIMQXPY%2FwZ%2F0uK0iZnNwLPdQ3iUfwFFr5Z8LJB22iJA0WQOGVXtrWOPm2ePOkVz7kYYVYYFWaUKsFJXoTz1ddQ6yxrlXJELpXwOqClKe%2B2jXqA%2FPPjGqJzhxN08oKsE4R1tI%2F5XO8CkkVt1j9dzkcg3j46oz%2Frah5op4BvY%2BZ5SwJKe1k7IAjzerriBgvb0nevlWE%2B2M7P6wX0xqaFh28yzraDWif0VYhqwWbxm4Fa1QooHBTDLNSHcUKAPrWMfa8dA3OKIgOqybGtrBu%2FGIcsBkEXOajDjVE5OlmQakV%2Brz8XRPYEbzMMNuSawNwrv8NW3Mm7mb8y%2Bivq72a4YuaqwRhPPXv7ZJMPBs48hgjH8lRNMqmyK6FLaEIDyFLAGiRpXCTsaRyDqA7ydsGd4sdEUKzlAwpXzKH3ZrR%2B8webQv4S4Mo7lY9XmLXF1a4UEjiX6MNYLQfhpEs6WfAIL%2B6CiR7U1PfuQwiIf%2BowY6sAHe%2B%2FOG%2FE7AbAx8JhLgEhcGzWkFdOHiC0G5h%2Brx6a7s%2BKDx6Y2uB%2FH8Iz2BvGmuyJywGfydIu%2BpuBpyXDJIiSHEaPXgdem9Vr1qfWp4DgAKBDqbXXynyVzhBfIcTshNhDAV%2FeCRyk1sMW8wOGvkXh09tP6hekKWL84gHFuzpO5P2TD5ssECMlD2mzAKzgG%2FJ4m6s1vPE6uS%2F7zLhcjceOfFo1CH2Vzib3s5ZkCMSQo%2Bbg%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=d6d6e64d192d38e0d55e9784f1eeaea2fc9d75fc7a93e9c93081aa1ac5c5bc57</ref> |- !Year end date !31/12/2015 !31/12/2016 !31/12/2017 !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 |- ! !Historic !Historic !Historic !Historic !Historic !Historic !Historic |- ! colspan="8" |Profit and loss |- |Revenue (£'000) |925 |3,081 | | | |124,077 |138,685 |- |Gross profit (£'000) | | | | | |124,077 |138,685 |- |Other operating income | | | | | |106 |4,701 |- |Administrative expenses | | | | | |(108,782) |(57,018) |- |Profit from operations |345 |1,603 | | | |15,401 |86,368 |- |Finance income | | | | | |79 |244 |- |Finance expense | | | | | |(321) |(564) |- |Profit before tax | | | | | |15,159 |86,048 |- |Tax expense | | | | | |(5,048) |(13,109) |- |Profit for the year | | | | | |10,111 |72,939 |- |Exchange (losses)/gains arising on translation on foreign operations | | | | | |1,522 |(1,317) |- |Total comprehensive income | | | | | |11,633 |71,622 |- ! colspan="8" |Balance sheet |- | colspan="8" |'''Assets''' |- | colspan="8" |'''Non-current assets''' |- |Property, plant and equipment | | | | | |1,882 |1,384 |- |Intangible assets | | | | | |67 |37 |- |Investment in associates | | | | | |202 |215 |- |Trade and other receivables | | | | | |35 |34 |- |Deferred tax assets | | | | | |37 |99 |- | | | | | | |2,223 |1,769 |- | colspan="8" |'''Current assets''' |- |Trade and other receivables | | | | | |28,952 |13,360 |- |Cash and cash equivalents | | | | | |24,649 |114,813 |- |Current asset investments | | | | | |14,076 |34,995 |- | | | | | | |67,677 |163,168 |- |Total assets | | | | | |69,900 |164,937 |- | colspan="8" |Liabilities |- | colspan="8" |'''Non-current liabilities''' |- |Loans and borrowings | | | | | |27 |40 |- | | | | | | |27 |40 |- | colspan="8" |'''Current liabilities''' |- |Trade and other payables | | | | | |24,524 |47,900 |- |Loans and borrowings | | | | | |636 |625 |- | | | | | | |25,160 |48,525 |- |Total liabilities | | | | | |25,187 |48,565 |- |Net assets | | | | | |44,713 |116,372 |- | colspan="8" |'''Issued capital and reserves attributable to owners of the parent''' |- |Share capital | | | | | |3,132 |3,132 |- |Foreign exchange reserves | | | | | |970 |(347) |- |Other reserves | | | | | |720 |720 |- |Retained earnings | | | | | |39,891 |112,867 |- | | | | | | |44,713 |116,372 |- |Total equity | | | | | |44,713 |116,372 |- ! colspan="8" |Cash flow statement |- | colspan="8" |'''Cash flows from operating activities''' |- |Profit for the year | | | | | |10,111 |72,939 |- | colspan="8" |'''Adjustments for:''' |- |Depreciation of property, plant and equipment | | | | | |705 |1,099 |- |Amortisation of intangible fixed assets | | | | | |22 |31 |- |Interest and other finance income | | | | | |(79) |(244) |- |Interest and other finance expenses | | | | | |321 |564 |- |Loss/(gain) on sale of property, plant and equipment | | | | | |(50) |904 |- |Foreign exchange gain/(loss) of revaluation of assets | | | | | |(40) |45 |- |Foreign exchange (loss)/gain on consolidation | | | | | |1,522 |(1,280) |- |Interest paid | | | | | |(321) |(564) |- |Interest received | | | | | |79 |244 |- |Income tax expense | | | | | |5,048 |13,109 |- | | | | | | |17,318 |86,847 |- | colspan="8" |'''Movements in working capital:''' |- |Decrease/(increase) in trade and other receivables | | | | | |(23,894) |15,531 |- |Increase in current asset investments | | | | | |(13,861) |(20,919) |- |Increase in trade and other payables | | | | | |13,156 |19,033 |- |Cash generated from operations | | | | | |(7,281) |100,492 |- |Income tax paid | | | | | |(2,061) |(9,134) |- |Net cash from/(used in) operating activities | | | | |7,306 |(9.342) |91,358 |- | colspan="8" |'''Cash flows from investing activities''' |- |Purchases of property, plant and equipment | | | | | |(1,819) |(1,564) |- |Purchases of intangible assets | | | | | |(79) |0 |- |Proceeds from disposal of property, plant and equipment | | | | | |131 |0 |- |Net cash from/(used in) investing activities | | | | |121 |(1,767) |(1,564) |- | colspan="8" |'''Cash flows from financing activities''' |- |Finance lease payments | | | | | |(112) |(69) |- |New finance leases | | | | | |0 |86 |- |Loan repayments | | | | | |(91) |(7,210) |- |Loans received | | | | | |7,210 |7,563 |- |Net cash from/(used in) financing activities | | | | |(3,902) |7,007 |370 |- ! colspan="8" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | | | |0% |0% |- |Operating expenses as a proportion of revenue (%) | | | | | |87.67% |41.11% |- |Tax rate (%) | | | | | |33.30% |15.23% |- |Depreciation and amortisation rate (%) | | | | | |37.30% |79.52% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | |1.53% |1.13% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | | |52.01% |- |Net borrowing as a proportion of revenue (%) | | | | | |5.65% |0.27% |- |Interest expense as a proportion of revenue (%) | | | | | |0.26% |0.41% |} {| class="wikitable" |+Robinhood Markets, Inc. ! !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 !31/12/2022 |- ! !Historic !Historic !Historic !Historic !Historic |- ! colspan="6" |Profit and loss |- | colspan="6" |'''Revenues:''' |- |Transaction-based revenues | | | |1,402 |814 |- |Net interest revenues | | | |256 |424 |- |Other revenues | | | |157 |120 |- |Total net revenues | | | |1,815 |1,358 |- | | | | | | |- | colspan="6" |'''Operating expenses:''' |- |Brokerage and transaction | | | |158 |179 |- |Technology and development | | | |1,234 |878 |- |Operations | | | |368 |285 |- |Marketing | | | |325 |103 |- |General and administrative | | | |1,371 |924 |- |Total operating expenses | | | |3,456 |2,369 |- | | | | | | |- |Change in fair value of convertible notes and warrant liability | | | |2,045 |0 |- |Other (income) expense, net | | | |(1) |16 |- |Income (loss) before income taxes | | | |(3,685) |(1,027) |- |Provision for (benefit from) income taxes | | | |2 |1 |- |Net income (loss) | | | |(3,687) |(1,028) |- | colspan="6" |'''Net income (loss) attributable to common stockholders:''' |- |Basic | | | |(3,687) |(1,028) |- |Diluted | | | |(3,687) |(1,028) |- | colspan="6" |'''Net income (loss) per share attributable to common stockholders:''' |- |Basic | | | |(7.49) |(1.17) |- |Diluted | | | |(7.49) |(1.17) |- | colspan="6" |'''Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:''' |- |Basic | | | |492,381,190 |878,630,024 |- |Diluted | | | |492,381,190 |878,630,024 |- ! colspan="6" |Balance sheet |- | colspan="6" |'''Assets''' |- | colspan="6" |'''Current assets:''' |- |Cash and cash equivalents | | | |6,253 |6,339 |- |Cash segregated under federal and other regulations | | | |3,992 |2,995 |- |Receivables from brokers, dealers, and clearing organizations | | | |88 |76 |- |Receivables from users, net | | | |6,639 |3,218 |- |Securities borrowed | | | |0 |517 |- |Deposits with clearing organizations | | | |328 |186 |- |Asset related to user cryptocurrencies safeguarding obligation | | | |0 |8,431 |- |User-held fractional shares | | | |1,834 |997 |- |Prepaid expenses | | | |92 |86 |- |Other current assets | | | |57 |72 |- |Total current assets | | | |19,283 |22,917 |- |Property, software, and equipment, net | | | |146 |146 |- |Goodwill | | | |101 |100 |- |Intangible assets, net | | | |34 |25 |- |Non-current prepaid expenses | | | |44 |17 |- |Other non-current assets | | | |161 |132 |- |Total assets | | | |19,769 |23,337 |- | colspan="6" |'''Liabilities and stockholders’ equity''' |- | colspan="6" |'''Current liabilities:''' |- |Accounts payable and accrued expenses | | | |252 |185 |- |Payables to users | | | |6,476 |4,701 |- |Securities loaned | | | |3,651 |1,834 |- |User cryptocurrencies safeguarding obligation | | | |0 |8,431 |- |Fractional shares repurchase obligation | | | |1,834 |997 |- |Other current liabilities | | | |134 |105 |- |Total current liabilities | | | |12,347 |16,253 |- |Other non-current liabilities | | | |129 |128 |- |Total liabilities | | | |12,476 |16,381 |- | colspan="6" |'''Commitments and contingencies''' |- | colspan="6" |'''Stockholders’ equity:''' |- |Additional paid-in capital | | | |11,169 |11,861 |- |Accumulated other comprehensive income (loss) | | | |1 |0 |- |Accumulated deficit | | | |(3,877) |(4,905) |- |Total stockholders’ equity | | | |7,293 |6,956 |- |Total liabilities and stockholders’ equity | | | |19,769 |23,337 |- ! colspan="6" |Cash flow statement |- | colspan="6" |'''Operating activities:''' |- |Net income (loss) | | | | | |- | colspan="6" |Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |- |Depreciation and amortization | | |10 |26 |61 |- |Net cash from/(used in) operating activities | | |1,876 |(885) |(852) |- | colspan="6" |'''Investing activities:''' |- |Purchase of property, software, and equipment | | |(24) |(63) |(28) |- |Capitalization of internally developed software | | |(8) |(20) |(29) |- |Acquisitions of a business, net of cash acquired | | |0 |(125) |0 |- |Purchase of investments | | |0 |(27) |(25) |- |Sales of investments | | |0 |0 |42 |- |Other | | |0 |(3) |(20) |- |Net cash from/(used in) investing activities | | |(32) |(238) |(60) |- | colspan="6" |'''Financing activities:''' |- |Proceeds from issuance of common stock in connection with initial public offering, net of offering costs | | |0 |2,052 |0 |- |Proceeds from issuance of common stock under the Employee Stock Purchase Plan | | |0 |7 |16 |- |Taxes paid related to net share settlement of equity awards | | |0 |(422) |(12) |- |Proceeds from issuance of convertible notes and warrants | | |0 |3,552 |0 |- |Draws on credit facilities | | |938 |1,968 |21 |- |Repayments on credit facilities | | |(938) |(1,968) |(21) |- |Payments of debt issuance costs | | |0 |0 |(10) |- |Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | | |1,267 |0 |0 |- |Proceeds from exercise of stock options, net of repurchases | | |9 |14 |6 |- |Net cash from/(used in) financing activities | | |1,276 |5,203 |0 |- ! colspan="6" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |N/A |N/A |- |Operating expenses as a proportion of revenue (%) | | | |190.41% |174.45% |- |Tax rate (%) | | | |0.05% |0.10% |- |Depreciation and amortisation rate (%) | | | |14.44% |35.67% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |3.47% |2.06% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | |(20.03)% |- |Net borrowing as a proportion of revenue (%) | | |0% |0% |0% |- |Interest expense as a proportion of revenue (%) | | | |0% |0% |} {| class="wikitable" |+Blackberry ! !28/02/2019 !28/02/2020 !28/02/2021 !28/02/2022 !28/02/2023 |- ! !Historic !Historic !Historic !Historic !Historic |- ! colspan="6" |Profit and loss |- |Revenue | | |893 |718 |656 |- |Cost of sales | | |250 |251 |237 |- | | | | | | |- |Gross margin | | |643 |467 |419 |- | | | | | | |- |Operating expenses | | | | | |- |Research and development | | |215 |219 |207 |- |Selling, marketing and administration | | |344 |297 |340 |- |Amortization | | |182 |165 |96 |- |Impairment of goodwill | | |594 |0 |245 |- |Impairment of long-lived assets | | |43 |0 |235 |- |Gain on sale of property, plant and equipment, net | | |0 |0 |(6) |- |Debentures fair value adjustment | | |372 |(212) |(138) |- |Litigation settlement | | |0 |0 |165 |- | | | |1,750 |469 |1,144 |- |Operating loss | | |(1,107) |(2) |(725) |- |Investment income (loss), net | | |(6) |21 |5 |- | | | | | | |- |Income (loss) before income taxes | | |(1,113) |19 |(720) |- |Provision for (recovery of) income taxes | | |(9) |7 |14 |- | | | | | | |- |Net income (loss) | | |(1,104) |12 |(734) |- |Earnings (loss) per share | | | | | |- |Basic | | |(1.97) |0.02 |(1.27) |- |Diluted | | |(1.97) |(0.31) |(1.35) |- ! colspan="6" |Balance sheet |- | colspan="6" |'''Assets''' |- | colspan="6" |'''Current''' |- |Cash and cash equivalents | | | |378 |295 |- |Short-term investments | | | |334 |131 |- |Accounts receivable, net of allowance of $1 and $4, respectively | | | |138 |120 |- |Other receivables | | | |25 |12 |- | | | | | | |- |Income taxes receivable | | | |9 |3 |- |Other current assets | | | |159 |182 |- | | | | | | |- | | | | |1,043 |743 |- |Restricted cash and cash equivalents | | | |28 |27 |- |Long-term investments | | | |30 |34 |- |Other long-term assets | | | |9 |8 |- | | | | | | |- |Operating lease right-of-use assets, net | | | |50 |44 |- |Property, plant and equipment, net | | | |41 |25 |- |Goodwill | | | |844 |595 |- |Intangible assets, net | | | |522 |203 |- | | | | | | |- | | | | |2,567 |1,679 |- | colspan="6" |'''Liabilities''' |- | colspan="6" |'''Current''' |- |Accounts payable | | | |22 |24 |- |Accrued liabilities | | | |157 |143 |- |Income taxes payable | | | |11 |20 |- |Debentures | | | |0 |367 |- |Deferred revenue, current | | | |207 |175 |- | | | | |397 |729 |- |Deferred revenue, non-current | | | |37 |40 |- |Operating lease liabilities | | | |66 |52 |- |Other long-term liabilities | | | |4 |1 |- |Long-term debentures | | | |507 |0 |- | | | | | | |- | | | | |1,011 |822 |- |Commitments and contingencies | | | | | |- |Shareholders' equity | | | | | |- |Capital stock and additional paid-in capital | | | | | |- |Preferred shares: authorized unlimited number of non-voting, cumulative, redeemable and retractable | | | |0 |0 |- |Common shares: authorized unlimited number of non-voting, redeemable, retractable Class A common shares and unlimited number of voting common shares | | | | | |- |Issued and outstanding - 582,157,203 voting common shares (February 28, 2022 - 576,227,898) | | | |2,869 |2,909 |- |Deficit | | | |(1,294) |(2,028) |- |Accumulated other comprehensive loss | | | |(19) |(24) |- | | | | |1,556 |857 |- | | | | |2,567 |1,679 |- ! colspan="6" |Cash flow statement |- | colspan="6" |'''Cash flows from operating activities''' |- | | | | | | |- |Net income (loss) | | |(1,104) |12 |(734) |- |Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | |- |Amortization | | |198 |176 |105 |- | | | | | | |- |Stock-based compensation | | |44 |36 |34 |- |Gain on sale of investment | | |0 |(22) |0 |- |Impairment of goodwill | | |594 |0 |245 |- |Impairment of long-lived assets | | |43 |0 |235 |- | | | | | | |- |Gain on sale of property, plant and equipment, net | | |0 |0 |(6) |- |Debentures fair value adjustment | | |372 |(212) |(138) |- | | | | | | |- |Operating leases | | |(4) |(16) |(16) |- |Other | | |(5) |(3) |(5) |- |Net changes in working capital items | | | | | |- |Accounts receivable, net of allowance | | |29 |44 |18 |- |Other receivables | | |(11) |0 |13 |- | | | | | | |- |Income taxes receivable | | |(4) |1 |6 |- |Other assets | | |55 |15 |(1) |- |Accounts payable | | |(11) |2 |2 |- |Accrued liabilities | | |(20) |(16) |(11) |- |Income taxes payable | | |(15) |5 |9 |- |Deferred revenue | | |(79) |(50) |(29) |- |Net cash provided by (used in) operating activities | | |82 |(28) |(263) |- | colspan="6" |'''Cash flows from investing activities''' |- |Acquisition of long-term investments | | |(5) |(1) |(3) |- |Proceeds on sale, maturity or distribution from long-term investments | | |0 |35 |0 |- |Acquisition of property, plant and equipment | | |(8) |(8) |(7) |- |Proceeds on sale of property, plant and equipment | | |0 |0 |17 |- |Acquisition of intangible assets | | |(36) |(31) |(34) |- | | | | | | |- |Acquisition of short-term investments | | |(1,039) |(916) |(514) |- |Acquisition of restricted short-term investments | | |(24) |0 |0 |- |Proceeds on sale or maturity of restricted short-term investments | | |0 |24 |0 |- |Proceeds on sale or maturity of short-term investments | | |1,047 |1,104 |717 |- | | | | | | |- |Net cash provided by (used in) investing activities | | |(65) |207 |176 |- | colspan="6" |'''Cash flows from financing activities''' |- |Issuance of common shares | | |19 |10 |6 |- | | | | | | |- |Payment of finance lease liability | | |(1) |0 |0 |- |Repurchase of 3.75% Debentures | | |(610) |0 |0 |- |Issuance of 1.75% Debentures | | |365 |0 |0 |- | | | | | | |- |Net cash provided by (used in) financing activities | | |(227) |10 |6 |- |Effect of foreign exchange gain (loss) on cash, cash equivalents, restricted cash, and restricted cash equivalents | | |2 |(1) |(3) |- |Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period | | |(208) |188 |(84) |- |Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | | |426 |218 |406 |- |Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | | |218 |406 |322 |- ! colspan="6" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | |28.00% |34.96% |36.13% |- |Operating expenses as a proportion of revenue (%) | | |195.97% |65.32% |174.39% |- |Tax rate (%) | | |0.81% |36.84% | -1.94% |- |Depreciation and amortisation rate (%) | | | |31.61% |47.29% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | |4.93% |5.43% |6.25% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | |89.97% |2.13% |- |Net borrowing as a proportion of revenue (%) | | | |0% |0% |- |Interest expense as a proportion of revenue (%) | | | |0% |0% |}
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