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SJL when you say a real winner about AdultBlock what revenue you reckon can we generate from that? Obviously you are the best person to ask here with all the info about ICM and potencial cilents that would might want to have it? Does 2-5k clients sound realistic?
Hey Everyone.
Sorry for slightly delayed response, my son just got over here from the UK so been busy on Dad duties for the last couple of days; I note the comments from Tap, Sunday and Silverblade, and would opine as follows:
1) I too dont like to see the switching between Revenue, Billings, and Cash generated, makes it hard to do a like for like.
2) Given all of that I think it is an excellent sign that during 2019 it appears that the company can pay down $3MM loan, settle an onerous contract for $5.1 MM and carry out a $1.3MM share buyback , at least..... so at a minimum $9.4MM of "distributable cash", at least. TheROI on the .London settlement seems a good use of funds, so I have no beef with that.
3) The description of the channel (registrar) Billings going up 30 % for the MMX portfolio is most welcome and the fact that the decline in ICM billings in H1 2018 from H1 2017 (due to one off premium sales in 2017, I believe), have now been stabilized in recurring registrar business is also very welcome. The new Adult Block product should be a real winner IMHO
4) the only part, which is along the same line as one of the other commenters, is using my back of fag packet maths, if you take the $3.6 net cash and take off $1.6MM one off auction revenue plus say 50% operating profit on the ICM $2.8 ($1.4M) leaves only $0.6 for the core MMX portfolio which would be disappointing. The core profitability from 28 TLDS IMHO needs to be much higher but at least ,if it is now made up of predictable , solid channel revenue, which it seems is the claim , then that is reassuring to me and no doubt others watching.
5) Im fine with the buy back vs distribution at this point and would overall say I breathed a sigh of relief at this announcement as the news was CASH GENERATIVE solid, registrar based , with a company having spare cash to use and pay out, which are the actions of a solid , positive company , not one that would appear to be in any kind of difficulties. Overall cautious thumbs up from me, with the caveat that I will be looking for profitable direct contribution for the 28 MMX TLDS as the year goes on.