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Eddie,
"that shows prudence on behalf of the company regarding POSSIBLE future bad depths , they have made provision for it just IN CASE."
Not at all. This I believe is the fallout due to inventory payments that I posted about year ago, when Sizmek filed for Chapter 11 protection.
‘It’s the tip of the iceberg’: Sizmek saga spells trouble for ad tech
"Typically, clients pay agencies on average, 90 days after a project’s delivery. Agencies then pay the trading desks, which pay the DSPs. Usually, the SSP has invoiced the DSP with much shorter payment terms — typically 30 days, according to sources. Those SSPs that can offer publishers the shortest payment terms will likely end up with their business.
But this means an SSP can carry in the high tens of millions of dollars in working capital requirements every month. Not cheap. A go-to way to shoulder that additional cost is to take out short-term loans with banks to cover the cost. Those loans wouldn’t extend to when a DSP defaults, however."
https://digiday.com/media/tip-ice-berg-sizmek-saga-spells-trouble-ad-tech/
Yes Stt1- that shows prudence on behalf of the company regarding POSSIBLE future bad depths , they have made provision for it just IN CASE.
The other companies you mentioned e.g. TradeDesk have indeed had to borrow , However , as you rightly point out, they are large companies with LARGE overheads so harder to control the cash flow.
Tremor on the other hand is a streamlined and nimble organisation, so far, they had no need to borrow any money and are depth free ( although has to be said that as they have a good credit rating they have funds available to them if and when ever needed).
They are cash generative and despite ‘many one off’ costs built in to their recent accounts they are STILL profitable. I guess that’s why the Market has shown a positive reaction to their results.
No one knows what the next 6 months will bring specially under the current ab-normal circumstances, however, being cash rich, depth free, and already to a large extend streamlined, give them advantage over a lot of other weaker players.
I would guess that the above are the VERY reasons why you actually eat the humble pie and have bought Tremor shares.
NOE THAT WAS TOTALLY UNEXPECTED !!