Member Info for Brassneck

Good point Eddie, may try and get it switched to a video conference if AGM doesn't settle it. Just because they have different photos on the website doesn't mean they're not the same person eh...

Ahh but 1GW I won’t be at the AGM so we still won’t be seen in the same place at the same time! I’m on holiday for a week and back in UK next week. Dare I say I have arranged a call with Mark Bonney the following week to discuss a few areas I had emailed him about. Not expecting anything different to the points that will be made at the AGM but wanted to have an opportunity to put my views across and question him on the industry challenges (and debtor profile!!).

Stt, I think Biffa said he had no problem finding it. I didn’t think people had to back up their points on here. If not I would have seen a link to gowlane’s 15m forecast some time ago, not to mention detail on debtor profiles...

Not to mention the moleskin pad and water bottle

Stt, I think it helps if you’re a shareholder. BoD May talk to you then. In my experience they are quite open to dialogue. AGM is very open and welcoming. You should buy a few shares and turn up.

Stt, you can’t believe how disappointed I was that you didn’t include a link to Gowlane’s 15m loss forecast or an analysis of outstanding debtor trends in your latest post

Biffa, thanks for that update, very interesting. His view of the share price just begs the question still further of why they don't initiate a buy back now. M&A being off the table probably explains why Ted went as that was what excited him I think. Again, why don't they say that in their statements rather than saying growth by organic and acquisitions - I think everyone is nervous of R1 making acquisitions given their track record, may be different a year from now if Yume has transformed the performance of the business. I'm still positive on this and fear a low ball offer could come their way before the financial transformation is evident. I'm waiting for some investment funds to materialise in my SIPP and will then buy another 50k shares or so - but I'll let people know just before I dip in so i can avoid the ramper comments. I'm now hoping it will be before the TU next week rather than after!

No of course not Eddie. Any human would just say sorry, i thought i had read Gowlane had forecast $15m loss but it looks like it was $20-30m. We all know that if he had found a post saying $15m he would have posted it with a link within the hour. We all make mistakes on this board and get the odd thing wrong, everyone else just acknowledges when they do and corrects or apologises for it.

Won't stop me keep asking him though!

On a brighter/ramping side I am pleased we haven't had a TU this week. Gives me confidence that they are on their numbers. If they were more than 10% out they would have released an early TU. I expect they will release either Thursday or immediately prior to the AGM on 13th. No idea what I'm expecting really though hopefully revenues north of $90m for the quarter. I'd like a comment on cash generation but they only tend to do that at Q2 and Q4.

Stt, glad you're back on the board. Any luck providing the date/time of Gowlanes $15m forecast or news on normal debtor profiles? I'd assumed you been researching away on this rather than looking at shares on loan.

Stt, you're much better than me on this, or more committed in trawling the advfn site. I apologise if you've found it and he did forecast the $15m. Perhaps you could just confirm the date and time of Gowlane's post and I'll take a look.

On Pixalate I don't think it does have much commercial impact at all (although it's obviously a disaster if it falls, just like Quantcast). It helps their PR and position as a brand safe environment. Ultimately it can't do any harm to be at the top. You never know, one of the industry challenges could be advertisers using fewer DSPs in the future and some may look at who's trusted when slimming down their list.

I'm just glad we're not AppNexus, their ratings have fallen heavily to around 20th. All that Ads.txt hasn't made them any safer. Perhaps AT&T will revise their offer down $600m now to discount the Ads.txt premium.

This is like a mini series... R1 are also now in the Video rankings for the first time since January. In the top 10 both US and Intl

Also first time since 2016 that they have been in the top 10 for mobile (and were for the last 3 months).

Stt normally does the links (although he can't seem to find one for gowlane's forecast) but here it is MCP

http://www.pixalate.com/sellertrustindex/global/#!global

I see we are back to No1 US on Pixalate for Feb and March after a couple of months at 4 and No2 in International.

Ads.txt rating higher in Jan and Feb at 85% though 75% in Mar.

Still churning the subject Stt, still nothing on debtors or gowlane’s $15m prediction?

I see you've changed the subject Stt. Nothing more on debtors then or your search for Gowlane's $15m loss prediction?

but they don't say we have collected in $5m of debt since year end so we'll adjust the numbers. Of course if there have been errors or fraud then companies can restate accounts etc but not from normal trading.

I also thought I'd check the $15m loss prediction as you din't have a link for that (which always surprises me). Can't find anything from Gowlane apart from the following on 18 Apr at 11.59:

Four years of impressively large losses, cash burn and share dilution. Four years of generous executive compensation as shareholder value evaporated. One question must be whether the net loss coming up will be nearer $20m or $30m? It could easily be nearer to $30m - but is that priced in?

That isn't exactly screaming I predict a $15m loss is it? Now I may have missed a post or it could be your research not up to par again.

But you don't discuss stt you just cut and paste, normally adding other stuff in to avoid responding to the points raised.

Do you agree that companies don't adjust their FY accounts after the year end or not?

That no company delays publishing their full year results to adjust items based on what has happened in the then current financial year?

Would every business tend to have a normal decay curve in outstanding debts with the majority only a few days over and less debt overdue by a long time? The $26.5m stated as 1-90 days will not be most likely over 60 days due and therefore now 120 days.

The debt that was outstanding at 31 March 18 is unlikely to be the same debt outstanding now?

Of your new points...
They have previously flagged an increase in debtor days, which would have an impact on working capital, but they still generated cash above broker forecasts so this doesn't seem to be having a drastic impact (and given forecast free cash flow for FY19 can easily be absorbed).

As to the loss I tend to focus on cash performance and am not worried so much about depreciation, amortisation and deal costs. I'm not worried about the $13.75m loss. Much more interested in cash generated and that the acquisitions deliver the forecast cash flows. That will have much more impact on the business than an increase in amortisation costs. I think you know that i had hoped for $15m adj EBITDA.

again up for discussion instead of the usual cut and paste and links...

Yes I spotted that gowlane has a similar agenda to you too. He's forecasting a $30m loss for FY19.

Not sure why he assumes they are most likely over 60 days due. I suspect that at end of the financial year they were between 1-90 days overdue, which is why they declared them as such, and the vast majority only a few days overdue as would be normal in every business across the country.

Anything that has come in since year end would not affect the annual results. They are after all a snapshot at that point in time. No company changes their financial results based on what has happened since year end, that's all part of the following financial year.

Perhaps it's basic facts like this that escape gowlane and that's why he gets a $30m loss out of thin air.

Perhaps that's why Stt has a stake in TLY, he hopes they acquire a care in the community business and he can then lobby for shareholder discounts.

I've had 5 minutes Stt, try 27th April. I assume that's the standard of research you did on TLY that I coincidentally referenced in that very same post. No wonder you had ignored/forgotten that post. Oops...