Member Info for Brassneck

Rusty, I took it that as the Yume acquisition cost was $26.5m it meant we effectively got $33.5m from YUME as we were paying out around $60m? Ignoring acquisitions, $17m free cash is a much better position to be in.

34,473 have been on the TLY board. Obviously didn't like BMAC's GDPR note!

Bmac, a couple of great posts and quite entertaining reading. For any business involved with the NHS don’t forget the potential impact if Labour get back in to government. I see they won a contract recently worth a massive 900k revenue a year. I’m pretty sure if R1 announced anything that small Stt would be all over this board. Good job R1 revenues are set to go from 280m to 470m over the next 12 months - though that still won’t be enough with all those pesky industry challenges.

Bmac, I just thought his timing would have been better than on R1 as I thought i’d Seen a post repeated here from advfn where he had been buying R1 in 2014 predicting a rise to £30 and buying at anything from £6 to £11? If he took a bath then perhaps it’s why he’s so negative now.

Indeed. I think Stt said he bought in on 27 March 2015 or 17 July 2015. He can't remember which but it was definitely at the 5 year low so he's still 30% up!

Perhaps Tuesday then!

Bmac, I think it’s likely to be Monday or Tuesday now. R1 seem to prefer Monday’s for some reason for their trading updates. Pretty sure it would be 7am as it’s market sensitive compared to the releases over the last two days. Having said that probably be 2pm tomorrow!

Stt, as ever, you never say it, just imply it, which you well know. Your posts on GDPR have been endless rubbish as they were stating the obvious and what was legally required. I might start a thread about how R1 will have to spend money producing an annual report and filing their accounts, I'm confident that will all be vindicated later in the year.

Stt, so after all your endless rubbish about GDPR are you now saying R1 shouldn't be compliant because it will cost money or just do what they think is right without advice? Stunning. They are a PLC and so have a governance responsibility as a BOD to ensure they are compliant (or have a clear plan to be) and that the approach they take is a robust one. Every business has to do the same and they will all spend money doing so. It's just part of the expense of running a company. As an aside, the legal advice in my business is that you don't have to be 100% compliant by 25th May but you would need to be able to evidence a clear plan of how you will get to be compliant. Nothing will actually change on 25th May to stop businesses doing business (assuming they meet the current data protection legislation). Of course, I'm also slightly puzzled why you worry what R1 spend money on if you're not a shareholder? Have you checked whether they have changed electricity provider recently or whether they are having their windows cleaned too frequently?

Stt, you’re normally good at finding bad news on R1, find me a trading update with bad news released after 5th of the month. 2014 profit warning’s and poor update in Apr 16 were all before the 6th of the month after quarter close. I agree it’s not a firm indicator but I do think they have taken the view of get bad news out early, anything other than this take a bit more time.

Stt, Biffa is quoting FY19 expectations I think. May get comment on this in May's results. What are your own expectations for this year, FY18? Revenues, adj ebitda and cash

Well I'm hopeful now that the TU will be ok. Previously if it's been bad news (profit warning) they have been out by 2nd of the month. Last mediocre update in Apr 2016 was out 5th Apr. Of course Yume could mean a delay anyway so not totally out of the woods. Given the share price I would hope the BOD would want to get a positive update out pretty quickly so next week likely. Hopefully they can confirm all things Yume on track and larger cost savings than the $10-12m indicated. On the numbers I'm hoping for Revenues >$280m, Adj EBITDA >$14M, Cash >$30m If they have $30m then I would hope they will start a buyback of shares and hold them in treasury. Doubt they'll say anything on FY19 as normally that would be with the FY18 results release in May. Happy to hear other views on what the TU will bring.

Where did you pick this up Biffa? Can't see a RNS or anything else on their website?

Stevie, no they won't need a cash call. I reckon they'll have $30-35m at end March. Stt, any bank lending money has preffered creditor status, find me a corporate loan by a bank where they don't rank ahead of other creditors. It's amazing how you find standard business practice and intimate it's somehow a negative where R1 are concerned.

Well volume may have been somewhat low but that's two days on the trot now where the share price didn't decline.

Thanks 1GW, will keep a watch on that site. Unusually I'm with Stt on this one! Ads.txt rating is the only reason R1 aren't ranked 1 in both measures. Nov was 75% and Dec 73% - not sure exactly what the measure of ads.txt is though but I would hope R1 do make progress to the mid 90% mark to re-establish their Pixalate ranking. Normally Pixalate release 3 months data at a time so I would think Jan and Feb data would be out soon and we may see some of the progress then. R1 seem to be ahead in most of the other measures and this has been consistant over time so I'm sure they'll sort ads.txt too. Ads.txt, the new Quantcast!!

Or alternatively Stt rise above it and engage in discussion instead of monotonously posting and reposting old stuff and paste in drivel. There have been plenty of opportunities for you to discuss R1 and you never do. Where is this alternative view of their prospects? I'm sure the whole board would appreciate an articulate and constructive counter arguement to engage on but you seem wholly incapable of any meaningful, well thought out contribution. Without this I can only support bmac's view of take a break from posting or find some other company to harass their pi's

Stt, you see, with your view we can now have a bit of a discussion, even if it was only on cash. I agree with your basic maths on the previously announced cash details and I know I'm in the positive camp so am biased but do you not think there are some other moving parts? I think Yume will have generated around $8-10m free cash since Oct17 to add to their $40m at end Q3. I think R1 will have done the same since their H1 number plus the unwind they talked about of c$5m. So assuming they don't have a loan that's around $35-40m of cash at end March 18. From this you would then take off cash related acquisition costs and any Yume staff exit costs, plus perhaps some extra working capital related to longer payment terms and cap ex outside of normal run rate. I'd be surprised if they had less than $30m when they report their TU in April. The R1 free cash assumes they hit around 14-15m adj ebitda for FY18 excluding any Yume contribution.

Stt, BP seem to be able to buy back shares despite billions of debt as do many other companies so of course they can, providing in doing so they don't breech any banking covenants - normally some form of debt to profit ratio. On your other point about jam tomorrow I think you miss the whole point of investing (which is no surprise as you don't appear to own shares in R1). If they were already delivering $50m of free cash you wouldn't be able to buy the shares for £2.20. Most people build up a view of what will happen in the future and buy or sell shares now hoping their view pans out and the share price follows - backing their judgement - you should try it. I was hoping you'd reply to one of my previous posts asking what your view was on FY18 revenue, adj ebitda and cash balance. Not after a link or someone else's view, just three numbers you feel they will deliver.

Biffa, I think they will wait until Tosca have their 29% share!