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Tricky,

The reason I brought this up again is I was annoyed by today's RNS, which rubbed my nose in an already sore spot.

It does not affect our numerical operating profits, which are defined as profits from core operations before taxes and interest. But it does affect our profits per share when we're diluted, and it affects our cash position when they spend our cash to buy back shares in order to simply re-admit the previously bought and cancelled shares, which is exactly what they're doing.

I've expended my level of annoyance at them for the day. It is what it is...but I hope we are able to do something about this in the future. If we don't say something, they'll do it again.

Second, you asked

It's not the overall operating profit. They can frame it as a non-cash event...but it doesn't take Einstein to connect the dots between the buyback ($75 million), then retiring the shares, then today's RNS in which they're releasing / re-admitting 4 million shares.
Not only is it costing us Money, they're diluting us. The dilution factor weighs on our portion of the profits. Absolutely

It is costing us tens upon tens of millions in cash. Whaddya bet $75 million buyback, with more to come, all goes to these guys?

...and it's a bad one, is on us.

Ofer talks about how the share buyback increases shareholder value. They take our Money, buy back a boatload of shares, make them dormant, then apply to make the shares available once again. For what? To grant to themselves as part of their totally bloated comp package.

They're granting themselves options as "share based compensation" (SBC) because they're doing such a fabulous job.

Money is fungible. They're basically taking Cash from one pocket (ours) then putting it into another pocket (theirs). They gave themselves over $5 million to bring us onto the NASDAQ. Think about that. Think about how well we've done since then.

They have a history and habit of paying themselves ENORMOUS amounts of Money well before they execute on their promises.

This needs to change. And it's up to us to make that happen, or at least try. We need to make our voices heard during shareholder votes. And via email to IR. However we can.

SNN,

Thanks for the chuckle in your first sentence to me. Seems to me you get me regarding my deity.

BTW: I answered my own question by speculating 'it's got to be the margin'.

It would have been decent of mgt. had they been transparent with us, the company's owners, and simply told us what was going on, rather than making us wonder. That would have been the right thing to do.

These guys cannot hold a candle to the management of PERI.

SNN, thanks from this side of North America.

I must add, I pray to Money they get it right on CTV. I noticed during the presentation and subsequent review of the CC the change from CTV as a percentage of total spend vs ex-TAC, and it made me ask 'what are they hiding from us?'

I still wonder.

Do they think we're so effing stupid we won't bother to ask?

Tricky....there he is...

I wonder about the health of posters when I don't hear from them for a while. Rather uncharacteristic of you to stay away with so much going on.

J Depp got more than a handful when he hooked up with that one, that's for sure.

It's a blood bath over here.

NASDAQ down almost 5% atm.

Hey Baldy, et al....

(Where are Tricky, Rusty, Coathanger, Curly, etc.?)

Baldy, yes, the conference call is at times hard to understand. This is why I always try to listen to it live, then I wait until the written transcript comes out (I am a paid SA subscriber so I get all CC transcripts), and I listen to the calls again with the transcript on one screen and the presentation deck on another. I frequently pause the payback to go over the numbers in the deck, and often refer to previous reports and SEC filings while the CC replay is on pause. Yesterday it took me about 2 hours to listen to our ca 51 minute CC from the same day.

What I found a bit of a red flag is our guidance for the current quarter. As far as net revenue, we're guiding for only 1.2% growth on the low end, mid-point 5.16%, and top of guidance only calls for growth of 8.5%.

EBITDA growth is only guided for +7.2%.

Note: We are over halfway through the current quarter, so they've a bit of a clue (one would think). They did mention they're being conservative, taking into account Covid, Ukraine, supply chain issues and inflation.

This is why I said, in the genesis of this thread, the following: "Fingers crossed we execute in the second half, because this company is on sale, and it's on sale at a huge discount to market."

I just listened to the call again, this time very carefully.

I am a lot more optimistic now than I was this morning.

Fingers crossed we execute in the second half, because this company is on sale, and it's on sale at a huge discount to market.

Big Daddy,

I had a plan. Too bad it didn't go as hoped. As Mike Tyson famously said: "Everybody has a plan until they get punched in the face.”

As the stock was selling off on no news since late last year, I was adding to my position with the plan of selling my expensive stock to offset capital gains I've taken during the year (in real property sales and stocks). The value was so compelling I kept on buying. This strategy works best if the share price comes up to the now lower average price you paid, that way you're not actually losing any Money but get to take losses on the expensive shares to offset gains taken elsewhere.

I've no idea if that's going to happen this calendar year (my average price of the ADS units is $15.33), but I can easily offset my capital gains by selling my expensive stock and still end up with a respectable position relative to the rest of my portfolio.

Jam tomorrow.

BTW: I'd never heard this saying until I joined this board and it was used, ad nauseam, for blinkx.

Hey Daddy,

I am going to chill and lighten up. I have way too much of this mediocre company. Due to tax implications in the USA, I need to wait about 25 days before I can begin to reduce my position...but I shall be looking to any strong market days after my IRS 30 day wash sale rule is up to begin to lighten up.

Meant to say we were deeper into Q1 when we gave Q1 guidance below.

Radium,

It's a top line miss. Period. The excuses are like arrrrholes, we all have them, and they all stink. Everyone else in the sector either met or beat their guidance, and we were the last to report Q4 and year end results, so we had better insight than any of the others because we were deeper into Q2 when we gave Q2 guidance.

Daddy mentioned forward earnings. That's fairy dust, it's not reality until they make it happen, and they didn't make it happen during Q1, so who's going to trust them during the current Q for Q3 and Q4? Not me.

13% top line growth is one thing in this sector: anemic.

Our ONLY saving grace is the fact that we're so beaten down in a bad market that our fundamentals on a TTM basis are still compelling. But mgt sucks, and they should be looked at with skepticism, or so I strongly believe. Just look at how out of touch they are with how they look at themselves with their obscene, rude, insulting pay packages. These morons are clueless.

These guys are a joke.

Hey Muz,

Our overpaid leaders told us, 35 days before the end of the quarter, that we'd have net revenue 'not less than 73 million'.

That was a lousy call. They were almost 2/3 through the quarter yet still couldn't get it right.

Overpaid is a severe understatement.

Muz,

Gallows humor...it's all we have.

These pigs did not earn what they paid themselves.

They did not even come close.

What a disappointment.

These guys need to return their PSUs.

This is not good. PERI is running circles around TRMR.

JSB,

"Locked and Loaded"? Is that rather American of you, or is this common over there as well?