AT&T:n mediaretki loppuu, Monday.com listautuu Nasdaqiin ja Michael Burry shorttaa Teslaa

Lisäksi Flexportin toimitusjohtajan haastattelu Odd Lotsissa

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Uutiset 🗞️

AT&T sulauttaa medialiiketoimintansa Discoveryn kanssa

Amerikkalainen teleoperaattori AT&T sulauttaa medialiiketoimintansa (WarnerMedian) mediayhtiö Discoveryn kanssa. Yhtiö sai medialiiketoimintansa n. kolme vuotta sitten kun se osti mediayhtiö TimeWarnerin 85 miljardilla dollarilla. TimeWarnerin brändeihin kuuluivat mm. HBO ja CNN. CNBC:ltä:

Telecom giant AT&T announced Monday a deal to combine its content unit WarnerMedia with Discovery, paving the way for one of Hollywood’s biggest studios to compete with media giants Netflix and Disney.

Under the agreement, AT&T will unwind its $85 billion acquisition of Time Warner, which closed just under three years ago and form a new media company with Discovery. The deal would create a new business, separate from AT&T, that could be valued at as much as $150 billion, including debt, according to The Financial Times.

AT&T said it would receive an aggregate amount of $43 billion in a combination of cash, debt and WarnerMedia’s retention of certain debt. AT&T shareholders would receive stock representing 71% of the new company, while Discovery shareholders would own 29%, it added.

Tämä oli jo toinen tapaus tässä kuussa, kun teleoperaattori myy ostamansa medialiiketoiminnan tappiolla. Toukokuun alussa saman ilmoitti tekevän teleoperaattori Verizon, kun se myi verkkoportaalit Yahoon ja AOL:n, sijoitusyritys Apollolle. Niin Bloomberg kuin Recode analysoivat tilannetta vielä tarkemmin ja ehkä koko tilanteen parhaiten tiivistää analyytikko Benedict Evansin twiitti:

Onko kukaan kertonut Telialle tätä?


Monday.com listautuu pörssiin

Projektinhallintatyökalua tarjoava Monday.com listautuu Yhdysvaltojen Nasdaq-pörssiin. Yrityksen, Yhdysvaltojen finanssiviranomaisille jättämä, F-1 lomake julkistettiin eilen. Protocol teki syväluotauksen lomakkeeseen ja raportoi mm. että vaikka yrityksen liikevaihto tuplaantui 2019-2020 välillä 161 miljoonaan dollariin, on yritys edelleen tappiollinen suurten markkinointi- ja myyntikulujen vuoksi:

The F-1 reveals impressive revenue growth since then, with total revenue for 2020 more than doubling that of 2019 to reach $161 million. At the same time, however, Monday.com disclosed exorbitant sales and marketing costs that suggest a difficult path to profitability.

Monday.com generates revenue through the SaaS model. At the end of March 2021, it had just under 128,000 customers spanning over 190 countries. Larger companies account for a disproportionate share of total revenue, and Monday.com's ability to grow that client segment has helped increase revenue in recent years: It had 76 customers with more than $50,000 in annual recurring revenue at the end of 2019, but by the end of 2020, that figure grew 247% to reach 264 such clients.

While Monday.com is headquartered in Tel Aviv, end customers located in the U.S. accounted for 48% of total revenue in 2020. This proportion has remained fairly consistent over time, even as revenues have scaled several times over.

The biggest area of concern for Monday.com — and a key reason why it isn't profitable — is exorbitant sales and marketing costs. Sales and marketing costs have exceeded revenue in every quarter reported by the company since the middle of 2019. That means even if all other costs were reduced to zero, the sales and marketing cost alone would be enough to make Monday.com unprofitable. In Q1 2021, for instance, Monday.com generated $59 million in revenue with $63 million in associated sales and marketing costs.

Monday.com oli alunperin verkkosivujen rakentamiseen työkalua rakentavan Wix:n sisäinen työkalu, josta tehtiin myöhemmin itsenäinen yritys.


Michael Burry shorttaa Teslaa

Finanssikriisin aikaan rahallisesti menestynyt, ja The Big Short -elokuvasta kuuluisaksi tulleen, sijoittaja Michael Burryn kerrotaan shortanneen Teslaa 500 miljoonan dollarin edestä. CNBC:ltä:

Famed investor Michael Burry on Monday revealed a short position against Tesla worth more than half a billion, in a regulatory filing.

Burry, one of the first investors to call and profit from the subprime mortgage crisis, is long puts against 800,000 shares of Tesla or $534 million by the end of the first quarter, according to the filing with the U.S. Securities and Exchange Commission. Investors profit from puts when the underlying securities fall in prices.

Shares of Tesla fell more than 4% on Monday, bringing its month-to-date losses to more than 20%.

Burry, whose firm is Scion Asset Management, shot to fame by betting against mortgage securities before the 2008 crisis. Burry was depicted in Michael Lewis’ book “The Big Short” and the subsequent Oscar-winning movie of the same name.

Burry oli aikaisemmin tänä vuonna otsikoissa ns. Gamestop-manian aikaan, kun kävi ilmi, että hän oli ostanut Gamestopin osakkeita jo vuonna 2019.

Suosittelut 🕵️

Ryan Petersenin haastattelu Odd Lots -podcastissa

Huolinta-alan ohjelmistoa ja palveluita tarjoavan Flexportin toimitusjohtaja, Ryan Petersen, oli Bloombergin Odd Lots -podcastin vieraana eilen. Podcastissa käsiteltiin Ever Green -aluksen jälkimaininkia ja sitä, miten maailmankauppa ja tuotantoketjut normalisoituvat kun pandemiasta aletaan toipumaan.

Ryanin mielenkiintoisia nostoja oli mm. “yhteisen haverin” periaatteen merilaissa:

One of the little known facts of global shipping is that under ancient maritime law, the company shipping the cargo, not the owner of the ship but the company who owns the cargo, is liable when something like this happens.

That’s a law called General Average and it’s a fascinating wikipedia article. And the reason why it’s true under ancient maritime law, is that in a storm or an accident at sea, you don’t want people to stop and argue about whose cargo they’re going to throw over board. You don’t want these arguments. You don’t want the mariners like worrying about that. Just throw the cargo over and save the ship, is the principle. And you’ll sort it out later.

And the way you sort it out later is that everybody agrees that we will share equally in whomever’s cargo got thrown over. The rest of the people will make them whole. And that’s a principle called General Average. And the ocean carrier, under the law, has the right to invoke General Average and declare it. That’s what the Evergreen has done. Which means all of the customers who have cargo on that ship are going to be liable for the damages that come through. It could be billions of dollars in aggregate and it gets divided pro-rata, based on the commercial invoice value of your goods. When you do get your goods on that ship, you should pay for cargo insurance.

Lisäksi Ryan kertoi siitä miten huolinta-alalla käytetään edelleen vanhoja teknologioita:

It’s my personal obsession is to try to make this industry more agile and bring technology to bear. And a lot of it is a lack of technology. A lot of these companies are running old systems.

I’ve heard the word AS/400 more times than I ever want to hear again in my life. It’s like an operating system built by IBM as a predecessor to OS/2. Like we’re talking about early 1980s technology that’s still running. It’s hard to switch out a system that runs such vital systems and, you know, is running your company.

Kaiken kaikkiaan erinomainen logistiikkaketjuja ja teknologia-alaa yhdistävä keskustelu.

Nopeet 🚀