Targeting the Underserved Turned NetZero Into a Nasdaq Star
Back in 1999, I met Mark Goldston through Jennifer Fonstad. We became friends instantly. Mark saw something most people missed: America Online was only going after the high-end user. The low-end of internet access was completely ignored. He called it "Joe Sixpack." I called it a massive opportunity. Mark joined NetZero as CEO and Chairman. The vision was free internet access in return for a toolbar with ads every 30 seconds. The cost of telecom to keep users online would be offset by ad revenue. They took the company public with the third largest IPO of 1999. Raised $194 million and by market close, NetZero was worth $3.8 billion. The Nasdaq bubble burst dropped the market cap to $37 million. But… They acquired their arch rival Juno Online and created United Online in September 2001. A major financial newspaper called the merger “two skunks trying to breed a mink.” The skunks became the top small cap stock on Nasdaq in 2002 and 2003. They went from $1.84 to $15.31 in just over a year. $36.67 a year after that. United Online generated a cumulative $1.65 billion in EBITDA, returned $568 million to investors in cash dividends, and acquired 15 companies. That newspaper was right. Mark bred a mink.
Amazon's Free Cash Flow Could Turn Negative Next Quarter
MyPOV - Next quarter KPI to stop for @Amazon - free cash flow. Amazon never generate the cash flow like its tech competitors due to the retail nature of the business. Will they go negative like @Oracle did / has?...
80/20 Debt-Equity Mix Boosts Utility Durability
Moving all of the utilities to 80% debt and 20% equity is more durable than reducing their ROE. You can do it with the 1706 financing program at LPO like Georgia Power just did.
Apollo Targets $14B Tenneco IPO After Earnings Double
Apollo plots Tenneco IPO at $14bn valuation as automotive turnaround delivers near-doubled earnings Read more here: https://t.co/kc5SAhwSBN https://t.co/r3P9SGahZm
Vistance Sells RUCKUS to Belden for $1.846 B
"Vistance Networks $VISN announced today it has entered into a definitive agreement to sell its RUCKUS Networks business to Belden Inc. $BDC for $1.846 billion in cash, to be paid by Belden at closing." https://t.co/iqypD3Sr6j
Alpha Architect Tail Risk ETF Beats Cash Reserves
Got unused capital… just sitting there? If your goal is to hedge against income loss, there may be better options. Our latest whitepaper explores the Alpha Architect Tail Risk ETF ( $CAOS ) as a more effective alternative to capital...
Potential $1.5 T Dry Powder Could Ignite Stock Rally
We haven’t heard much about that mountain of cash supposedly sitting on the sidelines waiting to get sucked into the market. My take has been that the $7.8 trillion sitting in money market funds came from the banks and not...
Due Diligence Findings: Your Biggest Deal‑Repricing Leverage
if your business does $1M–$100M: the due diligence findings that reprice every deal: – owner add-backs: price drops – one-off revenue removed: EBITDA adjusts – key person risk found: earn-out structured – undisclosed liabilities: walk away every finding is a negotiating tool
GM Faces Potential $1 B Credit Impairment After EPA Repeal
One interesting note from @GM quarterly filing: "At March 31, 2026, the carrying amount of our acquired credits was $1.3 billion, of which up to $1 billion is subject to impairment in the near term upon enactment of the EPA's...
CIO‑CISO Misalignment Leaves Enterprise Risk Owner Undefined
The CIO CISO alignment issue is still one of the biggest gaps I hear about in my daily conversations with technology leaders. Who actually owns enterprise risk? And how are you managing alignment across your organization? Check out the latest...
Colleges Look Stable Until Cash Shortages Hit
While debates over politics, public trust, and college athletics dominate the higher ed headlines, many institutions are facing a quieter but more immediate threat: A cash shortage 💸 In my recent article in @TheFP, I argued that many colleges can look...
AlphaSense Hikes Prices Despite Glitches; Seek FinTech Alternatives
AlphaSense wants to raise seat pricing 66% vs last year, crazy given most features now disrupted by Perplexity/Gemini and the constant glitches/slowness of the platform What are some good alternatives in FinTech to test out?
Apax Leads £1.2bn CloserStill Media Sale
Apax emerges as frontrunner in Providence Equity's £1.2bn+ sale of CloserStill Media Read more here: https://t.co/Dn9J0db53Y https://t.co/Z54vRopGOz
Meta's Debt Triples, $25B Bond Sale Boosts Load
Meta Debt Load - Zuck Levering Up 2026: $87B* 2022: $27B *Add $25B, **META LOOKS TO RAISE $25B IN BOND SALE - Bloomberg.
UK Gilt Yields Drop Sharply on Oil, Yet Remain High
UK Gilts and Oil Pricea The "good news" for the UK today is that it's government bond market’s hypersensitivity (high beta) to oil prices is finally providing relief on the way down: As shown in the Bloomberg table below, the yield on...
Predictability Premium: Using Dedicated Capacity Models to Reduce Financial Risk
The Predictability Premium: Navigating Financial Risk with Dedicated Capacity Models - https://t.co/ChInN4o08J @One_Werner #dedicatedfleet #trucking #transportation #logistics #supplychain
Majorities Say War Bonds Offer No Cost Advantage
Latest CfM-NIESR survey: "War bonds" would offer no cost advantage over standard government bonds. Some 76% of the UK panel and 71% of the EU panel disagreed with the proposition that “war bonds” would be a cheaper form of borrowing. https://t.co/USeBxw4ZRx
Emerging Market Loans Default 3.5%, Recovery Beats Benchmarks
Global Emerging Markets Risk Database w over 3 decades of lending data from 29 multilateral development banks, documents average default rate of 3.54% for loans to private entities in emerging markets alongside recovery rates that exceed global benchmarks https://t.co/zT7IRupC9M
Burnley's Borrowings Spike After 2020 Takeover
Burnley cash and borrowings totals over the last few years. The club were taken over on 31 December 2020. Are these two issues connected? https://t.co/IsE6WIlYVN
Whitbread Slashes 3,800 Jobs After Tax Raid
Another slow hand clap for this government Premier Inn owner Whitbread to cut 3,800 jobs after Reeves tax raid https://t.co/VFhVpaqlwI
Forecast Pressure Restores Old Constraints, Halting FP&A Transformation
Many FP&A teams say they are “in transformation.” But does system progress change decisions? When forecast pressure returns, old constraints often return too. 🔗Pieter van Loosbroek explores where momentum is lost: https://t.co/KjAk2R7MDM #fpatrends https://t.co/phX5vNiPfc
Naspers Pays Premium Buying Shares Above Average Cost
Naspers is now sitting at R894 a share. They continue to buy shares weekly at around the +R900 level, and are spending billions of Rands every month doing so. Their average share price since starting their repurchases sits at +-R725...
Lazard Buys Campbell Lutyens for $575M, Forming PE Advisory Giant
Lazard acquires Campbell Lutyens for $575m to create global private equity advisory powerhouse Read the full story here: https://t.co/KfnoRnOwfo https://t.co/AJP4RhBLIE
GLEN Margins Set to Expand as Metal Prices Rise
#GLEN says production pretty much in line but suggesting rises in metals prices could widen margins, despite higher input costs. ShareScope has fwd p/e 13.4 RISING to 13.5 and fwd Divvy 2.6% each of next 2 years; very difficult to...
Friedkin Group Boosts Everton’s Balance Sheet After 13th‑Place Finish
Review of Everton's finances for the 2024/25 season, when they finished 13th in the Premier League. There was an important change in ownership, as The Friedkin Group bought out Farhad Moshiri, which has strengthened the club's balance sheet #EFC https://t.co/fiDKPkloQO
Tokenized Collateral Could Unlock $500B Annual Interest Savings
Tokenized collateral is coming, and no less than the NASDAQ is trumpeting the half trillion dollars in annual interest saving from mobilizing idle collateral. In NASDAQ’s survey of 203 global market participants, 52% of global financial institutions expect to actively manage...
Board to Review Buyback, Q4 FY26 Results, Final Dividend
Agenda: The board will discuss the buyback proposal alongside the Q4 FY26 financial results and the recommendation of a final dividend for the fiscal year.
Treat Rent as Operating Cost, Not Financing Cash Flow
The silly rule of showing rent as cash flow from financing makes it so painful to find out if a co is truly cash flow positive from ops. Rent is an operational cost so you have to put back the...
Vendors Slash Prices as Margins Shrink, Customers Jump Ship
Have churned a couple of software vendors this month. Was interesting to watch how far they were willing to drop prices to retain us. Desperate times… Gross margins are going lower
AI Slashes Audit Costs, Big Four Resist Price Cuts
We all know with certainty that AI will drastically reduce the costs of corporate auditing. This cost-reduction already widespread in legal. One problem - the big 4 are holding the line, telling clients despite AI, we are not lowering rates....
Meta Q1 Revenue Hits $56.3B, Profit Margin Peaks
Meta revenues increased 33% over the last year to a new Q1 record of $56.3 billion. Net income increased 61% YoY to a new record high of $26.8 billion. Net profit margin of 47.5% was a new all-time high. $META...
Reallocating IT Budgets Around Unequal AI Outcomes
. @satyanadella today: “IT budgets get reshaped by business outcomes and reallocation from other line items on the income statement.” He is right, per seat breaks when two users consume AI completely differently. Consumption pricing is the easy part. Reorganizing enterprise...
Meta's Tax Win Skews Earnings Multiple, AI Doubts Remain
$META Tax rate in Q1: -23% It trades at 23x earnings after today’s results, but if you use GAAP accounting it’s more like 18x because there was a massive tax saving in Q1. On a cumulative basis, Meta had a $15B+...
Net Backyard Introduces Cost‑Based Token Pricing Layer
just visited the new @netbackyard office and 🥹🥹🥹 if you haven’t read it yet, they’re building a financial layer (accounting, billing, payments) to price tokens based on infrastructure cost, model efficiency, and execution conditions 👇 https://t.co/vEEcSgiCux
Amazon Reaffirms No Changes to Capital Strategy
Amazon says “don’t have a new update on capital. Our plan is largely the same.” $AMZN
Big 12 Secures Private Capital Deal, Outpaces Big Ten
The Big 12 has finalized its deal for private capital, per @RossDellenger In Dec., the Hotline addressed the basics, why it works for the B12 and how it differs in key areas from the Big Ten's (now comatose) capital plan https://t.co/NBgyjFLlGz
Consultants Demand Equity as AI Threatens Debt
The tough conversation goes something like this: Step 1: We hired consultants Step 2: They say AI will disrupt you Step 3: Please inject equity to protect our debt
Low Debt Keeps Good Companies Alive in Recessions
I've watched good companies destroy shareholder value during recessions. Not because the business failed. Because the balance sheet forced their hand. Debt covenants. Liquidity crunches. Share issuances at $12 when the stock was $40. You can be right about the business and still lose...
Lenders Seize Medallia, Opt for Cash Control
Lenders taking the keys from Thoma Bravo on Medallia is actually the right call. Imagine the BSL version. Uptiers, primings, LMEs. Sponsor kicks the can for 18 months and plays for optionality with your principal. At least here, lenders can take the...
30‑Year Treasury Yield Reaches 5%, Near 18‑Year
*US 30-YEAR YIELD TOUCHES 5% FOR FIRST TIME SINCE JULY 2025 Now just 11 bps from a new 18-year high. https://t.co/Aow1azOUWb
GOOG CFO Predicts Capex Surge, Likely 20‑30% Rise
$GOOG CFO says capex in 2027 will increase "substantially" over 2026. Street is expecting up 10%. My take: I bet it's up 20-30% next year.
Treat Stripe as Your Main Account Balance
One thing I wonder is how you do accounting for this? I guess not so different, cause you still just account your expenses and your income, but the main balance just becomes Stripe?
Meta Posts 33% Revenue Jump, $26.8B Profit Before Layoffs
Meta Q1 Revenue Soars 33% in Q1, Net Profit Hits $26.8 Billion Ahead of Mass Layoffs https://t.co/XY24l3vt2Q via @variety
PIF to End LIV Golf Funding After Season
News: LIV Golf is expected to tell players and staff as early as tomorrow that Saudi’s sovereign wealth fund PIF will be wrapping up investment in LIV at the end of the season, according to people familiar with the matter....
Burnley’s 2024 Accounts Reveal Massive Loss Despite Player Profit
Burnley publish 2024/25 accounts. 🔑figures ⚽️ Revenue £72m ⬇️46% ⚽️ Wages £82m ⬇️12% ⚽️ Ave first team weekly wage £37,000 ⚽️ Underlying loss £74m ⬆️171% ⚽️ Player sale profits £59m ⚽️ Pre tax loss £29m ⬆️2% ⚽️ Player purchases £86m ⚽️ Player sales £100m ⚽️Borrowings in year £135m ⚽️Borrowings...
OneStream Delivers Unified, Global Financial Visibility
Multinational organizations juggling multiple systems and diverse data? OneStream unifies your financial consolidation, close planning, and forecasting. Get single-source-of-truth reporting for true global financial visibility. #FinanceTech #Accounting #ERP https://t.co/rqAzzjvUiQ
Equity Risk Premium at 4%, S&P Fair Value 7,455
While valuations in the US remain a concern for many investors, in my view they are justified by the macro fundamentals of all-time high (and rising) margins and tight credit spreads. Those two variables are the independent variables in my...
CHTR's $1B Buyback Now Loss; Prioritize Debt Reduction
$CHTR bought back $1B of stock in Q1 @ $219. Stock is now $165. Maybe debt reduction should be prioritized given the lack of revenue and EBITDA growth? #CellPhoneInternet
CVC Invests €210m to Revive Struggling Lipton Teas
Cash injection: @CVC_Capital injects €210m into struggling @Lipton Teas as turnaround effort deepens Read more here: https://t.co/ONRnQRUtsW https://t.co/agGwROMLZt
Working Capital Defined: Sparking Debate on Its Nuances
Good definition of working capital. Will surely spark debate on subtle nuances of what WC represents