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well that takes care of the gap-not-named-a-pastry that the confluence of declining Dell, timing of anything else, and having exhausted reasonably available cost-cutting presented.
I was hoping for this more than a later in the year ATM calculation and Q-report figure out how the treasury is doing.
I remember a previous gap-named-a-pastry (that was actually a cliff) and thought surely a PP would occur from a position of relative strength regardless of whether mgmnt was hopeful of big deals ... but no.
This time they looked appreciated the comparative strength, took their medicine, and hopefully can move on.
It is as if current mgmnt included that which is into their calculations.
things must be going pretty well or a deal must be pretty certain for them not to have not printed a few by now. the grip on the current sp could be fleeting, but hey, I and others wanted them to hit it back on the run to mid-1s, and if they held out till this it is a 50% discount on equity financing.
nope, no atm announcements, they do bring it all the way up to date in q reports (not just up to last day of q reporting period, but basically up to the day of the cc), but that is it.
It'd be pretty nifty if that SP wall at 2.25
was the ATM. A few million shares would
do the trick.
ncb, fwiw it is not to me a matter of being correct or incorrect on SP guesses (to me).
I try to stay away from guessing a price, I will however try to look at a company, the industry they are in, the margins they enjoy, cash-flow and balance sheet and growth rate and then try to guess what sort of share price multiple the market might be inclined to give it upon certain milestones.
Wave is the kind of company the market will give extravagant multiples to (e.g. P:S). But, to me, it is contingent on the milestones. The guess is then when will those milestones be achieved, and what guess does one employ for the multiple.
The very very last thing to fall out is the SP. All guesses of course, even a sweet spot company get bad ratios when the broader market tanks and vice versa.
Today, when I do that sort of math I e.g. think that WYY is more likely to double or quadruple in the next 12-18 months than WAVX. WYY's books and statements and deals of record give a fair bit to work with. WAVX is just guessing. It seems a tad overvalued right now, so IMO some of the growth that improvement in fundamentals will afford will get sapped by that.
But by most metrics, if Wave can achieve cfbe, and do that in the context of 35-40m in annual revs, then one can likely find many investors that would participate in P:S > 5 , P:S 10 not being unrealistic. But that is almost DOUBLE current revs with a shrinking Dell line.
Impressive SP numbers drop out of that but for me I need to see those milestones and cannot pull a SP bunny out of the hat in the absence of those milestones.
So I wait for the next deal, and I wait for the next Q report. One deal for $2m gives cfbe ... but only for the quarter billed (or more, Dell is eroding fast).
I guess the point is we have no idea if I am "right" the milestones or triggers for such a determination have not occurred.
ncbaker, fwiw this is from the Jun 2013
PR ... and my guess is that in that process they said screw it and fired SKS. I think the COO search morphed into a CEO replacement and that that effort has concluded. Perhaps they even offered Solms the COO job, and Solms basically said you've only got 150 people, how about CEO, and that they really needed to do some house cleaning that was not going to happen in a SKS-CEO/Solms-COO top-heavy family gang environment.
Isn't it just an American English version of
the great Irish pastime of swig-swag?
tkc, yes that is whats got me scratching my head. 40% customer is leaving, losing millions a Q without millions to lose decent growth in a category but in absolute terms a pittance.
On the other hand:
Q3 CC the message was patience, patience, patience.
Q4 CC the message was hope + patience.
Q1 CC was pretty upbeat, the patience meme was almost deliberately being removed.
then that interview .... words like soon replacing words like patience.
Solms definitely seems pretty upbeat, sure he is the ceo and they are supposed to be a best face on it (not a bunch of complete crap, but a best legitimate face). But he also seems to want to meet expectations, and there are expectations.
And then this rally, it just seems to be broad and to have some support. Technically it has paused and walked thru every resistance and dutifully tested but not broken ascending levels of support.
Kinda spooky.
I listened to the interview a bit back after reading your favorable comments, and I agree, it sounded good, and so far he seems sensible. My concerns are more about whether folks have sensible expectations as that can at times considerably affect the beta, which attracts high beta folks and turns things into a zoo. As far as caution, it is my comparative lack of caution (for me) that makes me even give a hoot.
I mostly agree with your ps 10 scenario, I think expenses are climbing a bit so am more inclined to say 36 or 40m before plenty of folks will participate ps 10 ... but I try not to speak of ps 10 out loud. For new investor, which I kinda consider myself in particular numerical fashion, SKS was a blessing, driving the thing into the dirt of a mcap near 30m. Bless him?
well I hope I end up wrong,
I mean I'm not predicting disaster or anything, I just can't line current enthusiasm up with the last Qrep and the current SP.
I heard on the radio this morning that smoking crack out of a plastic pipe makes for a bad day.
The hopeful thingy's ... maybe Samsung impresses, MU was supposedly going to migrate to stage 2 at some point, and some customer thingy for VSC, and a notion of a couple of gov thingy's by year end. Not to call the road between here and there , uhh, a pastry thingy of any sort, and perhaps genuine investing is seeing that little gap as just a pot-hole, which it sensibly could be, in which case nothing wrong with early ownership.
the other ratio is
vegas:supply posts.
When the ratio of goin' to vegas hits a 5x multiple over any DD nugget of a TPM being built or shipped or talked about somewhere .... sell.
No doubt, ash-heaping the abuse of hope and laying out what appears to be direction and some discipline is nice. Q1 numbers were somewhat thin but one could find things to be hopeful about. But in the end, in the land of beans I'm thinking the boat stabilizes somewhere around 35m in annual revenue. With Dell erosion (which I am anticipating to be rapid) there is a whole lot of real estate between here and 35m. PS 5x of 35m is SP high 3s. But it's not 35m, it's not even 25m. So, new sales of 10m plus another 8m toreplace dell .... 18m of new business and one gets to a stable boat with 35m revs and what I would consider a reasonable SP of 3-6. The timeline for that versus current SP behavior seem at odds. Not crazy, but spooky.
I have long thought that one of SKS' mistakes may well have just been pricing. I'm inclined to think the Solms is going to sell stuff (considering it was essentially dead inventory IP under SKS in e.g. the WYY deal stalling for a few years, and we are talking CSP, a many years old product).
I'm thinking Wavoids are thinking big deals are 3m+, and I'm waiting to see if the new admin thinks more along the lines of 0.5m+. I guess the rambling point here is I need to see one big deal out of Solms and see what is sold and what sort of price per seat Wave gets for its products in the brave new world where they actually are willing to sell products. Arguments for pricing power of products under SKS seem foolish, prices are determined when transactions happen.
Expectations are pretty firmly in place,
Wave is going to need (IMO) a reasonably decent deal in the next couple months or much more convincing evidence of traction in the Q2 report or WAVX might get beat up pretty badly.
Personally, I'm more comfortable about WAVX trading at <1.85 than >2.0. There is no sound reason for this sentiment, and while there is all sorts of new optimism and what clearly appears to be an amended approach, in the end it will come down to beans.
The higher the price, the less shareholder patience I anticipate. While initially swearing off carrots, they are back. A bit more modestly,a bit more vaguely, but with a shareholder base long addicted to some serious smack, this migration to methadone can as easily be abused.
Kinda spooky.
One never knows,
occasionally certain visions gain incomprehensible levels of support that provides the resources and branding to make the vision a reality, at least for a time.
it seems to me PJS spawned some folk who get bored to heck if they are not swinging for some fence somewhere. such are the benefits of removing performance metrics in life.
re bitcoin: personally, I find the currency itself unattractive, I am not fond of tulip bulbs, or anything subject to such gyrations absent a rather heavy hand of government, as a place to store value.
what befuddles me is the basis for bitcoin creation, its necessary reliance on technology, and serious questions regarding permanence. e.g., while it is stated only 21m coins will be mined/created and that it will forever be frozen there, it is also stated that lost coins are (while still alive) permanently unavailable. the logical conclusion of this is zero bitcoins over time. the currency, as defined, is defined to go extinct. nothing endures a zero regeneration rate, nothing.
the arguments against potential for abuse or catastrophy seem vacuous to me, it is if there is no such thing as, e.g., "high frequency trading" or "flash crashes" in this world. the amount of wealth currently residing in fiat currency and in the hands of very few provide every opportunity for considerable abuse.
the advantages are attractive, but it smells a little more like tulips than roses.
I can't speak towards what it really means, so just going on face value, WYY considers Wave the expert in provisioning TPMs in a MS environment, any MS environment (PCs, tablets, phones). recognizing that MS is not the leading player in the latter two, it seems mostly as a PC solution to them although I could imagine Surface could do well with WYYs clients. There is a bit of a contradiction in the response - on one hand it indicates legacy platforms, on the other hand it seems to reference MS tablets and MS mobiles which generally speaking do not represent a legacy space. To the extent that the arrangement involves Wave selling what Wave has now, it would likely be mostly to the legacy space it would seem.
Wave did / does have things going on with Samsung leveraging the android platform (as I recall e.g. the Galaxy tab) but on the face of it WYY was either minimizing Wave given the tone of the question (why are you hooking up with these bums) or more likely that as it currently stands the arrangement is to afford access to legacy TPMs via Wave's CSP capabilities.
WYY's view of their Wave relationship:
"Mike Crawford - B. Riley and Company
And then last questions with Wave Systems, it has been a development stage company for like 15 or 20 years. So what is it that you actually saw from that company that was useful to WidePoint?
Jim McCubbin - EVP and CFO
Mike, as you know, we are licensing and collaborating with Wave, because of our Cert-on device capabilities and some of our credentialing capabilities. Wave already has a presence through their OEMs and their partners, where they have a number of TPMs that address more of a Microsoft environment, that are already out there. This is one of the paths that we can utilize okay, for securitizing some of the devices that are already in the marketplace, be it laptops, be it tablets, and/or mobile devices, that are related more to that Microsoft world. Where on the Google Android world, we are focused initially on the micro SDs and then ultimately, where this takes us, is into actually the motherboard. That's usually a nine month to 12 month design cycle. So we have different ways of going after the marketplace. Wave offered us one solution set for locking down the credentials, on a certain kind of device."
I'm confused, wasn't this Boeing Black Phone mulled over a good deal months ago.
Is this a bbPhone v2 and hence the replayed excitement. I don't even keep track of new things with TPMs in them any more but even I can remember it last time around, this notion of new discovery seems a bit disingenuous.
Does the VSC capability address the TGT breach? (or the many others like it). I haven't bothered with the details on the TGT breach, or, again, any of the others for that matter.
alea, I wasn't much of a participant in the discussion, just that I remember the know-it-all smack down of privacy "alarmists". my position (in this sense coinciding with the smack-downers) was defense through observing the opt-in nature of the core of TC. Opt-in may well be eroding, and the loss of opt-in coupled with corruption of supply does seem to represent a giant leap in the Orwellian direction. Corrupt routers, corrupt scrambls servers, it all seems to be on the table. At least the young people of today are getting early lessons during formative years on digital latency and the speed and breadth of digital distribution and maybe somewhere in all of that they'll devise a third plank. Something outside my conceptual space.
As memory serves back then an argument was presented that TC could/would serve as the backbone for pervasive surveillance and the counter argument was those those claims were made by folks who didn't get it, did not understand the technology. The counter-arguments were not, as I recall, based on inclinations, likelihoods, interests etc ... The counter-arguments were couched in arrogance and certainty about the technology, what it is, and what it will be. I can blame.
It is a Swiss company
somewhere that is. If one agrees that if you roll dice an adequate number of times all outcomes happen, and with the uber hundreds of trillions of galaxies with their uber trillions stars and planets and so on, then somewhere, there is an Earth where Wave is a Swiss company.
alea, yup,
I expect that sovereigns, particularly clades within, are wildly (and demonstrably) over-impressed with their own competence and are willing to sacrifice benefit-maximizing in exchange for what they believe to be a unique benefit that only they can provide and that this is the way to do it.
Remarkable is the notion that the NSA seemed to think that they were somehow going to build a unified corrupted-only-by-them world network. Denser than lead.
alea, a possible outcome is a collection of TC architectures. Essentially, the US and maybe the UK (govts particularly) essentially have a TCG implementation. This is one presumed infiltrated by the NSA (the US gov will give in to spying on itself in exchange for at least not being spied on by non-US) and all variety of other govs or consortia will develop their own TC architectures, based largely on the same principle/pieces, but ones where the particular power (gov or consortia) believes it trusts its particular supply chain. The outcome is a fractured structure where individuals and others choose which trusted network they are going to play in / subordinate themselves to. It seems that the things that were said a decade ago and dismissed by e.g. the dubyakays about TC, spying, subordination of the user and so on are largely true. What a cluster.
ncbaker, these numbers ... $10, $2.5, $50 etc seem to lack mooring.
If one tries to tether SP to some sort of metric other than the agony of the past then it may be useful (and perhaps you are) to invoke metrics like P/S or P/E.
Generally the home runs roll in the P/S of 5-20x (a big range being given on purpose) and/or P/E of 20-100x (coming later generally as true GAAP earnings emerge.
Revenue (sales) are well below what they were when various historical price points were hit. Just getting back to previous revenue levels might reasonably get back to previous SP, but not necessarily. In the Dell then GM then BASF times P/S managed something like 10x, a rather bullish ratio, but the company was Cash Flow Positive - not a trivial point.
Now, if something happens in the next couple weeks that give a clear statement of sudden cash-flow positive status, then sure - $5 is rationally on the table. Last look the company is trading at P/S of 3.14 (it was sub 2 for some time). It is, in my experience, remarkably rare for a company to trade at P/S 5x and better with cash-flow and balance sheets like Wave's. Its o.k. for cash flow to be bad if the balance sheet can support it, a strong balance sheet provides runway which gives comfort to speculative investors. Wave Has No Runway. Perhaps they dumped a couple million shares from the ATM in the last week - that would buy some runway - but many investors are going to need to see an 8-K that allows them to infer cash flow or a 10-Q that shows runway. There wont be a 10-Q until August (the opportunity for an ATM windfall to realize itself on a balance sheet and indicate runway).
A SP of $5 requires PS of something like 8-10x. It is very difficult to imagine that happening with a balance sheet that (as is) cannot get the company through the next quarter.
I appreciate what you are saying, I question the timeline.
cash-flow and balance sheet are the keys to unlocking PS ratios north of 5x. Coincidentally, 4x-5x corresponds to a SP range which technically (in a chart fashion) Wave has in the past held for protracted periods, a sort of wait and see price range.
Personally I speculate the SP to draw back some in the next week, towards 1.65-1.85, with the week after that being the opportunity for a news cycle driven rally into that P/S 4x range in the mid SP 2s. Medium news could do that.
It would be stunning to clear PS 5x (north of say $2.85) in the absence of some rather remarkable news that allows one to make pretty clear projections about the Q2 report. Not sating it can't happen, but I don't recall many examples in any company (post bubble), WAVX included.
And then there is the Wavoid, I see the Wavoids as the equivalent of a large warrants overhang seeking to scratch out a return at every opportunity. A lot of Wavoids are a billion years old, have held shares longer than their adult children have been alive, and I suspect lack the patience to invoke holding out for some sort of historically justified SP. I expect Wavoids to be a source for shares, not a sink, and while historically Wavoids have been sink (putting in floors on weakness) I believe Wavoids will routinely sell into rallies.
If an unsolicited tender for WAVX was made at the $10/sh you mention were made, the company would be taken over in a heartbeat.
But hey, opinions are a dime a dozen, and while the tea-leaves point towards the potential for a more meaningful MU announcement, I can't see it blowing the place up.
Note: SP $50 is 2.25bn, the type of valuation driven by sales north of at least $100m and or earnings north of at least $10m (being very generous on both fronts). That just can't happen before 2015. Solms is proud of 19% percent growth in a slim minority segment, you speaking more towards 500% across the board all in the face of a disclosure that Dell is going away.
It seems rather noteworthy to me. (long reply)
I'm certainly not a TA guy, but do like to view things in source/sink fashion. The Apr 15 spike that brought the obscene volume and all the momo board chatter did what those things tend to do (IMO). The source was momo players and algorithms, and the sink was the same. If the source and the sink are the same the landing point tends towards where one started, with the more capable players being the winners, and the less capable carrying the bag.
This later surge which lacks the momo chatter has seen some pretty steep volume, indicating at least some algorithm activity, but the retraces are generally on weaker volume, the retrace lows are consistently higher than the previous retrace lows and so on.
In my perception this reflects a deviation from source=sink trading.
Given recent "opportunities" at around a buck a share, and given the teaser of the Apr 15th mega-spike, it seems many traders & wavoids bought a bunch in the trough after the spike to flip into rallies and volume, but it seems at some level there must be an additional sink for the SP to hold as it has been (and if it holds through the short week ahead).
To me, that indicates that Wave is attracting some new investors, something it hasn't done in a long time. The various news thingys plus the new management do seem to have loosened the purse strings of those willing to take rather speculative bets (and the dying years of the previous management fiasco simply couldn't pass the sniff test).
That is certainly true for me, and I find time and again I generally can look back and see that I was generally part of a herd. I've have spoken in the past about financial adviser friends who had Wave on their radar years ago and simply Would Not Touch It - a sniff test thing, they are investing other people's money and they simple Could Not Do It - the harbor was a joke. These are people well versed in things like computer security with former employment at places like DIA in the electronics side of the business. I asked last week and the gist I got was that they are now willing to at least consider the equity for high risk investing. Cash-flow and balance sheet are still a mess, but high risk investing is about direction, not the starting point.
With a recent mcap of a measly $35m it does not take many of these folks to provide a sink (and hence support) for some of the recent volume, trading, and Wavoids trying to scratch out a return.
I believe there are some new people actually investing in WAVX.
Fancy that.
I know its a crap shoot,
but I suppose it depends on how they feel about June.
ouch, the bulls were stubborn at 1.97,
(note that is the high of the Apr15 spike ... not that I am a technofunkomentalist), but technically, there are really no loegs to stand on now.
all of that ... and ...
the next couple Qs need to see more evidence of a turnaround in sales.
Dell will continue to erode.
Samsung may contribute a fair bit, or a wee bit.
WYY has a huge deal with DHS ($600m? that's the way I read it, $600m that has been procedurally challenged by the entrenched, challenges I understand to have resolved in WYY's favour) but is WYY going leverage TPMs in some of is DHS efforts?
MU - again, interesting, perhaps some sort of stage 2 8k from MU would shed some light. A nice looking 8k would at least allow dilution at more favorable terms.
Safend actually looks to be selling more.
Mgmnt points to "19%" growth in non-OEM, but honestly when I look at the numbers while there seems to be something, the dominant feature is Dell erosion.
So, the car got washed, has some new tires, its been given a few gallons of gas, bags of salt were removed from the trunk, dirty laundry was chucked out of the back seat, and (importantly) the dash has been outfitted with GPS. Now its time to see what she's made of, see what she's got, and what there actually is out there in the way of highways.
The honeymoon is good for a couple more Qs, and then greater scrutiny to fundamentals will return, and they currently are not good.
FWIW on the message thing,
I view Frankenburg as the critical Sprague cartel mistake ... they let one get through that didn't rubber stamp their vision thingy. It took a bit to form a majority, but Frankenberg represents the ooppsies that allowed change. Gilder was always in the bag, and they did good with Bushnell, but they blew it with Frankenburg, and now they are seeking to reassemble at Rivetz.
On a different note, I suspect they (S-inc) wildly underestimate the line the VCs will tow with regards to Rivetz. The VCs will represent, require significant percentages of ownership, and may require that other owners contribute not only time, ideas and knowledge ... but capital. How about 1:1. VCs may well be spooked by Rivetz being able to show clean title for their IP.
so there's the 50/200 golden cross
for WAVX (SMA) for those who get
excited about these things.
EMA still has some work to do although the 20 just crossed for it as well.
Decent volume, and an exciting new stealth product (Chadder) that will no doubt precipitate an exec order from POTUS to flip the federal machines on.
You have to admit, that is genius.
yup, when I first read the 'pilot' thing
I just about choked, what a prick. I'm glad nw pointed it out, although curiously some don't find it a slight. Referring to one's previous work in terms of their more initial assignments as opposed to their more recent assignments is unabashed spin (we don't refer to BO as Senator, we refer to him as President), and as the pilot thing can't shake a stick at the Joint Chiefs work, there can only be one purpose to the spin. I have never liked that guy, not in the 20th century, not in the 21st. The assumptions of idiocy in others he makes with every utterance belies a pinnacle of arrogance. I'm arrogant. I can do arrogance. I'm kinda o.k. with some arrogance. But GG's arrogance coupled to his required cherry picking of history in order to fabricate a substantive interpretation of his vision thingy is a bit Homer Simpsony.
Maybe I'll visit what I think of GG in a subsequent post.
player, fwiw,
the Exo5/Rick Lee matter was asked about in the last CC and ftr R. Lee is still with Wave, he heads the cloud computing thing or something like that, the shares were to buy code form Exo5 (it seems R Lee's company) and so on. So it can't be all a load of manure or Solms would have shown R Lee the door. Now, had the best deal been worked out etc etc, was there BS in the lead-up etc, ... who knows, but current management did reflect on it when asked and are keeping R Lee on their staff.
I'm wondering if there is an in-your-face component to this.
1. Gilder just remarked on Telecosm regarding his appt to Rivetz his love for Wave and his lamenting how haaarrrd it is to buy shares as a Director.
2. The whisperwire suggests GG opposed the Solms/SKS swapout.
3. Solms reads Telecosm, reads "hard to buy shares", thinks yea right, picks up the phone and whallah 27k+ shares at $1.41.
4. The proxy is still in play.
Or something crazy could happen
and an insider buy shares?
http://www.benzinga.com/news/14/05/4567669/wave-systems-ceo-solms-buys-27-250-shares-1-41share-form-4#ixzz32CHsOGIt
I thought Gilder (and SKS) said this was impossibly difficult to do - their familiarity with equities apparently being mostly on the supply side.
*Rev growth, if Wave can demonstrate rev growth in the next q or 2, reasonable growth (uber spectacular growth not required) then one could put together a technofunkomentalist argument for WAVX reacquiring the held-for-a-good-amount-of-time SP $2.4 (using 42m as outstanding shares). This would be a P:S of around 4, perfectly common for speculative companies with measurable revenues growing measurably and cfbe in sight. How much growth? Just reversing the previous two Qs would make an adequate "turn around" argument for many (Q2 $5.6m, Q3 $6.2m). Ambitious but not absurd. One could imagine were the stars to so align that dilution of 1-2m shares would be sustained as well, but obviously if this could be achieved in the >2.4 'zone', it would almost feel good to the average Wavoid. It Somls et all have reasonably high condidence of being about to close something more obviously noteworthy to the top line one could imagine them trying to perhaps milk current cash a bit, but I fear the timing may well not be on there side for such a gambit.
technofunkomentally WAVX has actually assembled what aficionados would call a bullish chart.
The 50 over 200 "golden cross" is likely a lock to occur this week. The equity has been trading somewhat durably above the 200 day MA since the Apr 15 spike (the first time in over a year). The events have occured in an almost northwards heading 200 DMA (it still may be bleed a penny or two), the boogeymen of delisting are for the time being not matters of concern.
Fundamentally, the company has at least enough cash for a quarter, has a stated and since demonstrated reluctance to use the ATM (which traders and momo folks like as all mood bets are off with an ATM road block). While the core fundamentals are still poor (cf, eroding Dell, modest if any improvement in broadly based sales) there are revenue producing notions in the pipepline (notably Samsung and WYY although I am going to make a modest wager that a token royalty occurs when SNDK coupoun codes are activated).
Strategically they are under new management, a focus on monetizing 10 year old properties as opposed to hoarding them in a sandbox seems to be in evidence.
Overall, one could invest in WAVX today and at least come up with a reasoned defense for doing so.
SKS seemed to have difficulty recognizing at times the relative value of Wave's products. Having WYY sit on the table for a few years strikes me as silliness. If the goal was to push WYY out of the way in PKI key management because Wave had expertise in TPMs then it seems it is fair to say that that delusion was given amply opportunity to play out.
SKS preferred deals where the fundamental benefit was to Wave and the partner got a finders fee. The parter was not gaining fundamental benefit, the sort of thing that grows and enhances their business. Solms stated specifically he threw the old deal effort out and crafted a solution where BOTH partners benefit. I imagine SKS viewed his partnership with partner companies similarly to how he viewed his partnership with shareholders.
I wouldn't cut a deal with him either.
They did have a few direct deals with GM and so on, Deals where no other partner maintained an ongoing interest, where the relationship was one between Wave and the customer. Wave likely sought such an arrangement with WYY, and they sensibly said pizz off.
Wave bragged endlessly about a huge pie and took a permanent all-or-nothing strategy. (nothing being the result).
Perhaps a significant impediment to TC adoption was not MSFT or INTC or SYMC or GOV or any of these villains, perhaps it was a company held by a family with a loyal cult of followers who refused to do business.
Is this not exactly what PwC did, but just as an internal solution whereas WYY will be providing the solution to gov. I don't know if it is new at all, I think it is not. Solms indicated WYY and Wave has walked down this path before but could not come to an agreement. Now they have. When Wave was led by one immune to the realities of dilution, playing too hard to get was great fun. To new management which states a loathing of dilution, executing a deal simply has more value. But I believe this has been sitting on the table for years.
I will never get the idea of "not wanting to be out of a stock over a weekend". The exact opposite is always true. Good things don't happen on weekends, at least not good things to stocks. Announcements, partnerships, reports, nothing good happens on weekends for equities. Business is conducted and reported during the business week. Occasionally bad things happen, Pearl Harbor was bombed on a Sunday e.g. In a perfect investing world there would be some magical way to always be all-cash on weekends and start exactly where you were close of Fri on the following Mon and still enjoy the benefits of a long term position. I suppose there could be after market news of any sort Fri eve, but in that sense Monday is no different than any other "next day". The number of times I've read folks muse about being "left out" over a weekend as if anything ever happened to any equity in the known universe or otherwise (short of bad things like war, assassination, oil wells blowing up etc) is mind boggling. The notion is some serious crack.
ncbaker, on this:
You are exactly right and I appreciate Bill taking time in the interview to confirm that there is indeed revenue attached.
what interview and what revenue?
WYY looks like licensing royalty on seats where the service is installed
MU looks like service fees for development,
SNDK is vague - my working guess is small royalty for devices where the coupon code is activated but I haven't seen anywhere where it is clearly stated that there is revenue attached to the agreement.