Saturday, July 13, 2019 8:57:13 AM
The last two note offerings were fine in terms of cost of capital(mid teens after-tax rate, which is below my estimate of the company's WACC), but they make a relatively small dent into the backlog. Anshu needs to get a working capital revolver to unlock much more of the unfunded backlog and create a step function increase in revenue.
The company also needs to provide proper guidance. Guiding to vague growth rates isn't enough. Give us FY 2020 guidance for revenue, operating income and pretax income. EPS is meaningless given the share structure, but that's fine.
I've communicated this several times to Anshu and Mark. With an accomplished CFO on board for several months, this shouldn't be a problem. Get it done team Verus!
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