Friday, August 14, 2020 11:44:33 AM
I thought the results were good particularly in light of the economic backdrop. I'd like to see higher gross margins as that's going to be the biggest driver of value creation in my view, but APF is a drag (that Kent is addressing by using capacity for QCA and Excel). Deluxe had a strange quarter too, but I chalk that up to Covid disruptions.
The PPP ($3.9mm) is really sizeable in relation to the market cap of the company. Once it's reversed, it should get recognized as other income based on commentary I've seen from knowledgeable accountants. That will be an enormous boost to book equity when Q3 results are reported.
Kent indicated to me that he was close to hiring a Chief Accounting Officer (may have already occurred). This is someone that has already been helping close the books and obviously that helped with the current quarter. Good to see results delivered on time, which should help with investor confidence as the road show continues.
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