I, for one, would not unite in that change of command. This company has done amazing things and is set up in ways I could not have imagined a year ago. To make major management changes when the company is, at least recently, making all the right moves is, to my mind, just insane.
I get the concern over stock price. I'm older than most here and therefore have less time to watch things unfold. But I want a management teams that builds a company in these early years, rather than one that worries excessively about stock price. And they are building a company in powerful ways. Doug had some growing pains (admittedly) but it's clear to me that he has hit his stride. And Erich is doing what he wants to be doing and he's doing it well.
As an aside, I keep hearing "I know the company monitors this board". That isn't the same thing as looking for guidance from us. If I thought they were looking to us for guidance, I'd sell every share I own tomorrow. So -it's fine to pretend that we know better who should run the company, or how we could raise the near-term stock price, but I must admit that the repeated, increasingly adamant demands that management buy stock? I don't think it's particularly productive. They are fully aware of that option, and I suspect that they will, or they won't, regardless of the sentiment on this board. Just sayin'....
I'd also share that I think there's good reason for the stock price to be where it is. The sector is still very much out of favor. There is lack of clarity as to the value of our new assets, as impressive as they may be. There is even less certainty about near-term revenue. Flyers has already made these points. And - a big issue, to my mind, is the change in policy by which we want to license recurring payments v. relying on large one-time lump-sum payments. How to value our $40 million in revenue this year against that new paradigm? How do we get to even the same level of revenue, much less higher revenue and earnings, if we are only receiving partial payment for each settlement made next year? $60 million in settlements (good growth) spread over 4 years would look paltry in terms of a 2016-to-2017 revenue comparison. I think the new paradigm requires that we re-base this year's revenue/income. Perhaps $15 million next year can be considered good growth? Perhaps more - or less? I don't really know and neither does the market. Hence, our stock price.
All that said, I strongly agree with flyers - we have never been in a better position. I think we re-base in 2017 and the real expectation of annual revenue/earnings growth comes in 2018. Which is a long time off. Yes, I think we are worth more than sub-$3. No, I don't think the market is crazy for not sharing that view quite yet.
Just my few cents.
~ yanqui
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