Warrants out of the way. Andy Marsh having pre-conference on Annual Report which is not to report bad news --only good news. However, hopefully details on gigafactory this week.
the warrants they have just vested were to be issued in return for $400m of revenues (8 installments of $50m each). The price I believe would be fixed at re. $13 mark for all $400m worth of business but will Amazon (technically "Amazon or its affiliates, directly or indirectly through third parties") order a further $400m of equipment.
I don't believe it is restricted to particular products or services so commiting ProGen for AWS data centers for example would be part of the $400m. Probably Lightning systems trucks for Amazon Prime would be as well.
Definitely a good idea to vest in advance and take the hit during a really good quarter where they will be exceeding revenues forecast by a lot - before this hit of course. But I expect to hear from Andy the planned rollouts that will provide something approaching $400m form Amazon over the next 203 years.
By Comparison Walmart had only triggered the first $50m of the 4 phases of the second tranche of warrants by end Q3. I am not sure they are likely to get to the $600, mark by 2027 although we did hear about the ecommerce company doing something.
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