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Jason Kaplan

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  • Frontier Communications Is Nothing Without Its Dividend, Here's Why [View article]
    Yes most of the dividend is a return of principal because they payout more than their GAAP reported earnings. I sold the stock at $5 on the T acquisition news...clearly I was early!

    Frontier plays it simple - they haven't waded into all that data center stuff...wise move! If they can continue to improve their broadband capabilities they should be okay. Cash generation the past couple of quarters have been way above my conservative estimates. The co. is projecting modest increases in cash taxes in 2014. I was expecting more due to all the pull forward depreciation the past few years.
    Mar 28 05:43 AM | 2 Likes Like |Link to Comment
  • Alibaba Is An Exceptionally Profitable Company [View article]
    On those Yahoo! slides, is that total Alibaba revenues for the quarter or just the revenues attributable to Yahoo!'s 24% ownership stake?
    Mar 18 03:16 PM | Likes Like |Link to Comment
  • CenturyLink: A Lost Connection To Growth [View article]
    The company appears to be too big for these Louisiana boys to handle. I get depressed every time I hear the CEO or CFO speak. Their execution is poor at best.
    Jan 28 05:11 PM | Likes Like |Link to Comment
  • 20 Best Value Bond Trades [View article]
    Oh hahaha my bad. I have trouble reading sometimes.
    Jan 27 03:15 PM | Likes Like |Link to Comment
  • Yellow Media's 2014 Hockey Stick Stock Price [View article]
    Why so aggressive with your comment? Never made a mistake before?
    Jan 27 10:06 AM | Likes Like |Link to Comment
  • 20 Best Value Bond Trades [View article]
    Bloomberg is showing the yield to maturity on the Goldman Sachs May 2015 note is 0.818%. How did you get your yield of 1.276%? The current price is 103.1.
    Jan 27 10:06 AM | Likes Like |Link to Comment
  • This Bull Is Dead Wrong On Pandora [View article]
    I have no doubt the stock is overvalued, but shorting based on valuation will get you killed many times over. Active listeners up in December. I don't think your data in that regard was enough to be considered a trend. Best to wait until things really plateau before shorting this puppy. Revenue growth is still extremely high. I don't think this company will ever make any real money - the music industry will make sure of that - but it's probably too soon to short it. Momo stocks can be momo stocks for a long time before they crash and burn.
    Jan 6 07:11 PM | 3 Likes Like |Link to Comment
  • An Undervalued MagicJack Is CALLing, Pick Up Some Shares [View article]
    Here is the email they sent to customers in August. These fees are highly unlikely to be retroactive IMO. It's still the cheapest, easy to use mass-market option for home phone.

    Dear customer:

    This is not a bill, but a choice for you as described below. If you decide you will not pay, you do not have to take any action.

    Due to recent changes, magicJack will start to charge for 911 services for 911 capability. If you decide to continue to receive certain limited 911 calling privileges as described in our TOS, you will need to go to my.magicjack.com and fill out the necessary forms and give new debit/credit card information.

    magicJack will not profit by collecting these pass through charges for the 911 authorities.

    The charges will be billed annually by email and may cost anywhere from $6.00 to over $60.00 a year. On average throughout the country it will cost about $12.00 a year.

    magicJack will provide limited exceptions for hardship cases for people who made a 911 call before July 1, 2013 and will post notification or email these certain customers later concerning the eligibility.

    These unfortunate changes were made necessary because certain emergency 911 Districts in certain jurisdictions requested we attempt to bill on their behalf and benefit.

    Dan
    Dec 27 04:35 PM | Likes Like |Link to Comment
  • An Undervalued MagicJack Is CALLing, Pick Up Some Shares [View article]
    I have magicjack and was recently billed for e911 fees...it was literally a couple of bucks...not going to make me switch. I use MJ because it is a cheap home phone option. I have no problem calling/receiving calls from family members that have traditional telco lines. I seem to recall having some issues when I just hooked it up several years ago, but those seem to have gone away. I think the product is fantastic for the price. I have a small allocation to this stock in my PA. The cash flow is strong and the valuation is cheap. There are a few red flags, mainly those that were brought up in that short-sellers report. I don't understand why they have practically zero capital expenditures. Their R&D building is some warehouse in FL. It's Israeli domiciled for some reason as well.
    Dec 27 04:35 PM | 1 Like Like |Link to Comment
  • Why I Invested $2 Million In Barfresh [View article]
    This is pure venture and should be viewed as EXTREMELY risky. No revenues and a $30M market cap.
    Dec 23 11:16 AM | 4 Likes Like |Link to Comment
  • Emulex: Market Is Missing The Activism Impact [View article]
    You need to consider cash from operations...much higher than GAAP EPS.
    Dec 18 03:31 PM | Likes Like |Link to Comment
  • Yellow Media: Shares Have Tripled, But Upside Remains For Cash Flow Monster [View article]
    Isn't there plenty of capacity to do both? Refinance with the help of major shareholders and bond holders Canso and GoldenTree. It could gain some capacity to repurchase common shares. The co will likely end 2014 with $200M in cash and $650M in 1st lien notes...assume the converts convert. I have to think FCF in 2014 should be somewhere near $200M. The company could reduce debt by $150M in 2014 and use $50M to repurchase shares...or something along those lines. Net debt would be ~$300M at the end of 2014.

    Right now someone is buying as much stock as they can in the market. What are the rules for creeping takeovers in Canada? I hope the BoD doesn't sell out...this company should remain independent.
    Dec 15 10:25 AM | 1 Like Like |Link to Comment
  • Frontier Communications: Should You Buy This 9% Yielder? [View article]
    Once again you don't tell the whole story. $149M of pension disbursements are one-time settlements. Over how many years does that funding gap need to be filled? MANY.

    I'd be more concerned about cash taxes with the large deferred tax liability that has grown in recent years thanks to bonus depreciation. Even still, I think the company has sufficient cash and future cash flow to retire all the debt coming due through at least 2016 AND pay the dividend...that's not to say they won't take a proactive approach (similar to CTL) and cut the dividend ahead of when they need to. Of course management will have lost all credibility by that point and the stock will probably be at $3 or less by then! Only time will tell.
    Dec 13 03:14 PM | 1 Like Like |Link to Comment
  • Dex Media: A Stronger Buy, After The Successful Debt Tender [View article]
    You love to keep saying that. Recall the 2013 bankruptcy led to ZERO dilution to existing shareholders. It was simply a vehicle to force the new terms of the debt on those few holdouts. In hindsight the company should have allowed for significant dilution in exchange for debt relief. It would have given the co a fighting chance to make it in digital.

    I don't give DXM much of a chance of succeeding. Their cost structure is too high to compete with low cost local competitors on the digital side. Let's face it, their products aren't very differentiated, meaning that many can offer the same services and likely do it at a lower cost and a lower price to the customer. They have very little brand recognition, unlike Yellow Media up in Canada.

    The stock might bounce back a few more times, but I'd use that as an opportunity to "head for z hillls!"
    Dec 13 07:28 AM | Likes Like |Link to Comment
  • Depressed Stock Price Makes An Ideal Entry Point Into CenturyLink [View article]
    Did you listen to the CFO present at the UBS conference today? First of all, he is the world's worst promoter. Second, if bonus depreciation is not extended by congress CTL is going to be paying TONS more taxes in 2015 and beyond. He referenced about $100M in cash taxes in 2013 and 2014 with that going up to $700M in 2015 and even higher in 2016. There goes the low dividend payout ratio.
    Dec 10 07:55 PM | 2 Likes Like |Link to Comment
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