This Is How Much Nokia Made From Patents Last Year [View article]
Jacob, from their 1Q 2013 report: "Within Devices & Services Other, we estimate that our current annual IPR income run-rate is approximately EUR 0.5 billion (US$ 0.65 billion)."
I believe they underbooked IPR income in the 1q, but when asked directly by an analyst on the CC, they didnt answer.
Q from UBS analyst:
"And secondly, just a follow-up on what Kai mentioned. I just wonder, if you give us the run rate of your intellectual property revenues in terms of royalties and what the run rate in the quarter was."
The CFO's answer: ".... And then, what comes to the IP royalty question, so we have said that we expect to have approximately EUR500 million of annual IPR income on our Devices & Services business, so that is really what we have said on the topic, and I have nothing further to add on that."
The subject needs to be clarified though, and during the CC they didnt - I believe they underbooked IPR income, no idea why
S&P 500 Valuation: Earnings Expectations Versus Reality [View article]
Great in-depth article with lots of referencing. Your hard work is appreciated!
$MSFT is certainly getting some bids of recent, despite the 14% decline in global PC shipments in 1Q 13. Can you pls elaborate on how you add back R&D to invested capital ie do you do it YOY from their annual reports or how...
I saw on a 5 yr view, MSFT has almost exactly tracked the S&P return. I wonder if it will outperform from hereon...
Salesforce.com May Be Selling You - Buyer Beware [View article]
I've tried to find out more from CRM's IR team, this query still not answered. (you might find it amusing)
Hello IR at Salesforce. I am an investor in Salesforce, shares held via Schwab, and paste this from your F13 release: Date feb 28 2013, when you posted your 4q 13 and full year results.
Deferred Revenue: Deferred revenue on the balance sheet as of January 31, 2013 was $1.86
billion, an increase of 35% on a year-over-year basis. Current deferred revenue increased by 39%
year-over-year to $1.80 billion, benefited in part by longer invoice durations.
I am not sure I understand this statement. If we are talking of Current Deferred Revenue, I interpret that to mean ‘less than one year’. However you say it benefited in part by longer invoice durations.
There appears to be a contradiction here. Current Deferred Revenue CANNOT benefit from longer invoice durations as the definition of current is less than 1 year.
Salesforce.com May Be Selling You - Buyer Beware [View article]
def rev for 4q F13 (jan 13): "Deferred Revenue: Deferred revenue on the balance sheet as of January 31, 2013 was $1.86 billion, an increase of 35% on a year-over-year basis. Current deferred revenue increased by 39% year-over-year to $1.80 billion, benefited in part by longer invoice durations."
They are still playing games with increasing the invoice duration to get the 35% def rev growth. They mentioned signing a multi-year contract - that probably explains it.
I wager on a qoq basis def rev will be very anemic in the coming april quarter, reflecting this.
Salesforce.com May Be Selling You - Buyer Beware [View article]
@Doyle, hi! I thought they changed the terms of deferred revenue to 2 yrs from 1 yr in the Jan 12 Qtr inclusive. So the first time it was apples to apples was Jan 13, for a real YOY comparison. Am I wrong?
Jim Chanos Is Shorting Seagate, Should You? [View article]
both stx and wdc are operating at 98% cap utilisation at the moment, 3yrs after flood. Read the transcripts. As for Chanos's accusation that STX inflated cashflow via the goodwill created on the Samsung acquisition, I'd love to see him TRY and substantiate that statement.
Western Digital: The New Paradigm Unfolds [View article]
TheGreatOne S&P and indeed all the large brokerages (Citi to name one) have appalling track records in this sector. Not sure why they get it so wrong (they focus on trading volumes not targets?), but Luczo the CEO of Seagate ranted about this very point in a recent Forbes article
Jim Chanos Is Shorting Seagate, Should You? [View article]
Interesting dig into the detail
However: The large hump in sales/work in progress in 2011 is their acquisition of Samsung's HDD business. That's why the numbers were distorted, but have now stabilised.
HAMR Will Make Seagate One Of The Best Tech Plays With Significant Upside [View article]
$WDC $STX Chanos already burning on his short and will capitulate in due course. His 'thesis' on the short, listed in Barrons, depicts a scatter gun blasting away in desperation. He even suggests accounting fraud at STX....
Ebix Shareholders Are Getting A Raw Deal [View article]
Despite empathising with Raina's frustrations on the stream of rumour mongering by the shorts, (aided by Bloomberg and their unidentified sources 'with close knowledge of the matter'), the takeout price is a huge disservice to the company's long suffering loyal investors.
Raina may be justified in taking it private, but this is one helluva kick in the teeth as a parting gesture to his loyal supporters.
Maybe, just maybe, he wont receive a majority shareholder approval of the merger. He certainly wont recieve mine.
Why Nokia's Biggest Problem Is Microsoft [View article]
"As you can see in the below diagram, Microsoft has multiple sources of income, and WP doesn't really bring in any noticeable income."
Are you for real? Just cos it doesn't bring in current income it should be neglected by MSFT?? WP8 on smartphones is their last stand to prevent being further marginalised as PC's fade.
MSFT will do EVERYTHING to ensure WP8 is the third viable and common smartphone O/S
Just to trumpet MY foresight, quote from article above: "Judging by the initial reception of the Lumia 520 in emerging markets, it could easily be the bestselling smartphone in 2014."
Salesforce.com Earnings Call: Is The Lovefest Over? [View article]
This Is How Much Nokia Made From Patents Last Year [View article]
"Within Devices & Services Other, we estimate that our current annual IPR income run-rate is approximately EUR 0.5 billion (US$ 0.65 billion)."
I believe they underbooked IPR income in the 1q, but when asked directly by an analyst on the CC, they didnt answer.
Q from UBS analyst:
"And secondly, just a follow-up on what Kai mentioned. I just wonder, if you give us the run rate of your intellectual property revenues in terms of royalties and what the run rate in the quarter was."
The CFO's answer:
".... And then, what comes to the IP royalty question, so we have said that we expect to have approximately EUR500 million of annual IPR income on our Devices & Services business, so that is really what we have said on the topic, and I have nothing further to add on that."
The subject needs to be clarified though, and during the CC they didnt - I believe they underbooked IPR income, no idea why
S&P 500 Valuation: Earnings Expectations Versus Reality [View article]
$MSFT is certainly getting some bids of recent, despite the 14% decline in global PC shipments in 1Q 13. Can you pls elaborate on how you add back R&D to invested capital ie do you do it YOY from their annual reports or how...
I saw on a 5 yr view, MSFT has almost exactly tracked the S&P return. I wonder if it will outperform from hereon...
well done again
Salesforce.com May Be Selling You - Buyer Beware [View article]
Hello IR at Salesforce.
I am an investor in Salesforce, shares held via Schwab, and paste this from your F13 release:
Date feb 28 2013, when you posted your 4q 13 and full year results.
Deferred Revenue: Deferred revenue on the balance sheet as of January 31, 2013 was $1.86
billion, an increase of 35% on a year-over-year basis. Current deferred revenue increased by 39%
year-over-year to $1.80 billion, benefited in part by longer invoice durations.
I am not sure I understand this statement.
If we are talking of Current Deferred Revenue, I interpret that to mean ‘less than one year’.
However you say it benefited in part by longer invoice durations.
There appears to be a contradiction here. Current Deferred Revenue CANNOT benefit from longer invoice
durations as the definition of current is less than 1 year.
Please explain, you can email me on xxxxxxxx
Thanks and keep up the good work!!
Salesforce.com May Be Selling You - Buyer Beware [View article]
"Deferred Revenue: Deferred revenue on the balance sheet as of January 31, 2013 was $1.86
billion, an increase of 35% on a year-over-year basis. Current deferred revenue increased by 39%
year-over-year to $1.80 billion, benefited in part by longer invoice durations."
They are still playing games with increasing the invoice duration to get the 35% def rev growth. They mentioned signing a multi-year contract - that probably explains it.
I wager on a qoq basis def rev will be very anemic in the coming april quarter, reflecting this.
But the street just cant get enuf....
Salesforce.com May Be Selling You - Buyer Beware [View article]
Salesforce.com May Be Selling You - Buyer Beware [View article]
Jim Chanos Is Shorting Seagate, Should You? [View article]
As for Chanos's accusation that STX inflated cashflow via the goodwill created on the Samsung acquisition, I'd love to see him TRY and substantiate that statement.
Western Digital: The New Paradigm Unfolds [View article]
Jim Chanos Is Shorting Seagate, Should You? [View article]
However:
The large hump in sales/work in progress in 2011 is their acquisition of Samsung's HDD business. That's why the numbers were distorted, but have now stabilised.
Red Herring I'm afraid
Disc Long WDC
HAMR Will Make Seagate One Of The Best Tech Plays With Significant Upside [View article]
Good article Andy
There Is More To Nokia Than You Might Think [View article]
That sounds very small.
Do you have an idea how one could extrapolate these figures to get an estimate for China as a whole....
thanks
Ebix Shareholders Are Getting A Raw Deal [View article]
Raina may be justified in taking it private, but this is one helluva kick in the teeth as a parting gesture to his loyal supporters.
Maybe, just maybe, he wont receive a majority shareholder approval of the merger. He certainly wont recieve mine.
Why Nokia's Biggest Problem Is Microsoft [View article]
Are you for real? Just cos it doesn't bring in current income it should be neglected by MSFT?? WP8 on smartphones is their last stand to prevent being further marginalised as PC's fade.
MSFT will do EVERYTHING to ensure WP8 is the third viable and common smartphone O/S
Can Nokia Earn 1 Euro ($1.30 US) Per Share In 2014? Absolutely! [View article]
http://bit.ly/169gTNy
Just to trumpet MY foresight, quote from article above:
"Judging by the initial reception of the Lumia 520 in emerging markets, it could easily be the bestselling smartphone in 2014."
hat tip: @knowitall