Good points on having thousands of SKUs and the development kits. Back in the old days, engineers had huge catalogs on thier desk and "sample kits" of gizmos and gadets. Which ever gismo or gadet made it into the prototype went into production. If engineers have helpful development tools to aid thier designs, they will use them. Pretty Microchip has already figured this out.
Triangle Capital: A Pullback Makes This 8% Yielder A Strong Buy [View article]
From their 10-Q:
SBA and SBA LMI Debentures
Interest payments on SBA-guaranteed debentures are payable semi-annually and there are no principal payments required on these debentures prior to maturity, nor do the debentures carry any prepayment penalties. The Company’s SBA-guaranteed Low or Moderate Income (“LMI”) debentures are five-year deferred interest debentures that are issued at a discount to par. The accretion of discount on SBA-guaranteed LMI debentures is classified as interest expense in the Company’s consolidated financial statements. Under the Small Business Investment Act and current SBA policy applicable to SBICs, an SBIC (or group of SBICs under common control) can have outstanding at any time, SBA-guaranteed debentures up to two times (and in certain cases, up to three times) the amount of its regulatory capital. As of March 31, 2013, the maximum statutory limit on the dollar amount of outstanding SBA-guaranteed debentures that can be issued by a single SBIC was $150.0 million and by a group of SBICs under common control was $225.0 million. As of March 31, 2013, Triangle SBIC had issued $118.7 million of SBA-guaranteed debentures and had the current capacity to issue up to the statutory maximum of $150.0 million, subject to SBA approval. As of March 31, 2013, Triangle SBIC II had issued $75.0 million in face amount of SBA-guaranteed debentures. The weighted average interest rate for all SBA-guaranteed debentures as of March 31, 2013 and December 31, 2012 was 4.07% and 4.05%, respectively. As of March 31, 2013, all SBA debentures were pooled. The weighted average interest rate as of December 31, 2012 included $183.6 million of pooled SBA-guaranteed debentures with a weighted average fixed rate of 4.48% and $30.0 million of unpooled SBA guaranteed debentures with a weighted average interim interest rate of 1.42%. In addition to a one-time 1.0% fee on the total commitment from the SBA, the Company also pays a one-time 2.425% fee on the amount of each SBA-guaranteed debenture issued and a one-time 2.0% fee on the amount of each SBA-guaranteed LMI debenture issued. These fees are capitalized as deferred financing costs and are amortized over the term of the debt agreements using the effective interest method. Upon prepayment of an SBA-guaranteed debenture, any unamortized deferred financing costs related to the SBA-guaranteed debenture are written off and recognized as a loss on extinguishment of debt in the Consolidated Statements of Operations. In the three months ended March 31, 2013 and 2012, the Company prepaid approximately $20.5 million and $10.4 million, respectively, of SBA-guaranteed debentures and recognized losses on extinguishment of debt of approximately $0.4 million and $0.2 million, respectively.
The fair values of the SBA-guaranteed debentures are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2013 and December 31, 2012, the carrying amounts of the SBA-guaranteed debentures were approximately $193.1 million and $213.6 million, respectively. As of March 31, 2013 and December 31,2012, the fair values of the SBA-guaranteed debentures were $205.6 million and $228.4 million, respectively.
Triangle Capital: A Pullback Makes This 8% Yielder A Strong Buy [View article]
JJONES40- one reason why I like TCAP, they have several SBA loans that are non-called w/ fix rates. I forget what year they go out to. Check out their latest 10-K.
Diversified ETF Portfolio Performance For Q1 2013 [View article]
Guardian3981- interesting question. Remember, the index is made up of 28 companies (BDC), that are float-adjusted, capitalization-weighted. The third largest holding is AMERICAN CAPITAL, LTD (ACAS), which does not appear to pay a dividend (just checked the cash flow statement) - they appear to be buying shares though. There are also fee(s) of the ETN involved.
From ETRACS: Income potential via variable quarterly coupons linked to the cash distributions, if any, paid on the BDCs in the Index, less investor fees. If the BDCs do not make distributions or those distributions do not overcome the investor fees, then investors will not receive any coupons.
Thanks for the great charts Doug. Never have been a fan of the inflation-adjusted S&P 500. It is interesting, but that is it. I think the "un-adjusted", or nominal, numbers are inflation adjusted since they occurred during the actual inflationary (or non-inflationary) times.
I would be curious to see S&P 500 revenue adjusted for inflation to see if there is any real revenue growth after inflation, or put another way, what percentage of revenue growth is similar a result of inflation.
Altria Offers Both EPS And Dividend Growth [View article]
Thanks for the nice article. I would be curious to see the change in cash flow (both from operations and free cash flow) from the same period last year.
Also, a review of the dividend as compared to free cash flow would be interesting analysis.
Where is future growth coming from? Share buybacks?
AT&T: Financial Shenanigans, Painful Truth Coming [View article]
I do not think the author gets compensation because this article is also on his blog.
Regardless, I think part of writing on Seeking Alpha should be managing the comments also. Personally, sometimes I learn more from interaction in the comments than the actual article.
I also agree as previously stated, if you disagree with the article, state why. All authors, regardless of medium/forum, should be questioned for motive or basis. That should go without saying.
AT&T: Financial Shenanigans, Painful Truth Coming [View article]
Q1 Rev for 2013 was $31,356 vs. $31,822 Million year ago.
Operating Cash Flow for Q1 2013 was $8,199 Million vs. $7,845 Million year ago. 4.5% increase with decreasing revenue. Q1-2013 26.15% of Rev., Q1-2012 24.65% of Rev.
Free Cash Flow for Q1 2013 was $3,881 Million vs. $3,519 year ago. 10.29% increase.
Dividend for Q1 2013 was $2,502 Million vs. $2,606 Million year ago - 4% reduction, thank you share buyback.
Dividend payout for Q1-2013 = 64.47% vs. 74.06% year ago, directionally positive.
IEC Electronics: Absolutely, Positively A Mess And In Trouble [View article]
Quant Magic: A Book Review Of 'Quantitative Value,' By Wesley Gray And Tobias Carlisle [View article]
Microchip Ups Guidance [View article]
Long MCHP.
CSX Corp. - Fundamental Stock Research Analysis [View article]
Deere: Fundamental Stock Research Analysis [View article]
Triangle Capital: A Pullback Makes This 8% Yielder A Strong Buy [View article]
SBA and SBA LMI Debentures
Interest payments on SBA-guaranteed debentures are payable semi-annually and there are no principal payments required on these debentures prior to maturity, nor do the debentures carry any prepayment penalties. The Company’s SBA-guaranteed Low or Moderate Income (“LMI”) debentures are five-year deferred interest debentures that are issued at a discount to par. The accretion of discount on SBA-guaranteed LMI debentures is classified as interest expense in the Company’s consolidated financial statements. Under the Small Business Investment Act and current SBA policy applicable to SBICs, an SBIC (or group of SBICs under common control) can have outstanding at any time, SBA-guaranteed debentures up to two times (and in certain cases, up to three times) the amount of its regulatory capital. As of March 31, 2013, the maximum statutory limit on the dollar amount of outstanding SBA-guaranteed debentures that can be issued by a single SBIC was $150.0 million and by a group of SBICs under common control was $225.0 million. As of March 31, 2013, Triangle SBIC had issued $118.7 million of SBA-guaranteed debentures and had the current capacity to issue up to the statutory maximum of $150.0 million, subject to SBA approval. As of March 31, 2013, Triangle SBIC II had issued $75.0 million in face amount of SBA-guaranteed debentures. The weighted average interest rate for all SBA-guaranteed debentures as of March 31, 2013 and December 31, 2012 was 4.07% and 4.05%, respectively. As of March 31, 2013, all SBA debentures were pooled. The weighted average interest rate as of December 31, 2012 included $183.6 million of pooled SBA-guaranteed debentures with a weighted average fixed rate of 4.48% and $30.0 million of unpooled SBA guaranteed debentures with a weighted average interim interest rate of 1.42%.
In addition to a one-time 1.0% fee on the total commitment from the SBA, the Company also pays a one-time 2.425% fee on the amount of each SBA-guaranteed debenture issued and a one-time 2.0% fee on the amount of each SBA-guaranteed LMI debenture issued. These fees are capitalized as deferred financing costs and are amortized over the term of the debt agreements using the effective interest method. Upon prepayment of an SBA-guaranteed debenture, any unamortized deferred financing costs related to the SBA-guaranteed debenture are written off and recognized as a loss on extinguishment of debt in the Consolidated Statements of Operations. In the three months ended March 31, 2013 and 2012, the Company prepaid approximately $20.5 million and $10.4 million, respectively, of SBA-guaranteed debentures and recognized losses on extinguishment of debt of approximately $0.4 million and $0.2 million, respectively.
The fair values of the SBA-guaranteed debentures are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2013 and December 31, 2012, the carrying amounts of the SBA-guaranteed debentures were approximately $193.1 million and $213.6 million, respectively. As of March 31, 2013 and December 31,2012, the fair values of the SBA-guaranteed debentures were $205.6 million and $228.4 million, respectively.
Triangle Capital: A Pullback Makes This 8% Yielder A Strong Buy [View article]
Triangle Capital: A Pullback Makes This 8% Yielder A Strong Buy [View article]
Diversified ETF Portfolio Performance For Q1 2013 [View article]
From ETRACS:
Income potential via variable quarterly coupons linked to the cash distributions, if any, paid on the BDCs in the Index, less investor fees. If the BDCs do not make distributions or those distributions do not overcome the investor fees, then investors will not receive any coupons.
Deere's Strong Brand Name And Dealer Network Are Key Strengths [View article]
S&P 500 Snapshot: The Rally Stalls [View article]
I would be curious to see S&P 500 revenue adjusted for inflation to see if there is any real revenue growth after inflation, or put another way, what percentage of revenue growth is similar a result of inflation.
Altria Offers Both EPS And Dividend Growth [View article]
Glad to see the increase in EPS come msotly from improving operations. It has been a while since I have dug into MO's 10-Q/10-K, I should revisit.
Thank you Albert for the reply.
Altria Offers Both EPS And Dividend Growth [View article]
Also, a review of the dividend as compared to free cash flow would be interesting analysis.
Where is future growth coming from? Share buybacks?
Long: MO & PM
AT&T: Financial Shenanigans, Painful Truth Coming [View article]
Regardless, I think part of writing on Seeking Alpha should be managing the comments also. Personally, sometimes I learn more from interaction in the comments than the actual article.
I also agree as previously stated, if you disagree with the article, state why. All authors, regardless of medium/forum, should be questioned for motive or basis. That should go without saying.
AT&T: Financial Shenanigans, Painful Truth Coming [View article]
Operating Cash Flow for Q1 2013 was $8,199 Million vs. $7,845 Million year ago. 4.5% increase with decreasing revenue. Q1-2013 26.15% of Rev., Q1-2012 24.65% of Rev.
Free Cash Flow for Q1 2013 was $3,881 Million vs. $3,519 year ago. 10.29% increase.
Dividend for Q1 2013 was $2,502 Million vs. $2,606 Million year ago - 4% reduction, thank you share buyback.
Dividend payout for Q1-2013 = 64.47% vs. 74.06% year ago, directionally positive.