Monday, March 30, 2015
- Thanks in large part to the low-cost Moto G (now Brazil's top-selling smartphone), Lenovo's (OTCPK:LNVGY) Motorola Mobility unit has doubled its Brazilian smartphone share to 18% (per IDC), a figure that trails only Samsung's 43%.
- Google originally launched the Moto G with a 4.5" display and a $179 unsubsidized price in 2013. A second-gen model contains a 5" display and a similar price, though it goes for $260 in Brazil due to taxes/tariffs. A second-gen version of the cheaper Moto E (4.5" display) will sell for $120 in the U.S., and $200 in Brazil.
- Motorola's Brazilian success highlights the one-time mobile giant's success at improving its fortunes by focusing on cheap Android phones that are a cut above many comparably-priced products in terms of design/build quality. IDC estimates Lenovo (aided by Motorola) had a 6.6% global Q4 smartphone unit share on the back of 24.7M shipments. Motorola's shipments rose 118% over the whole of 2014.
- Canadian telecom Shaw Communications (NYSE:SJR) has arranged a syndicate of lenders for $480M in credit for its co-location/cloud unit, ViaWest.
- The credit comes in the form of a term loan of $395M and a revolving facility coming to $85M, allowing for a rollover and for general purposes.
- TD Securities and RBC Capital Markets are joint lead arrangers for the lines.
- At its most recent report, Shaw had long-term debt/assets of 35.4 and long-term debt/equity of just under 100.
- Alan Conley, most recently the CTO of IT monitoring/analytics software vendor Zenoss and before that the CTO of Cisco's network management technology group, has been named Infoblox's (NYSE:BLOX) CTO, effective immediately.
- Conley replaces founder Stuart Bailey, who will remain on board in the role of chief scientist. He'll focus on "long-range research into the future of networking."
- At Cisco, Conley was a co-worker of recently-hired Infoblox CEO Jesper Andersen.
- Yesterday: Guggenheim's top networking picks; F5, Ruckus, Infoblox
- Alcatel-Lucent (NYSE:ALU) has landed a 4G infrastructure deal with China Telecom that will make it one of the carrier's three largest 4G suppliers, along with Huawei and Nokia. The deal comes a month after China Telecom (along with China Unicom) was granted a license to build a 4G network using the FDD LTE air interface, which is far more popular overseas than the TDD LTE interface initially used by bigger rival China Mobile.
- ALU's equipment will be used to deploy 4G in 40 cities, including Shanghai. China Telecom (NYSE:CHA) had 187.6M mobile subscribers as of February, and has set a 2015 capex budget of $10.15B, up sharply from 2014's $4.77B; most of the spending will be directed towards 4G.
- Separately, ALU has unveiled an optical networking hardware/software solution (dubbed wavelength routing) that will allow connections to be adjusted without electrical switching (thus lowering equipment and power needs), eliminate the need for on-site visits to adjust connections, and quickly detect and route around network faults.
- Verizon plans to deploy ALU's solution on its North American ultra-long haul network. Rival Infinera has also been investing in products that enable a greater amount of network flexibility at the optical level, and in doing so usurping features traditionally handled by routers.
- Two years ago: Alcatel-Lucent, Nokia, Ericsson win China Mobile 4G contracts
- Alex Jing Jiang, Vipshop's (NYSE:VIPS) SVP of business intelligence and customer relationship management, is resigning to "pursue his personal interests and further education."
- Jiang, who was Vipshop's COO from Feb. 2011 to Aug. 2012, will remain with the company as a "senior corporate advisor." No word on who his successor will be.
- InContact (NASDAQ:SAAS) has closed an offering of $115M in 2.5% convertible senior seven-year notes, offered via private placement.
- The notes are unsecured and not redeemable by inContact before April 1, 2019. They're convertible at an initial rate of 70.279 shares per $1,000 principal.
- The company intends to apply about $22.7M to repay $11.7M in term loans and $11M of draws on its revolving credit facility, and the rest for general purposes.
- StubHub (NASDAQ:EBAY) accuses Ticketmaster (NYSE:LYV) and the Golden State Warriors of violating U.S. antitrust law, as well as California's unfair competition law, by threatening to revoke the privileges of season ticket owners if they resold their tickets through a platform other than Ticketmaster's NBATickets.com, from which the Warriors receive a cut on sales.
- StubHub: "If the anti-competitive actions complained herein are not stopped, Ticketmaster is likely to seek to replicate them with other teams. As a result, millions of Americans will be held captive to a monopoly secondary ticketing exchange."
- The eBay unit claims its Warriors ticket listings are down 80% this year. As it is, StubHub's top line has been hurt in recent quarters by listing fee cuts meant to keep rivals at bay.
- Sprint (NYSE:S) is up 2.5% as it announces an investment in Chicago: $45M in network infrastructure by 2016's end, targeted toward making the city Sprint's first LTE Advanced network, and 300 new jobs by the end of 2015.
- Chicago has acted as a rollout laboratory for Sprint in the past. The company says its customers' wireless usage there has increased more than 640% since 2012.
- The move will mean more than 46 new retail locations in Chicago this year; in the metro area, more than 115 stores, and more than 540 jobs overall.
- Previously: Sprint tumbles; more color on possible network expansion (Mar. 10 2015)
- Previously: Sprint rumored to work on 9,000-site LTE expansion (Feb. 25 2015)
- Today's notable tech gainers include industrial laser maker IPG Photonics (IPGP +4.3%), cloud classroom software provider 2U (TWOU +5.8%), California solar installer Solar3D (SLTD +10.3%), Korean analog/mixed-signal chipmaker MagnaChip (MX +6.8%), privileged account security software vendor CyberArk (CYBR +5.3%), haptic tech provider Immersion (IMMR +4.6%), and solar power optimizer maker/recent IPO SolarEdge (SEDG +4.8%). The Nasdaq is up 1.1%.
- There are relatively few major decliners. The group includes Chinese online video platform Youku (YOKU -4.5%), Chinese solar cell/module maker Yingli (YGE -5.6%), authentication hardware/software provider Vasco (VDSI -3%), and IP licensing firm Marathon Patent Group (MARA -8.8%).
- Solar3D is now up 97% from a March 18 close of $2.57. SolarEdge is up 23% from last week's $18 IPO price. Immersion might be getting a lift from a Barclays report stating Analog Devices will be supplying converter ICs to help enable haptics support on future iPhones/iPads.
- Youku has fallen to fresh 52-week lows, and is now down 18% since posting Q4 results and disclosing an SEC inquiry on March 19. Marathon is down 11% since reporting last Thursday.
- Previously covered: BlackBerry, Altera, Ambarella, OTI, Angie's List, You On Demand, 500.com, Chinese online real estate
- After rising 1.7% on Friday in response to the company's mixed FQ4 results, BlackBerry (NASDAQ:BBRY) has sharply reversed course today as more sell-side reactions to the numbers arrive.
- MKM (Neutral) is skeptical BlackBerry can hit an FY16 (ends Feb. '16) goal of doubling software revenue. "Software revenues came in at only $67mn in 4QFY15, including only ~$13mn in EZPass conversions ... We view the Software guidance as overly ambitious given the EMM competitive landscape. Moreover, Services revenues are expected to continue to decline ~15% per quarter throughout 2016..."
- Credit Suisse (Underperform): "We continue to see headaches for the services business, as we believe that (1) subscriber base will continue to erode, (2) ARPU will fall due to the shift toward BB10, (3) the monetization of EZ Pass remains difficult in a competitive MDM market environment ... we are also concerned that GM’s in the services segments may start to come down as revenue pressures persist ... We assume FY16/17 services revenues are $846/$467mn."
- UBS (Neutral): "[B]ased on current visibility and our own surveys, interest in BES12 and BBRY [value-added service] offerings remains low, and we remain doubtful BBRY will hit its [software] target. In the meantime, cost cuts and cash flow have stabilized business."
- RBC (Sector Perform) is relatively positive. "[QNX is] seeing connected car uptake. There’s strong enterprise interest for Work/Life and Meeting ... There’s some traction for hardware and Passport/Classic may be receiving decent reception ... ASPs improved to $211 vs. $180 in F3Q and are expected to trend higher, which coupled with COGS reductions, may increase hardware margins in F2H16."
- Friday's BlackBerry earnings coverage
- On Track Innovations (NASDAQ:OTIV) has sold off after holding its Q4 earnings CC this morning (webcast).
- The NFC/contactless payment hardware maker has been volatile since posting Q4 results on Thursday morning. Shares jumped on Thursday, but gave back a large portion of their gains on Friday, and are now close to where they traded going into earnings.
- OTI soared last Wednesday after the company won a summary judgment against T-Mobile that (among other things) prevents T-Mobile from challenging infringement of an OTI NFC patent in an upcoming jury trial.
- The company saw a 12% Y/Y revenue drop in Q4, a 300 bps drop in gross margin to 46%, and a 30% drop in operating expenses to $5M. It ended the quarter with $16.4M in cash/short-term investments.
- Infrastructure asset investor DIF has bought Canadian Solar's (CSIQ -3.7%) 10MW GoldLight solar plant (located in Georgina, Ontario) for C$68M ($54M). The project makes use of 46,800 Canadian solar panels.
- Canadian had a 1.4GW pipeline of utility-scale solar projects at the end of February, and is set to add another 1GW through the Recurrent acquisition. With the company planning to launch a solar project YieldCo, it's shifting from a build-to-sell project business model to a build-to-operate model.
- NetApp (NTAP +0.8%) sued Nimble Storage (NMBL - unchanged) in Oct. 2013, alleging (among other things) violations of the Computer Fraud and Abuse Act and trade secret misappropriation. The companies have settled the dispute on undisclosed terms; Nimble says the settlement isn't material to its financial statements.
- Founder Varun Mehta, CEO Suresh Vasudevan, and several other Nimble execs previously worked at NetApp. Nimble's CS-series hybrid storage arrays and NetApp's FAS-series arrays (can feature hard drives, flash storage, or a mixture of the two) both depend heavily on mid-range sales.
- Nimble (January quarter revenue +64% Y/Y to $68.3M) is one of a slew of upstarts grabbing share from NetApp (January quarter revenue -4% to $1.55B) and other enterprise storage incumbents.
- Novatel (MIFI +3%) has acquired Feeney Wireless, a provider of hardware, software, and services for M2M/IoT systems and networks, for $25M in cash and stock + up to $25M in earn-outs to be paid over 4 years.
- With Feeney expected to generate 2015 revenue of $38M, Novatel is paying less than 0.7x forward sales; the company's 2015 non-GAAP EBITDA is expected to total $3M. Its hardware includes M2M/IoT modems, in-vehicle gateways, and power components; its software includes an M2M app framework and device management software; its services cover hardware design, systems integration, and remote monitoring.
- Novatel, which already offers M2M modems and tracking/management software, asserts the deal allows it to be "a total IoT solutions and services leader, from hardware to SaaS to connectivity." It follows Sierra Wireless' purchase of M2M service provider Wireless Maingate, and Amazon's purchase of IoT cloud service provider 2lemetry.
- To help finance the deal, top shareholder HC2 Holdings has exercised $8.6M worth of Novatel warrants (issued last September) ahead of plan.
- Vodafone (NASDAQ:VOD) is adding customer credit cards to its mobile wallet, via deals with service providers Visa (NYSE:V) and Carta Worldwide.
- The agreements will allow Vodafone customers to add their credit card details on their mobile phone's SIM card and enable contactless payment (via near-field communications) using the cards.
- Previously, customers had to use Vodafone's own prepaid account for such payments.
- Vodafone's wallet is available in Spain, Germany, the Netherlands, the UK and Italy and the new card system will be available from Q2. The company declined to make many forecasts about a business with low penetration where key competitors like Apple are just beginning their own forays.
- After initially trading lower today, SolarCity (SCTY +1.5%) has caught a bid from an Elon Musk tweet stating a "major new Tesla product line -- not a car" will be unveiled on April 30.
- Musk is the chairman of both SolarCity and Tesla. 15 months ago, the companies announced a backup energy storage solution for SolarCity solar installations that relies on Tesla battery packs. Tesla's gigafactory plans have fueled speculation the company could become a major battery supplier to third parties.
- "We've wanted to upgrade Broadcom (NASDAQ:BRCM) since the company's analyst meeting in Dec, but have been waiting for a pullback and a catalyst. We believe we got both last week," says Nomura's Romit Shah, upgrading the chipmaker to Buy and hiking his target by $10 to $50.
- Shah: "Broadcom remains very cheap, per our estimation, trading at 15x free cash flow (minus stock comp), versus a comp average of 18x. The discount reflects distrust in management after one bad acquisition and failed attempts in baseband." He thinks management isn't getting enough credit for recent moves to cut stock compensation spend (often criticized), boost capital returns, and increase financial transparency.
- Shares have gradually moved higher amid a 1% gain for the Nasdaq. They're within $2.50 of a 52-week high of $46.31. They moved higher during the final minutes of trading on Friday following reports Intel is in talks to acquire FPGA vendor Altera.
- Nomura downgraded Broadcom to Neutral last May, when shares were at $30.56.
- Dex Media (DXM +1.7%) has sealed an expanded partnership with Yext, a "digital presence" provider for small businesses, to expand Internet marketing offerings for SMBs.
- The two companies have worked together on shared products before, including Reputation Monitoring, and a product called Competitor Watch, which lets companies see reviews for up to five competitors.
- Yext, which launched as a pay-per-call advertising service, now lets companies manage their local listings across dozens of such sites.
- Following talks with CEO Fermi Wang and CFO George Laplante, Canaccord's Matt Ramsay (Buy) has hiked his Ambarella (NASDAQ:AMBA) target by $7 to $81. The move follows a Friday target hike (to $70) from Chardan Capital.
- Ramsay now thinks Ambarella will get a $10+ ASP on A7L video processor sales for Xiaomi's recently-launched Yi camera, while reaping gross margins above the company's 59%-62% target range. Meanwhile, self-driving cars, facial recognition, video broadcasting, drones, home security cameras, security video processing are all seen as growth opportunities.
- He's also upbeat on Ambarella's ability to differentiate long-term (a historical concern). "Ambarella's lineup of application-specific video encoding processors is differentiated in terms of video quality, video compression efficiency and power efficiency. We believe leadership in each of these vectors is both significant and sustainable and will allow Ambarella to maintain its leading market share position..."
- Shares are making fresh highs. They're up 45% YTD, and now trade for 33x Ambarella's FY16 (ends Jan. '16) EPS consensus; the FY16 revenue growth consensus is at 29.3%.
- Mark Wallace -- formerly a managing director at Fortress Investment Group -- will be CFO of Communication Sales & Leasing (Pending:CSAL) when it's spun off as a REIT from Windstream (NASDAQ:WIN).
- Wallace has particular experience with such spinoffs, having served as CFO of a senior housing REIT (New Senior Investment Group) that wrapped a spinoff late last year, and having served as CFO of healthcare REIT HCP.
- Previously: Windstream receives final approval for REIT spinoff and declares dividend (Mar. 26 2015)
- Previously: Windstream names Gunderman to lead REIT spinoff (Feb. 12 2015)
- Four months after the company started promoting local services to its customers, Amazon (AMZN +0.8%) has launched a Home Services site with the help of partners such as TaskRabbit, Pep Boys, and TakeLesons. Market leader Angie's List (ANGI -4.6%) isn't reacting well to the news.
- Amazon exec Peter Faricy: "We have 85 million Amazon customers who have shopped for products this past year that often require a service afterwards." 700 services are initially supported; much like Angie's List, Amazon argues it helps connect consumers with trustworthy businesses. Only 3 out of every 100 professionals in each metro are said to be accepted, with Amazon making sure each business is licensed, insured, and passes a background check.
- The e-commerce giant also claims it only takes 60 seconds for a customer to buy a service. Faricy: "We have standardized and prepackaged all of our service offerings. So you know exactly what is going to be done and how much it’s going to cost you, up front, no surprises."
- 41 states are currently supported; Amazon wants to provide strong coverage across the 30 biggest U.S. metro areas. The Verge notes a beta version of Amazon's site suggests the company is taking a 20% cut on standard services, 15% on custom services, and 10% on recurring services.
- After rising 28.4% on Friday on reports Intel (INTC -0.3%) is in talks to buy the company, Altera (ALTR -3.8%) is paring its gains in response to downgrades from CLSA, Morgan Stanley, and Macquarie. Morgan Stanley has also downgraded Xilinx (XLNX +0.3%), which rose 5.8% on the reports.
- Reactions to the reports, which vindicate at least a few predictions, have been largely positive. Among the perceived benefits to Intel from a deal: 1) Cost synergies from handling the manufacturing of Altera's FPGAs in-house. 2) Lowering Intel's PC dependence amid soft industry demand. 3) The potential to better cater to the likes of Facebook and Google (and keep ARM rivals at bay) by creating Xeon server CPUs with built-in FPGA circuitry to accelerate algorithm performance. 4) The potential to create system-level solutions for servers, telecom infrastructure gear, and other products that combine processors, FPGAs, and other chips.
- CLSA: "[W]e view a potential Altera deal favorably given the manufacturing and end-market synergies ... Altera’s strong base station presence is valuable to Intel ... we see $0.05-0.10 accretion to our 2016 EPS, and additional accretion down the road as manufacturing moves in house."
- Cowen: "[W]e surmise the deal would be heavily debt financed ... ALTR is one of the only semiconductor companies with better gross margin than INTC ... PLDs are one of the only verticals requiring leading-edge silicon in which INTC does not compete."
- Though upgrading Altera to Market Perform, Wiliam Blair is more cautious. "[W]e believe Altera’s fundamentals have deteriorated as the company has faced multiple headwinds. These include market share loss to Xilinx, declining margins, delays in new product ramp-ups, and competitive issues ... On top of this, we believe Altera (as well as Xilinx) has been negatively affected by the increased adoption of SoC solutions, resulting in decreased demand for FPGAs for Glue Logic functions." Bernstein (still bearish on Intel) notes Altera's revenue is only equal to 3% of Intel's.
- If a deal happens, many think Xilinx will be acquired soon afterwards. The short list of chipmakers big enough to swallow Xilinx ($11.1B market cap) and arguably having complementary products includes Texas Instruments, Qualcomm, Analog Devices, NXP/Freescale (about to merge), Skyworks, and Avago. There's also some speculation Intel, which has sat out the chip industry's recent M&A wave, will follow up on an Altera deal by making other purchases to lower its PC exposure.
- ChinaNet Online (NASDAQ:CNET) is up 10.6% on very heavy volume after announcing a service partnership deal with search giant Baidu.
- The companies will cross-sell business-to-business services -- Baidu's Direct Reach service, and ChinaNet's Business Direct 3.0 -- and ChinaNet joins the "ecosystem" of providers at Baidu.
- The platform is centered on mobile search, accounts, maps and personalized recommendations among others.
- "Our influence on the SME industry with franchises and chain stores will create opportunities for Baidu to leverage the ChinaNet brand," says ChinaNet COO George Chu.
- Cellcom (NYSE:CEL) is 2.9% lower today as Israel is pressing for changes to the company's network-sharing agreement with Golan Telecom.
- There's no news on what Israel's Ministry of Communications wants to see in the deal, which has the companies working together on a 4G network and sharing previous-generation sites.
- Also lower: peer Partner Communications (PTNR -3.8%.)
- After falling 5.6% on Friday, volatile 500.com (NYSE:WBAI) is seeing even bigger losses in early trading today. Rumors that the company is caught up in a corruption probe related to Chinese online sports lottery sales continue to swirl in the wake of suspensions from provincial authorities.
- SA Instablog writer/ex-banker MNS Global has written a series of posts about sports lottery suspensions and rumored anti-corruption efforts.
- Oi SA (NYSE:OIBR) is trading 3.9% lower as RBC Capital downgrades to Underperform, from Sector Perform, following a Q4 earnings report where the telecom swung to a net loss of 4.42B reais (about -$1.39B).
- Revenues of 7.32B reais missed an expected 9.12B by nearly 20%.
- EBITDA of 3.195B reais fell 12.5%, but beat an expected 2.84B reais.
- Shares in Oi are down 46% YTD.
- "We believe ADI has secured multiple sockets across AAPL's iPhone/iPad lineup to enable the 3D/Force Touch feature," reports Barclays, upgrading Analog Devices (NASDAQ:ADI) to Overweight and hiking its target by $15 to $70. "[W]e believe AAPL needs and would be be willing to pay for ADI's high accuracy [analog/digital] converters."
- The WSJ reported 3 weeks ago Apple's next-gen iPhones will support haptic sensors that allow different software commands to be sent based on how hard a user presses on a screen. Apple has already integrated its haptics solution (christened Force Touch) within Apple Watch and a new 12" retina MacBook.
- Barclays forecasts the Apple wins will boost ADI's 2016 EPS by $0.80 or more. It thinks 1 converter chip will be needed for the iPhone and 3 for a 12" iPad, and estimates an ASP of $1.50-$2.00. "ADI is known to have the best converters in the industry and this level of performance is needed to compensate for high levels of screen noise."
- Long-term, the firm believes multi-chip iPad solutions could be replaced by a single chip, and that ADI could even "integrate the 2D touch function into a single super chip." It also believes the company is seeing strong industrial chip demand, forecasts a pickup in auto chip sales, and sees room for further revenue and cost synergies from the Hittite acquisition.
- Shares have blasted off to new highs on Barclays' report.
- American Tower (NYSE:AMT) says it's closed its $5.06B transaction to take over tower sites from Verizon (NYSE:VZ) -- which sought to sell off tower and wireline assets after bidding heavily in the FCC's AWS-3 wireless spectrum auction.
- AMT drew funds from its offering of 25.85M shares of common stock and 13.75M depositary shares, as well as revolving credit and cash on hand.
- American Tower reported $313.5M in cash in its most recent quarter.
- AMT up 0.5%; VZ up 0.8%.
- Previously: Verizon reaches $5B sale of towers to American Tower (Feb. 05 2015)
- Online real estate plays SouFun (SFUN +9%), E-House (EJ +4.1%), and Leju (LEJU +8.1%) are shooting higher in early trading after PBOC governor Zhou Xiaochuan stated China has "room to act" to counter deflation. The Shanghai Composite rose 2.6% overnight, and the Nasdaq is currently up 0.9%.
- The PBOC has already carried out a series of monetary easing moves over the last several months, including multiple rate cuts and reserve requirement cuts. SouFun, E-House, and Leju all trade far below their 2014 highs thanks to worries about a weak Chinese property market and the impact of a listing fee price war.
- Andy Rothman, a strategist at fund manager Matthews Asia, argues in the FT today fears of a Chinese real estate crash are overblown, and that prices are likely to rise Y/Y in 2H15 (aided by favorable comps). "There are no sub-prime mortgages and there are very few mortgage-backed securities [in China]. There is no secondary securitization, so no collateralized debt or loan obligations (CDOs and CLOs). China’s residential market is clearly very soft, but I believe a housing crisis is very unlikely."
- Citing optimism about the company's cloud growth and a belief Oracle 12c demand will spark a pickup in database sales, RBC has upgraded Oracle (ORCL +1.3%) to Outperform, and hiked its target by $2 to $50.
- Oracle is coming off a February quarter (FQ3) where its cloud SaaS/PaaS revenue rose 30% Y/Y to $372M and its cloud IaaS revenue 28% to $155M, while its traditional software license revenue (including databases) fell 7% to $1.98B due to the impact of cloud software adoption (Oracle's or otherwise).
- On the FQ3 CC (transcript), Larry Ellison was his usual optimistic self when talking about 12c, its support for multiple database tenants and an in-memory option (meant to counter SAP's Hana) "driving 12c adoption to higher rates than anything we've seen in about – for a very, very long time."
- Previouly: FBR praises Oracle's "one-stop shop" database approach
- Previously: Amazon goes after Oracle with Aurora database
- After catching a Baird upgrade to Outperform last Thursday, GoPro (NASDAQ:GPRO) has been upgraded to Buy this morning by Dougherty. The firm's target is $55.
- Dougherty calls GoPro "one of the most valuable brands in consumer technology," and argues Xiaomi's Yi camera might prove a positive for the company in terms of stimulating demand. FBN declared Xiaomi-related fears to be overblown last week.
- The action camera leader has risen to $43.65 premarket. Shares go for 32x 2015E EPS and 3.2x 2015E sales; estimates have trekked higher since the IPO.
- YOU On Demand (NASDAQ:YOD) is off 15.3% premarket after posting a wider loss per share in 2014, but finishing with revenue strength in Q4 (up 536% Y/Y and up 55% sequentially).
- Gross loss for 2014 of $794K was down from $2.8M in 2013 primarily due to the revenue gains coming from video on demand.
- Net loss from continuing operations was $13M, comparable to the prior year's $13.1M.
- CFO Marc Urbach is resigning effective tomorrow as part of the company's plans to re-center personnel in Beijing, and will work over the coming six months to help the firm seek a China-based CFO. Finance VP Grace He will take over day-to-day duties.
- Cash and equivalents at year's end were about $10.8M, up from $3.8M at 2013's end. The company said on its conference call that cash burn is about $2M/quarter.
- Press release
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