1) $CSU Annual General Meeting Highlights
“It's a lot more fun to be providing utilities with software right now than providing gyms with software"
“It's a lot more fun to be providing utilities with software right now than providing gyms with software"
2) Everybody is working from home and watching $NFLX
3) “Took action prior to the shutdown… Surprised at how well its gone which leads to questions of how many office we need to leave open”
4) "In the hardest hit verticals hospitality, fitness, hotel, et cetera... attrition rates are probably down, i.e. clients leaving us. So new name sales are down, but clients are not switching to other vendors as well. So it goes both ways”
5) "SaaS to me was less a technology model than an economic model… We're more than happy to buy back systems from clients that we think are going to be around and put them on to SaaS-type programs if we can get a good return on the capital that we're deploying."
6) Trade-off between $CSU Minority Investments and Private Equity
7) "We bought a company this week... We had interviewed with management, but we never met the person really physically face-to-face….what we are doing is actually spending a lot more time with the management teams online... This is doable"
8) First comment suggests they lowered hurdle rates across the board, but the second seems to contradict that?
9) "I would be happy to use many billions of those debentures if they were available… the reason is the interest on those debentures is deferrable if we get into a cash flow squeeze. There are no covenants."
10) "A lot of the private equity guys are selling them back and forth to each other. And generally, we're not going to be competitive once the business is highly optimized, perhaps over optimized and leveraged to the gills is not much there for a long-term potential holder."
11) Mark Leonard
“No price to low for a *publicly traded* Shitco
“No price to low for a *publicly traded* Shitco
12) As $CSU gets larger spin-outs may be required to align employee compensation more directly with the underlying business units
13) Rewrites
14) Venture Capital:
"They attack payments and services and hardware and try and create a bundle that makes the TAM sufficiently big the venture capitalists will keep on funding tens or hundreds of millions of dollars per annum of burn."
"They attack payments and services and hardware and try and create a bundle that makes the TAM sufficiently big the venture capitalists will keep on funding tens or hundreds of millions of dollars per annum of burn."
15) On compensation its still ROIC at the top, and operating groups have always had discretion on compensation
