Brett Profile picture
Sep 26, 2020 9 tweets 1 min read Read on X
$SFIX 10-K out recently. Some interesting tidbits I found:
- Stitch Fix is less than 10 years old and only available in the U.S. and U.K.

- First new product outside of Fixes (Direct Buy) is barely one year old
- "We believe that an intelligent combination of data science and human judgment is required to deliver the personalized retail experience that consumers seek."

- The specific term "data science" is mentioned 25 times in the 10-k
- Stitch Fix has over 4,700 stylists

- They are not a traditional subscription service, and offer "on-demand" fixes for clients

- "Exclusive Brands are a meaningful part of our business and we expect them to be a permanent part of our portfolio"
- SGA expense was 35% of sales in 2016, but has inched up to 47% in 2020

- Company has been cash flow positive since 2014
- in March of this year, three of there eight fulfillment centers closed
- "Our current marketing efforts include client referrals, affiliate programs, partnerships, display advertising, television, print, radio, video, content, direct mail, social media, email, mobile “push” communications, search engine optimization, and keyword search campaigns."
- they have $568 million in contractual obligations, the majority of which is for products to be bought within a year

- Inventory estimated to be $125 million

- Current ratio above 2 and no significant LT debt
- $67 million in SBC in 2020

- $4.8 million in one-time expense to move stylists (i.e. fire and rehire new ones) from California

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More from @CCM_Brett

Mar 3
Not much chatter on $IAC anymore

Which isn't surprising

Stock is down 64% in the last three years

$QQQ is up 43%

But I think the stock is cheap, especially compared to the broad indices

Here's why ⬇️
Current market cap: $4.89 billion

Net out cash and debt

Estimate Vivian stake at $300 mil

Use market values for $ANGI and $MGM (both deserve to trade at their current multiples IMO)

You are left with ~$1.17 billion Image
Yes, I get it. This is a "sum of the parts" (SOTP) that you all hate

SOTP apparently don't "work" (I've never known what that means). I don't really care, if value is getting created on a per-share basis I will rest easy as a shareholder
Read 10 tweets
Nov 28, 2023
$NTDOY Q2 CC is out, for those who missed it

nintendo.co.jp/ir/pdf/2023/23…
Image
"Regarding the balance between maximizing IP value and the risk of causing devaluation, it is important to continue developing projects one by one, being careful to prevent excessive exposure of the IP and to not let down our game fans, given their expectations...
and emotional attachment"
Read 8 tweets
Dec 7, 2022
Shares of Nelnet $NNI recently hit all-time highs and are now up on the year

But the stock is still incredibly cheap

Here's why⬇️ Image
For context, as of this writing, $NNI has a market cap of $3.54 billion
Over the next decade-plus, Nelnet is going to receive steady cash flow from its securitized student loan portfolio, estimated to be around $1.66 billion

Since student loans are backed by the federal government, investors should have extreme confidence in this cash flow Image
Read 14 tweets
Dec 6, 2022
Yesterday we released our monthly Arch Capital episode outlining why we own $ADSK

Here are X reasons why we think the stock is cheap today and why we believe it is possibly the highest-quality software company in the world right now⬇️
First, make sure to check out our fund website and read our disclosure:

archcapitalfund.com/holdings
1. $ADSK is the leader in BIM software

BIM (Building Information Modeling) is growing in popularity due to government mandates and industry trends but is still at less than 50% penetration in most markets

This growth should only continue over the next five years and beyond
Read 17 tweets
Nov 9, 2022
Nintendo just released its annual 50-page investor presentation

Here are 11 big takeaways from the report $NTDOY
1. FY 2023 revenue and net profit guidance were raised, mainly due to Fx movements

Hardware guidance was reduced due to semiconductor constraints, but (most importantly) software/game unit guidance was unchanged
2. 30% of Switch purchases are now from households that already had a Switch system, either to upgrade to the OLED model or to have multiple in the family

This bodes well for the demand of the Gen 2 Switch, which will likely come out within the next 1 - 3 years
Read 14 tweets
Nov 7, 2022
$MTCH is down 75% over the past year and is one of the worst-performing stocks in the S&P 500

Investors have soured on this online dating conglomerate. However, we are still optimistic about the stock's prospects

Here are 10 positive signs from the recent earnings report⬇️
1. Revenue is still growing 10% on a FX neutral basis and 16% FX neutral at Tinder, its most important app ImageImage
2. The Tinder team saw minimal attrition after gutting its executive team Image
Read 13 tweets

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