40 Burst results for "CFO"

Fresh update on "cfo" discussed on CNBC's Fast Money

CNBC's Fast Money

01:31 min | 2 hrs ago

Fresh update on "cfo" discussed on CNBC's Fast Money

"We kick things off with a major earnings alert on snap that stock is plummeting after our shares are now down about 23%. The call is just getting underway. Let's get straight to Julia Boris and with more on the quarter, Julia. Well, Melissa, that stock is plummeting after snap reported third quarter revenue that missed estimates. And the company most importantly, I think this is really what the issue is here. It guided to lower than expected revenue for the fourth quarter. Now snap did meet beat on daily active users. It added 13 million over the course of the quarter for a total of 306 million daily active users in the quarter. That beat estimates by about 4 million. But snap CEO Evan Spiegel warning in his prepared remarks that apple's iOS privacy changes are impacting the company more than anticipated, saying, quote, while we anticipated some degree of disruption, the new Apple provided measurement solution did not scale as we had expected, making it more difficult for our advertising partners to measure and manage their ad campaigns for iOS. Now, Spiegel goes on to say that the company is working on building its own first party data measurement tools to help mitigate the impact of these Apple privacy changes. The company also noting that supply chain constraints and labor shortages are hurting its advertisers and in turn that is impacting snaps business. Now, take a look at some of the other social names that are taking a hit on this news. Now, along with snap, Facebook, Twitter, Pinterest, and Google parent Alphabet are all trading lower. Of course, Melissa, these results from snap rates, questions about whether we will see similar impact for these other social stocks that are so exposed to advertising in that iOS ecosystem, Melissa. And Julia, remind us I mean, it was just a month ago or so that Facebook correct had a blog post about what they anticipate this impact would be an investors wanted to sort of look through that. And look at what we have right now. The reaction is, you know, the ripple effect across the sector is just really notable. Yeah, really notable. So I think Melissa, what Facebook warned about was exactly this. It was a measurement issue. If they can't accurately measure, it makes it very, very challenging for advertisers. And so snap had taken a slightly different approach than Facebook snap and said, we're gonna be working with Apple and their measurement system. We think that that's gonna work out. Turns out that that's not accurate enough, and that's why snap is now shifting gears and building its own first party data and measurement system. So I think Facebook did handle this differently, but I think that that warning that blog post a couple of weeks ago was indicating that where you could see some impact like this, but Melissa is just this is an unfamiliar area and it's new territory for all of these companies. They're trying to navigate it. It's not just a question of can their ads work in the Apple ecosystem is can they measure how well they work? And that's repeat piece that we're seeing right here. All right, Julia, keep us posted on this one, Julia borsten. The latest on snap. The guy what do you make of this? This might come back to bite me in the rear end, but I'll say this like snap was expensive going in, but a lot of people still love the stock. I mean, Goldman Sachs, I think on September 13th initiated with a $90 price target. And oh, by the way, when you parse through the numbers, they still had 57% year over year revenue growth. So pretty pretty astronomical numbers. Okay, but I get it valuation is a concern they whack the stock. But Facebook down here in my opinion is a bit of a gift 'cause if Facebook didn't warn already on the back of this given, all the things that they've been going through, you got to believe that the quarter on Monday is going to be stellar. So snap is a valuation concern. Facebook at these levels is trading at 20 times next year's numbers. I think you got to buy the stock. I was sort of, I couldn't figure out what the stock looked like into earnings, given the run that it's had over the last week or so. But I think that set up now looks really compelling into earnings on Monday in my opinion. Why shouldn't Facebook investors Karen be concerned about what snap is saying? I mean, the CFO had already said in the previous earnings conference call that the bigger impact would be in the third quarter. They talked about it in the blog post. We're getting confirmation from snap that there was a big impact in the third quarter. And so are you worried, Karen? Well, I'm always worried about everything. It's just sort of my nature, but as a Facebook holder and then alphabet holder, I am worried about this, but Facebook is down a lot. Remember, they had all kinds of crescendo of negative news between the whistleblower and the outage and all of that. So the stock has come in to guys point this valuation issue isn't one that can't be ignored. Snap had a much, much higher valuation, due to its higher growth. So when you miss and you have a super high valuation, you're going to get punished more. So I don't know if this is enough of a punishment for Facebook and Alphabet, but it does set up better going into earnings having been down and they've already sort of addressed this. I don't know if this is the kind of thing if we get a really bad take on the day that Facebook announces if it got a trade down again on the exact same news, which is this if the apple privacy changes, I don't know, but to me, ultimately, it comes down to valuation when you back out the cash from Facebook, it's not even close. One other thing that sort of interesting is for PayPal, which has just gotten crushed on the idea of maybe they're gonna buy Pinterest. This just sort of adds more cold water for some investors who don't want PayPal to do that. Pinterest trading down. So it would be interesting to see how the whole industry shakes out. I think Facebook and Alphabet will hold up the best. Yeah. Tim? Well, who needs crypto when you could have owned snap from pre COVID levels? I mean, stocks up 400%. Everybody's focused here on the very important. The most important issue is this is a stock that's 23 times 2022 revenues. 23 times sales. I mean, that's crazy. And so I think the whole Apple iOS ad campaign measurement issue is an issue for all of these players. But it affects them all proportionally the same way. And it kind of it's a macro issue. It is what it is. It doesn't necessarily change what the underlying business was. I do think advertisers have a more difficult problem. And then there's companies in the tech space that absolutely. This is what they do for a living. And I think this serves them actually quite well. But I think interesting also to hear about supply chain dynamics also affecting the ad campaigns. And that was something we hadn't heard from other people as well. So to me, this is a snap issue on valuation, even though these are headlines that we've been reading from all of them on the iOS headwinds. I mean, it makes total sense, right? But yeah, when I read it, I was like, oh, oh yeah, that's something I really hadn't thought about Pete and that is, you know, the supply chain issues impacting their advertisers, which is then impacting advertising with snap, which is another headwind that's not faced. Yeah, absolutely. And they promised so much as well. I mean, if you go back and look and see what they were projecting for this quarter, it was astronomical. And it made it very difficult and you guys are all talking about it. I think the right things, which is when you look at this from a valuation perspective, and you look at the PE or whatever metric you want to look at for snap versus a Facebook, for instance, it's not even close. And the cash that Facebook is able to generate is unbelievable..

Facebook Melissa Apple Julia Boris Julia Evan Spiegel Pinterest Julia Borsten Spiegel Karen Goldman Sachs Twitter Google CFO Paypal TIM
Fresh update on "cfo" discussed on Bloomberg Businessweek

Bloomberg Businessweek

00:40 sec | 4 hrs ago

Fresh update on "cfo" discussed on Bloomberg Businessweek

"I'm Charlie peloton earnings Fast & Furious after the closing bell lots going on Got to keep it locked in to Bloomberg business week Intel first of all down 6% CFO George Davis plans to retire in May of next year Intel sees fourth quarter adjusted revenue about 18.3 billion estimates 18.26 billion but Intel shares they're selling off after ours down now by 6% Snap a major story right now reported revenue for the third quarter that missed the average analyst estimate snap shares plunging 29% Chipotle's third quarter comparable sales came in with a gain of 15.1% better than estimates of 13.7 chipotle shares after ours up now by 2% And Mattel.

Charlie Peloton Intel Fast & Furious George Davis Bloomberg Chipotle Mattel
Fresh update on "cfo" discussed on Bloomberg Businessweek

Bloomberg Businessweek

02:28 min | 4 hrs ago

Fresh update on "cfo" discussed on Bloomberg Businessweek

"Over an Intel You know and what's interesting is we do look at the share of the market How often do we talk about Intel but then we talk about the upstart or quote unquote upstart AMD that has increasingly been taking share from Intel I mean the market for such a long time Intel owned it for so many years and it's not been that way for some time Taylor And they're playing catch up to some extent at this point Yeah you know and it's interesting Just go back to some of the retirement news I'm just going through some of the mentions of that CFO in Chelsea from George Davis saying of course announcing plans to retire from Intel in May 2022 going to continue to serve in his current role while Intel conducts a search for a new CFO and they name a successor Tim So I'm still trying to sift through some of these headlines and hear a little bit more about what's going on Yeah and look we're still seeing that the pan we're still seeing Taylor Intel mentioned in its earnings release the COVID-19 pandemic previously adversely affected significant portions of Intel's business that could have material adverse effects on the financial condition and a result of operations I know you're keeping an eye on Mattel that's just crossing right now What do you see It's been talking a lot about some of the supply chain issues and where is some of the toys floating out around the look adjusted gross margin guidance forward guidance that remains unchanged CAPEX guidance remains unchanged but here are the numbers third quarter net sales coming in better than expected 1.76 billion versus estimates of 1.68 third quarter adjusted earnings per share also better 84 cents versus estimates of 72 cents And same full year net sales Now you guys up 15% earlier full year sales were only going to be up only 12 to 14% Now seeing that up about 15% So raising some of the forward guidance despite the forward guidance on expenditures and gross margins remaining unchanged So certainly here Carol looks like an improvement Yeah absolutely Stocks up about 16 and a half percent here so far in 2021 We're seeing a pop in the after hours to up 3.3% This is a company two that you want to know about the supply chain right You think about so much manufacturing that goes on overseas We've talked with the CEO we'll be talking to him tomorrow and they seem to be able to manage that so far and in terms of growth to him They continue to do partnerships Whether it's with WWE or others to propel some momentum and create some revenue group Well you know on cries calling out the supply chain in the statement today saying this was another strong quarter from Mattel We successfully navigated ongoing global supply chain disruption Romain achieving sales growth and for the NPD group continued to gain market share How are you guys taking a look at Whirlpool as well here.

Intel Taylor Intel George Davis AMD Mattel Chelsea Taylor TIM Carol WWE Romain Npd Group Whirlpool
Fresh update on "cfo" discussed on Bloomberg Businessweek

Bloomberg Businessweek

00:34 sec | 4 hrs ago

Fresh update on "cfo" discussed on Bloomberg Businessweek

"Is folks 45 49 and change up 14 points that is a new record high three tenths of a percent gain on the day and nevertheless the record high and Carroll real quickly are NASDAQ going to face a day higher by about 6 tons of a percent Yeah but let's watch because we're going to see pressure on those major equity averages because Intel already down three and a half percent in the after hours Their earnings just crossing the Bloomberg terminal Let's get to it Third quarter adjusted EPS 1.71 that's a beat The estimate was for a dollar 11 third quarter adjusted revenue 18.1 billion folks This is where we get concerned It's a little bit light 18.24 billion was the estimate data center group revenue 6 and a half billion That also Tim coming in late It was supposed to be about 6.65 billion and talking about the fourth quarter the outlook Fourth quarter adjusted EPS 90 cents that is light the estimate on the street a dollar two a share and as for revenue they're looking at about 19.2 billion again Tim that stock down 3.6% in the after hours Yeah we're also learning that Intel CFO George.

Carroll Intel TIM Cfo George
Fresh update on "cfo" discussed on Bloomberg Radio New York - Recording Feed

Bloomberg Radio New York - Recording Feed

00:48 min | 4 hrs ago

Fresh update on "cfo" discussed on Bloomberg Radio New York - Recording Feed

"A little bit assad relief when it comes to inflation and you still have the earning season going fast and furious here. It's going to pick up next week here. But so far what we've heard on a lot of these companies. I mean it has to encourage you. If you're an investor here you're still seeing those margins holding up you're still seeing some of that sales growth holding up and more importantly gear the outlook that a lot of these yields and see those are giving. It's still positive while you still positive but you wanna talk about inflation. Romaine five year break events already sixteen year. High five year yields the highest in february. Twenty twenty are. We repricing afford expectation. Don't it down here. Taylor look at that. Even the dow jones industrial average heard what you just had to say which into the green here is basically going to finish the day relatively unchanged right now on the screen down about ten points here a moment for these numbers to settle the call on on the day. Be five hundred there. It is folks forty five forty nine and change fourteen points that is a new three tenths of a percent gain on the day and nevertheless a record high and carol real quickly or nasdaq higher by about six tenths of a percent. Yeah but let's watch because we're going to see pressure on those major equity averages because intel already down three and a half percent in the after hours their earnings just crossing the bloomberg terminal. Let's get to at third quarter adjusted. Eps dollar seventy one. That's a beat. The estimate was for a dollar eleven third quarter justin revenue eighteen point. One billion folks. This is where we concerned. It's a little bit light. Eighteen point twenty. Four billion was the estimate data center group revenue six and a half billion that also tim coming in light. It was supposed to be about six point. Sixty five billion and talking about the fourth quarter. The outlook fourth quarter justice. Gps ninety cents. That is light. The estimate on the street a dollar to a share and ask for revenue. They're looking at about nineteen point. Two billion again tim. That's stock down three point six percent. He after hours we're also learning that intel. Cfo george davis announcing plans to retire in. May of twenty twenty..

Romaine Taylor Carol Intel Justin TIM Cfo George Davis
Wells Fargo Launches Passive Bitcoin Fund for Rich Clients

The Breakdown with NLW

02:13 min | 2 months ago

Wells Fargo Launches Passive Bitcoin Fund for Rich Clients

"Wells fargo has registered a new private bitcoin fund with us regulators. The fund is operated in partnership with the breakdown sponsor night gig as well as investments who've worked together on other funds such as i believe the morgan stanley bitcoin funds. According to a coin desk source the new wells fargo fund is passively managed earlier reports had suggested it would be an actively managed fund for wealthy clients on top of the wells fargo news j. p. morgan's passive bitcoin fund. Also a partnership with nine was also filed with the sec. Today so if you wanna know what people think of bitcoin just keep watching what they do not what they say next on the roof today. These scars of past crypto winters run deep according to a report from the wall street journal coin. B.'s has a pretty significant cash reserve at the end of june those reserves stood at four point three six billion dollars. That's up from one point. One billion at the end of last year quinn basis. Cfo lsu haas said we want to ensure that we maintain those cash reserves so can continue to invest and continue to grow our products and services in the event that we go into crypto winter. She also said that part of it could go towards acquisitions. I just want to point out that in a market that so many think is absolutely batty because it's disconnected from fundamentals. Queen base as a company is not only profitable but is keeping a large number of cash reserves on hand in the event of a rainy day. Something which basically no other companies do. So i don't know. Man maybe crypto has something figured out that other industries have forgotten last on the brief today. Brian quinn tens is stepping down from the cftc. Brian quinn tens is one of the most vocal advocates for crypto among the us regulatory ranks. The commissioner's term technically expired. Last april and he had previously planned to step down by october twenty twenty but ended up sticking around which he's legally allowed to do until the end of this year. He has been fierce about giving crypto a fair shake in policy discussions as well as advocating for the cftc's role in regulating crypto. According to the wall street journal he'll be gone by the end of the month and headed to the private sector where he intends to quote keep innovation particularly related to crypto currency and defy relevant to my career

Wells Fargo Fund Brian Quinn Cfo Lsu Haas Wells Fargo Morgan Stanley The Wall Street Journal Morgan SEC Quinn United States Cftc
3 Part-Time Marketing Roles to Hire For

Marketing School

01:43 min | 2 months ago

3 Part-Time Marketing Roles to Hire For

"Way to do. It is use the hosts. Eric and i use dream hosts so just go to dream house or google. It find it. Check it out and is a great way to improve your low time today. We're gonna talk about three fractional marketing roles to hire so. I'll start with number one so when we say fractional by the way we mean fracture could be more part time right when people say fractional. Cfo that's kind of part time and so to me a content marketer more of like a concrete or right could be a fractional type of role especially on the blog post side of things because if you're creating content you. I have some fulltime writers but you might also have a stable of writers helping you from part time perspective. Yeah you know what. I ended up finding out to with marketing roles. Sometimes when people work on multiple projects they tend to be super creative. And it can bring new insights that you may have never thought about before so one fractional role that i love is anyone who's in charge of social media because if the work in many different accounts they're seeing what's working and they've may have tested different things. They may have unique fresh ideas. Because what you'll find is your own internal team. A lot of times will run out of ideas so bring in fresh blood or who are working on multiple things at the same time. The have a

Eric Google
Any Republican Senator Who Supports Biden's Infrastructure Bill Should Be Defeated

Mark Levin

01:53 min | 2 months ago

Any Republican Senator Who Supports Biden's Infrastructure Bill Should Be Defeated

"Any senator. Republican senator who votes for this infrastructure bill should be defeated. They should be primaried. They're playing to the headlines for the New York Slim's in the Washington compost they want to be seen as reasonable. Bipartisanship in the face of radical extremism. Is a vice. To paraphrase Barry Goldwater. And with all this other stuff swirling around. As I said the other day, the Republicans should be putting their foot on the brake of everything. The Democrats want all the spending they want until they secure the border. There should be money to build the wall and secure the border. It is an infrastructure bill, after all, but there's all kinds of money for all kinds of pork and crap in this thing, as you might expect. And McConnell's all in He's all in. Seven of those who are of the 18 Republicans. Just got reelected. So they're not up for re election. Three of them are not running again. So 10 of the 18 are untouchable. But the other eight are touchable. The other eight are touchable. And behind this. It's not even 1.2. It's two trillion, according to the tax foundation. You know why? Because they use accounting. It's amazing thing. They're going after this poor guy that was the CFO. Of Trump Properties. Well, you didn't You, are you? You didn't report the use of a car. Okay. I'll pay the penalty and interest anyway. No, no, no, You don't understand. We want to send you to prison. What? Meanwhile, look how these fools play with the books. We're talking about tens of billions hundreds of billions of dollars.

Barry Goldwater Washington Mcconnell New York Trump Properties Tax Foundation
Radicals Like D.A. Vance, A.G. James Are Purposely Persecuting Trump and Allies

Mark Levin

01:24 min | 3 months ago

Radicals Like D.A. Vance, A.G. James Are Purposely Persecuting Trump and Allies

"Look at the situation in New York, New York. With the radical left wing. In my view, unethical District Attorney Manhattan advance Charges the CFO of the trump companies. With some minor tax issues, and they had him up. She it's $3 million using a car. He didn't report that And a few other goodies that they get as corporate executives. Every corporate executive in this country, you better go back and amend your tax returns. Normally what the IRS does a slap you on the hands they could pay interest in the penalty. You don't you're not charge not indicted. I didn't have this. Latisha. What's her ass? The attorney general of New York, who runs for office. Saying she wants to take down Donald Trump that she will use her office. Not only doesn't she recuse herself, she's not disbarred Nothing. Nothing. And then Rudy Giuliani. His law license is temporarily suspended because the New York lawyers and and others their judges. Didn't like the way he represented his client during the last election and in Washington, D. C. Not to be outdone says Well, we're going to have to do it, too, because he has a lot of license here until that's resolved. Incredible.

New York Latisha Manhattan IRS Donald Trump Rudy Giuliani Washington
Enron: The Black Box

American Scandal

01:53 min | 3 months ago

Enron: The Black Box

"Enron chief financial officer. Andy fastow was about to kill an alligator. That's what former enron ceo rich kinder used to call it. He said that enron's problems we're like alligators and to fix them. You had to get in the swamp kick out all the alligators than kill them. One by one fast. Al likes to remind himself of this every time. Someone at enron becomes a problem and when that happens. It's time to go alligators fast. Out gets out of his chair paces with each passing second. He gets a little angrier. Then there's a knock at the door. Today's alligator has arrived. It's open jeff. Mcmahon enters enron corporate treasurer glorified accountants more. Like it and fastow hates him. You wanted to see me andy. Yeah how'd you meeting with jeffco my meeting with killing the slip your mind. You don't remember speaking jeff behind my back and do we really have to do this. Your problem talk right now. Fine the current situation with l. J. m. is completely untenable is it. Yeah you're enron. Cfo but separately. You run j. An investment fund. That does all its business with enron. Yeah so so. This is a conflict of interest about bankers at maryland. I union calling me you've launched. Ljm two now and you want them to provide debt financing and you're threatening to pull enron's business altogether if they won't do it and also enron employees are telling me that when they negotiate with ljm. It strongly implied that if they fight for themselves too hard they'll be punished with negative performance. Reviews over at enron andy. This is completely out of control. Fastow clinches and unconscious his fist in feel the heat in his face knowing he's turning red wonders what would happen if he just hit mcmahon right here in the office he could probably get away with it.

Enron Andy Fastow Rich Kinder Fastow J. M Jeff Mcmahon AL Andy LJM Enron Andy Maryland
Former President Trump Attacks NY Tax Charges at Rally

WSB programming

00:32 sec | 3 months ago

Former President Trump Attacks NY Tax Charges at Rally

"Trump speaking at an event in Sarasota, Florida Tom 40 former president Trump addressed to Sarasota, Florida rally Saturday night, firing away at familiar perceived enemies, Perhaps foremost Among them New York City and state prosecutors who recently brought criminal charges against his company and its chief financial officer. They go after good, hardworking people for not paying taxes or a company car. Company. You didn't pay tax on the car. In fact, the indictment alleges 15 specific crimes by the Trump Organization and the company CFO. Tom

Donald Trump Sarasota Florida TOM New York City Trump Organization
Manhattan DA Cy Vance Probably Coming for All Conservatives in NYC

The Dan Bongino Show

01:03 min | 3 months ago

Manhattan DA Cy Vance Probably Coming for All Conservatives in NYC

"The descent into absolute chaos brought about by the liberal tyrants that are now running our country doesn't end in the sad now Sorry state of New York City where the ridiculous Tyrannical, grotesque prosecutor in New York City. Cy Vance was trying to prosecute the trump CFO for Yeah, Yeah, free parking. I just got a text from a friend. Kathy. She's listening to show on the great Wael. She says To me that cases Dan, if you were thinking about going to New York anytime soon, you better stay out of there. Say that guy will come for you to and you know, you kind of, say it with the Winky Emoji guy, But that's not really Winky Emoji guy gets really true now like you're a conservative, you're really in danger in New York are being prosecuted for like jaywalking. Or free coffee in the office. Did you pay taxes on that coffee? That's a fringe benefit. Well, Jimmy, do you have an A C when I was correct? I don't have crazy curate. Craig, I don't have one of those. Not my bag of donuts. Really? But what do you think? One of those little things I don't know. Maybe 10 cents 15 cents, folks, that's taxable. It's gotta be right. I mean, it's a benefit Is Cy Vance. Looking into

Cy Vance New York City Winky Emoji Kathy New York DAN Jimmy Craig
Trump Organization, CFO Allen Weisselberg Charged With Tax Crimes

AP 24 Hour News

00:54 sec | 3 months ago

Trump Organization, CFO Allen Weisselberg Charged With Tax Crimes

Trump Organization CFO, Lawyers Plead Not Guilty to Tax Fraud Scheme

AP 24 Hour News

00:43 sec | 3 months ago

Trump Organization CFO, Lawyers Plead Not Guilty to Tax Fraud Scheme

Trump Organization, CFO Indicted on Tax Fraud Charges

John Howell

01:59 min | 4 months ago

Trump Organization, CFO Indicted on Tax Fraud Charges

Manhattan DA Targets Trump Organization CFO Allen Weisselberg for Things Celebrities Do Regularly

Mark Levin

01:43 min | 4 months ago

Manhattan DA Targets Trump Organization CFO Allen Weisselberg for Things Celebrities Do Regularly

"Prosecutors in Manhattan Da's office have been examining bonuses, luxury perks. Mr Wiesel Berg received including an apartment in Manhattan. Leased Mercedes Benz cars and private school tuition for at least one of his Children. So He's gotten some perks. And he's really earned them. That is an apartment in Manhattan. These leased Mercedes Benz and one of his grandchildren going The private school. Now, ladies and gentlemen. You don't typically criminally indicted individual for this. Let alone The corporation itself that has absolutely nothing to do with Think about the people on television. Think about people who write for The Washington Post and The New York Times. Think about people in Hollywood entertainers and so forth. Think about sports figures in sports broadcasters and even other broadcasters. How many times do they pay taxes? On the use of a car. Car service. How many times did they pay taxes on that? Or any other luxury perks that they receive. So typically, it's a civil matter. That involves penalties and interest in a slap on the wrist, and don't do it again. And after five years Of criminal investigation and millions of pages of documents. This is what this political hack district attorney in Manhattan does.

Manhattan Mr Wiesel Berg Mercedes Benz DA The Washington Post The New York Times Hollywood
Trump Organization, CFO Indicted on Tax Fraud Charges

AP News Radio

00:53 sec | 4 months ago

Trump Organization, CFO Indicted on Tax Fraud Charges

"Hi Mike Rossi you're reporting Donald trump's company and its longtime finance chief are charged with taking part in a tax fraud scheme the Manhattan district attorney's office unveiled charges against former president Donald trump's company Thursday charging the trump organization and its finance chief it what prosecutor Kerry done termed a sweeping and audacious tax fraud scheme according to prosecutors chief financial officer Alan Weissenberg allegedly received more than one point seven million dollars in off the books compensation that included apartment rent car payments and school tuition trump organization attorney Alan Futerfas had a different take I believe the political forces driving today's events are just that the trump organization and see a full Wiesel bird pleaded not guilty former president Donald Trump was not charged at this stage of the investigation hi Mike Crossey up

Mike Rossi Donald Trump Alan Weissenberg Trump Organization Manhattan Alan Futerfas Kerry Wiesel Bird Mike Crossey
Trump Org, CFO Plead Not Guilty to Tax Crime Charges

AP News Radio

00:41 sec | 4 months ago

Trump Org, CFO Plead Not Guilty to Tax Crime Charges

"Hi Mike Ross you're reporting the trump organization and that see a full pleaded not guilty to tax crime charges the trump organization and its chief financial officer have pleaded not guilty to tax crime charges in New York charges against the trump organization include conspiracy grand larceny and tax fraud CFO Alan Weisberg was arraigned one day after a grand jury returned an indictment charging him and of the trump organization with tax crimes the seventy three year old Wiesel Burke has worked for the trump company for decades former president Donald Trump was not charged it is the first criminal case arising from a two year investigation into the trump organization by the Manhattan district attorney's office hi Mike Rossio

Mike Ross Alan Weisberg Wiesel Burke New York Donald Trump Manhattan District Attorney's Mike Rossio
The Price of a Vaccine

Capitalisn't

01:50 min | 4 months ago

The Price of a Vaccine

"So obviously a huge topic today. Are the vaccines the development of the vaccines. The public private partnership called operation warp speed that enabled america to get vaccines very quickly and the debate over patent rights and profit sharing that is taking place as a result of the the successful vaccines luigi and i thought it would be really interesting to talk to someone at moderna to see how they think about all of these issues and we're delighted to be able to talk to Moderna cfo david modine. Our podcast is about what is walking in capitalism. And what is not we wanted to analyze a case where capitalists seemed to have walked. I think that vaccines overall have been enormous success and we want understand out this is possible and to what extent the government played a crucial role. And if they something to learn more broadly about the possibility of partnership between the government and the private sector you were. Cf over large publicly traded company. And then you went for canada top. Stop we start top. What prompted you to make this change in. How different these. Yeah so i joined moderna. About a year ago unexpectedly. They realized they were accompanied coming potentially to the market in twenty twenty versus about five years later and so they needed to quickly build a commercial company. And that's something. I know how to do But the fact is was such a unique and compelling lifetime opportunity to help to address the pandemic to help bring forward a new technology that we felt was very exciting.

David Modine Moderna Luigi America Canada
Trump Organization CFO Allen Weisselberg Turns Himself In

Morning News with Hal Jay & Brian Estridge

00:20 sec | 4 months ago

Trump Organization CFO Allen Weisselberg Turns Himself In

"The Trump Organization, CFO Alan Weiss Tilburg has turned himself into the Manhattan D A s office to face criminal charges said to involve French benefits given to employees. Prosecutors are expected to until the indictment against him and the Trump Organization today. The Trump Organization issued a statement this morning saying, in part, this is not justice. This is

Trump Organization Cfo Alan Weiss Tilburg Manhattan
Judge Blocks Florida Law Aimed at Punishing Social Media

Orlando's Morning News

00:13 sec | 4 months ago

Judge Blocks Florida Law Aimed at Punishing Social Media

"It, He said it would likely violate free speech rights. The law allows the state to penalize social media companies when they bark political candidates from using their platform. The Trump Organization, one of its top executives, CFO Alan

Trump Organization Cfo Alan
Trump Organization and Its CFO Indicted by Manhattan Grand Jury

Todd Schnitt

00:14 sec | 4 months ago

Trump Organization and Its CFO Indicted by Manhattan Grand Jury

"All being her just in. Sources tell ABC News at a special grand jury in Manhattan has returned indictments against former President Trump's company, the Trump Organization and its CFO. The indictments are expected to be

Abc News Manhattan Trump Organization Donald Trump
GameSquare Esports Acquires Complexity Gaming

Esports Minute

00:37 sec | 4 months ago

GameSquare Esports Acquires Complexity Gaming

"Gaming has been acquired by game Square Esports in a twenty-seven million dollar deal. Thanks to the close ties between the Dallas Cowboys NFL team and complexity Jerry Jones will help lead game scores raise of 17 herbs in Canadian dollars and cowboys CFO Tom Walker. And Travis God will be part of game squares board of directors. The NFL theme has also reportedly entered, a partnership deal with game square with complexity, CEO, Jason Lake staying on to lead the org. That will also become game squares. Global head of Esports, the move will look to strengthen the Cowboys and a game squares growing East towards portfolio. The

NFL Jerry Jones Dallas Cowboys Tom Walker Jason Lake Cowboys Travis
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

05:53 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"And look at the sidebar. you'll see a red lions head. It's the brave browser link if you click on that download install and use it brave. Send some cash my way. And if you haven't heard about brave you should really check it out. It looks and works just like chrome. But there's a privacy element to it anyway. You should really check it out and then finally you can support the program by spreading the word. Please just take a moment to tell somebody who you think might get something out of these types of interviews about this podcast all right. I'll stop there. Let's get to the interview with energy energy. Cfo kirk thank you very much for coming back onto the program. It's always a pleasure to have you on this podcast. So thanks thanks a million for coming back on for a follow up interview. You bet happy to join you for listeners. Who maybe haven't heard the first kirk andrews interview could you provide us with just a very brief overview of what in our g does and who you are by the way. Sure absolutely so well. First of all. I'm kirk andrews the chief financial officer at nrg energies ticker is an rg. I've been chief financial officer here for the last eight years actually and energy in a nutshell We are a power company but that always tends to make people think of utilities And the distinction. There is in some parts of the country The price of electricity. The price you pay on your power bill is completely regulated by the state that you live in in other parts of the country like in particular the northeast and texas where it's whereas the predominance of our business power deregulated which means the the only charge on your bill that is regulated by the state is the charge for the owner of the polls in the wires. And that's basically what we would still refer to utility everything else The generation the power plants Are all privately. Owned by different companies including ourselves sometimes private investors sometime public companies and the right to sell power to end use customers which referred to as retail is also deregulated. So if you lived in one of those states you may have seen advertisements for you know soliciting you to consider changing your electricity provider..

kirk andrews red lions Cfo kirk nrg energies ticker texas
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

03:26 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"Own? Yeah so you mentioned in your three to call you emphasize. Maybe it's just me who who felt like you were emphasizing the word earn when it came to new investment grade and I almost got the sense that maybe you felt like you guys were already investment grade. But you have to earn it within within the eyes of Moody's Fitch and innocent P.. So I I'm just GonNa here's what you was there some sort of underlying meaning they're in or maybe I'm just reading eating way too much into that and okay and then just secondly just what is it about the business and the leverage that might make you think in Dr Jesus recognized as investment grade within their eyes and and what needs to happen. Sure well a couple of things. We just target investment grade metrics which isn't hasn't eaten announcement we made towards getting to that roughly two and a half times net EBITDA. For its own sake we did so for a reason and the reason is beyond the obvious right. You know the the the better your credit rating lower your cost to capital and access to capital that all that's true but we also see a strong correlation between the the manner in which are free cash flow is valued whether you want to call that a free cash for multiple on the one hand or free cash flow yield. Is some people like to think about it. That's the that's the free cash flow of the company divided by the market cap. If you will Right now that number for us is still in the mid teens. We do not think that reflects the relatively of low risk proposition that our company deserves and there is a strong correlation between quality of credit rating and the robustness of or lower free cash flow yield or higher free cash flow multiple. So it was really with an eye towards the equity side That we embarked on this journey towards I investment grade metrics and and later investment grade. And there's a distinction between those two because the credit rating of any company is a function of two things statistics and risk right. The corollary are there isn't like risk adjusted. Return right if I if I told you your return was ten percent but the risk was five times the market. You wouldn't think that was a very good return so context matters. They believed that the metrics that we have put forth today anchored by that two and a half times is enough to deserve or earn investment grade rating but our risk in the ratings world has translated into risk rating and it's really SNP which is the best example of that right now are restraining about is fair. F. A. R. Which is basically the same risk rating. We've had all the way back to the days when we were you know. Just stay power Producer because we've evolved the risk of our model we believe we've we deserve a better risk rating to go along with that and we're sympathetic and understanding with the folks that Rainsy's that that doesn't happen overnight and much. It's the same way the mandate is the same on the equity side and is it is on the rating agency side. We have to continue to execute as we did this year. As we fully expect to next year to demonstrate through performance that we in fact are delivering on that reliable stream of cash flows. And I think that will come with time the I I was getting the metrics where we think they ought to be. The next step is leaving no doubt in the minds of our investors in the rating agencies that in fact the lower risks of our businesses we see them manifest edifices themselves in reality. Yeah so I've got some closing.

Moody Dr Jesus Fitch power Producer F. A. Rainsy
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

04:51 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"Or may not be accurate. And you know what were the actual is at the end of the day so fast forward a couple years from whenever a sell side report comes out or a Wall Street analyst report comes out. That says your Yvette Dot is going to be declining into perpetuity because power just keeps getting cheaper and that's oftentimes it's not the case because power prices are super volatile. All true and and I would say that that dynamic that you just accurately describes exist for two reasons but before I go into this two reasons I would see. You're correct. It tends to be the case. Generally speaking that the you know the sell side analysts will just take the price of power in the forward curve and push that through their model. Or what are they modeling in that particular context their motto in the generation side of the business. How profitable does that imply? The generation business will be over time. And if you're taking a forward curve if you will or the forward prices for power in a given market and that market is what we call backward aided or the prices are declining over time obviously that shows a declining profits dream but it also ignores the other side of the business As I talked about we talked about at the beginning. This conversation. We are also in equal magnitude especially in Texas in the retail business which means that declining power price curve if you take it at face. Value is declining cost of goods sold on the retail side of the business where the price of electricity to the retail customers tends to be a lot steadier. It doesn't necessarily forward the forward curve so in one sense that only tells half the story and then the other sense. There's you know you always. You always have to be hesitant near Sommese. Don't believe the forward curve. But I think we're power. Prices are concerned and I'll take our core market which is Texas which is where the bulk of our profitability comes from as an example book. The price of electricity in the forward curve is a function of two things one in combination what the future prospects of Supply Lyon demand are. There's economics one for you. And the other is liquidity which means how many bids and asks or how deep is that market. Get so if I was looking to buy power off of that forward curve three years from now or in two thousand twenty three you know. Are there a lot of buyers. There's an sellers behind that particular forward curve and it tends to be the case that that answer is an unequivocal no and the reason is relatively simple. Who is that marginal buyer who is the demand side of the forward curve well in markets where power is deregulated? Why would have someone? Someone have the reason to buy wholesale electricity because they're in the retail business like we are but very few of the retail customers other than the large large commercial and industrial customer. That I mentioned before Ken to lock in or sign up a contract for power longer than a couple of years which means environment looking to hedge or lock in the power that I've obligated to sell the end use customers. I haven't locked in the revenue side of that equation quite yet. So there's a dearth of demand when you go out the curve and that influences tremendously the shape of that curve. The other is I mentioned. Supply and demand economics connects you know. Texas is a very tight market. What do you mean by tight? You know on the highest peak demand day relative to the amount of megawatts in the system system. There's less than a ten percent premium on megawatts available to supply demand and expected demand. Itself that means if you get a swing in in a hot day which means everybody's not going to turn their air conditioners off. You got very little cushion before you run out of megawatts. That's a long winded way of saying is there needs is to be in that dynamic more megawatts added to the system in order to keep up with the pace of demand. And when you start to prognosticate how many megawatts lots are coming into the system. When you begin to start to get a lot of megawatts coming into system outpacing the the pace of demand that can create a pessimistic view of where the power prices are but of course reality has to intersect and say even if I spread sheet that number of megawatts coming into the system? Does that mean those number of megawatts are gonNA show up on that particular time line and that amount of uncertainty also tends to influence the conservatism or the downward sloping Expectation around prices. Both of those two dynamics tend up under represent reality one meaning that supply and demand and the liquidity challenge Alan of the forward market and the other being even if you accept that at face value. You're ignoring the other half of the equation. which is the retail business? Where that's the cost of good sold if you will? Yeah could you go into.

Texas Yvette Dot analyst Supply Lyon Sommese Ken
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

02:59 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"To sign a PPA. Is it one. Might I think there's a pass through but do you sometimes or oftentimes or all the time earn earn return on a consolidated basis so within the context of retail is what I'm trying to say. Yeah there we always have to look at and in this case. We're not talking about building a power plant we're talking about contracting contracting for the product of that power plant or what we call it off take or a power purchase agreement. We have to look at the price that we're signing up over a longer period time sometimes seven sometimes ten years for that power relative to where we see the price of wholesale electricity and fortunately we've seen myriad opportunities opportunities to lock in under a long term contract a price of electricity that we fundamentally believe below where the prevailing price of electricity is going going to be over that period of time that gives us a competitive advantage in cost of goods sold coupled with the fact that that's a renewable product that we have a growing demand for and you know those listening might say well. Why in the world are you getting the opportunity to buy power below where it's priced? It has to do with financing and liquidity at the end of the day. It's very difficult to lock that price of power in the financial markets. There's just not enough buyers especially over the long period of time to financially if you will hedge hedge if you're building a solar plant so you need an off taker like archie for example to sign that long term contract and it's in our interest to do so because we have an obligation into serve our customers with that power But it gives because in our balance sheet and our credit ratings are increasingly improving. We are a source of steady cash flow for that power developer or that that entity. That's building that new solar plant the stronger. The quality and the reliability those cash flows gives that developer an opportunity to lower their cost of capital and reduce the capital cost necessary to put that in place they can borrow more against that stream of cash I flows and perhaps they're willing to give up a little bit of that discount if you will to wear the forward price is in exchange for getting certainty of cash flows and and that's where our interests are strength of our balance sheet and the interest on the part of the developers of the solar. Are Kinda symbiotic in that sense right. They WANNA level realized reliable set of cash flows from a high quality off taker. We want electricity that we feel like we're getting a late at least slightly advantage price and one that's reliable and one that's renewable. Oh and the intersection of those two things creates what I think is a little bit of a win win. Situation especially in Texas where new megawatts are necessary because the demand in in Texas is growing every single year to require new megawatts to be put in place in order to make sure that that system is reliable that there's enough power to satisfy all of that demand because we're on power prices would like to hear your thoughts on the curve you.

developer Texas archie
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

03:50 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"About consumer preferences within the retail business. This I'm and also changes over the past twelve months. Are you seeing. I mean is it a is it a gradual increase or is it a pretty significant increase in the appetite consumers to have more renewables in Texas. Sure I I think the consumer preference side of things are we. Ah Within the industry. We've got more terms of art that require translation. Then you could say we tend to refer to the residential part of our business. That's that's like you and me individual consumers of electricity as the mass mash business in the mass business. That's been relatively steady And and that's where we're fortunate going back to my answer your previous questions in this. You know multi channel multi product strategy one of our businesses that we own and our brands ends is Green Mountain Energy Green Mountain markets solely renewable electricity. So we can ensure for that customer is interested in that that a hundred percent percent if that's their preference of the power that is sourced to supply. The the the needs of the home in this particular case is sourced one hundred percent for Nobles Nobles and that that pace of change the demand for that type of product is certainly growing We've also seen. I think this has been more cute on. But we call the Commercial Industrial Austrial side of things so the larger commercial or in some cases very large industrial customers increasingly. They are interested in their own because of their own sustainability a Challenges and objectives is making sure that they are environmentally friendly for lack of a better term in the in the power that they procurers Arp so we've recently introduced a product out of the commercial industry sort of our retail business that is renewable. Select that in much. The same way as I described Green Mountain energy allows that end use customer and if it's a commercial or industrial without necessarily constructing solar panels on the roof of the manufacturing plant went to still nonetheless source. Their power needs increasingly from renewable electricity. And that's really you know driven a lot of demand for us and it also means that we have to ensure we have access to renewable electricity and there with the pace of change and this is more economic because solar. Let's let's use that. For example has increasingly been driven down in terms of the cost to install and the the more that cost to install solar solar has been driven down the more competitive it has become with. The you know the overriding price of electricity. Right I mentioned before in order to be profitable. You GotTa make sure that the price of power is sufficient to compensate you for the capital. The you put in place increasingly that is the case with solar and in some cases even even above and beyond needing to have government subsidies tax subsidies and the like and when we've seen in Texas for example the pace of a new build on solar begin to grow rather than buying that solar or or being the one to invest or or build that solar power plant we've simply signed long term contracts contracts to off take some of that solar power and then our marketing and sending that through door and use customers. One that allows us to supply that increasing demand from that part of our customer taste and to it allows us to do that in a way. That's not as capital intensive for us. We have a very strong balance sheet. Were good counterparty for those entrepreneurs that are building those new solar plants and we feel in the current context. That's a better means by which for us to get access to those nobles so that we can continue to meet the demands of our customer base where there were noble product is concerned and in other other positive returns for energy.

Green Mountain energy Nobles Nobles Texas Commercial Industrial Austrial
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

03:16 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"A ruinously slow but firkh and PJ 'EM and capacity markets and. What's happening up? There always seems to be kind of a gray cloud for for the power producers. And there's a lot of stuff going on right now and I would love to just hear your thoughts on on the dynamics. What's at stake steak? And what does it mean for energy. longer-term sure I that that's a good example of Regulation if you're at work. There's a distinction thinking between regulation in terms of regulated utility and regulation that you still faces a competitive power producer but nonetheless what you're talking about is the is. PJ JAM or Pennsylvania. New Jersey and Maryland that's the jurisdiction or the Independent System Operator that governs the wholesale market in the northeast For the most part where we certainly have power plants. There's a capacity market in addition to the price of electricity and the capacity market basically is designed to compensate generators raiders. That aren't necessarily making enough or all of their money. It's necessary to keep the power plants in place off the back of where the prices are. But that's it's designed to keep them there. In order to ensure the reliability of the system and the rules that govern the CAPAC- markets are incredibly complicated. There determine you know and and signed off on Firkh and you know we're we're at inflection. Point where how those prices get determined Especially in one of the subset except markets of PG am and that's the comment region which is out near Illinois. There's a lot of issues in doubt and I won't get into the details here. But suffice prices there are different outcomes there that affect what the future prices of capacity are and therefore the the future profitability of our plants in particular are plants in PG am for the most part earn most of their dollars off of capacity prices. There they aren't high. You know power generating plants. They're there to provide almost an insurance product and obviously the changes. That might take place you know from the Firkin the PG am where future capacity prices are concerned have an impact on that but is always the case as context matters. You know our four power plants in the midwestern part of PGM that comment region and this is publicly disclosed. You know earn about one hundred million dollars or about about five percent of our consolidated data. We believe they're strong reason to believe that the the outcome of where those capacity price changes will continue to be supportive word of a competitive markets. Which means good prospects for those prices? Continue to be as robust or nearly as robust as we've seen in the past. There are other outcomes where those prices might I believe less robust but we see no scenario where that is as draconian as even close to that entire hundred million dollars or five percent of our consolidate being get risk so you know it is fractional at best if you look at the the more conservative or draconian outcomes out of that process. So you know we're certainly mindful of it and and focused on his. Everyone is but in in the context of our. I think it's important to understand. You know what the order of magnitude might be the realm of the possible in in the totality of the Energy Enterprise. Yes Eh ties in nicely with what you said previously.

PJ 'EM Energy Enterprise Firkh Pennsylvania Independent System Operator Illinois producer New Jersey Maryland
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

02:14 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"This interview. Sure I'm well as I tend to think about it I'm GonNa Focus what seems like a little bit Around the power plant side of the business but it also has an impact certainly as it always does on the retail tell sided business and you know as with a lot of industries the primary Changes that we're continuing to see both operational industries you put. It are on the regulatory side of things I mentioned in the earlier part conversation. Power is deregulated. But that doesn't mean we don't have any regulation that overseas perceive that it is you know less than a traditional regulated utility as I mentioned the outset and the other one is the evolving pace of change from a technological. Oh standpoint and you know where those two things tend to intersect is really in. The area of renewable regulatory changes can either be environmental regulations nations which regulate the amount of emissions. You have is a power generator and we've seen some of that. The pace of that changes quite down currently with under the current administration But we have to prepare for obviously the future and the other one is even though we exist in you know deregulated markets the way in which those markets operate. Trade is still overseeing by a couple of jurisdictions one regionally and the other federally and that means you know the the different markets whether that's the northeast on the one hand or Texas on the other hand which tends to be our two biggest deregulated markets. Those are regulated by Both the states to a certain extent and also the interstate commerce part of that for wholesale electricity is regulated by the first The or the Federal Energy Regulatory Commission so both of those two two important changes have given rise to a couple of things in primarily. That's been the continued Acceleration of in particular were renewables. And we've seen some of that even in our biggest market and that's Texas and our our challenge in our opportunity is being is being responsive to that pace of change because it has an impact on the type of products we can offer our customers and it also has an impact on the price of electricity. It's always been meaningful. Maybe.

Federal Energy Regulatory Comm Texas
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

03:37 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"Explain it because you do a really good job of explaining it but I guess that's also because you have so much practice took over my mouth. I we do get a lot of practice. Yeah so you know I would like to hear about just changes over the past twelve months or since in the last time you came to the podcast but you mentioned core competencies season. I would like to hear you. Just highlight what in our core competencies are sure and they speak directly to the two the pieces of our business which we tend to still externally the way I just did in response to your question have to talk about wholesale L. or power generation of a power plant side of the business on the one hand and the retail side of the business on the other hand but internally we tend to operate on a much more integrated basis. And if you think about it in a nutshell the input cost is hayward the efficiencies of all my plants. What is the fuel costs? And how much of that I can manage adage and fortunately those prices and costs relatively steady and what price am I charging on my end. Use customer everything that happens in the middle right between the wholesale business in in the retail. Business is really not as impactful to the bottom line of the performance of the business and as we often say you know we are source agnostic as to some years more of our profitability is going to be from what you call the retail business and less of it from the wholesale and other years the opposite is true but we're focused on delivering the bottom line performance of the consolidated later profitability and the core competencies. That allow us to do that are really twofold. I am one hundred percent confidence. We are best in class on the retail side of the business. First of all I mentioned before we were the first mover into the retail business. We have acquired retail businesses. That are complimentary. And we pursue a model where we market power complemented by other products and services to end use customers through what we call a multibrand multi channel strategy. We don't market everything under under reliant. We don't market everything just under energy. We have multiple brands that appeal to different consumers preferences as you would in any consumer product attic type business and through multiple channels right. We don't just solicit things over the phone with sometimes we sell door to door. Sometimes we generate a lot of customer leads leads through our relationships with the NFL. For example and Archie Stadium is where the Houston Texas place so we have multiple channels and multiple products through which to sell the retail side. And we are the best in the business in terms of how to manage that and how to serve our customers well rate our number one goal around in our g aside from safety which is always number one when she moved beyond that our number one operational goal is being customer focused. And I think we're the best in the business on that and I also believe because we have a breadth of experience in managing the power plant business. We operate power plants practically every fuel type. Whether that's nuclear coal oil natural gas asked renewables experience all of those different things and our operational excellence in managing those plants both safely and reliably is also best in class so so our core competencies are competitive advantages. Speak directly to what strength you have to have in order to manage effectively both sides of that total total value equation. Yeah thanks thanks for that now could you. Just you know it's been it's been more than twelve months but I'd like to hear if there are any important Jordan operational or industry changes. That have happened that you'd like to highlight or talk about during.

Archie Stadium Houston Texas NFL
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

03:38 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"A for many years and are G and a few other companies were known as the IP's The independent power producers. And I believe it was you guys at in. Rg who really started kicking off. Well you've created this new business business model which is an integrated power producer which really focuses on those elements that you just described. But I'm I'm curious how you know over over the past couple of years now. Have those conversations been going with investors. Is it hard for them to wrap their heads around what you guys are today. Compared to what you guys were before You know whatever it was twenty sixteen twenty fifteen. I mean you're the same company but it was this new message that you're getting out and I'm curious if it's hard for ED's investors to wrap their head around Yup what makes that challenging or investors are concerned are twofold number one you know in our G and other companies companies like it you know. We generate a significant amount of excess free cash flow. That's the cash that our business generates above and beyond what's necessary to kind of keep the existing business afloat if you will which gives us a lot of degrees of freedom and in the past we call that capital allocation. What are we going to do with those dollars? Those dollars those were invested in all sorts of different you know early stage evolving technologies and very difficult to get your head around the business model where the capital is going so that it was one challenge. We face that I think we've largely remediated in sort of refocusing on our core competencies which I'm happy to go into the other challenge about that. Is You know you mentioned mentioned. I P P or independent power producers and R G and companies like. It didn't start out in both the power and the retail business. We were simply in the power generation interrelation business and when that's the case as I mentioned in response to your earlier question since the price of electricity rise and falls with whatever the marginal cost most of the next megawatt that has to switch on in order to supply demand The wholesale price of electricity can be relatively volatile It tends to be the case that the what we call the marginal unit or the next megawatt of power plant that needs to turn on In the past and that's still largely true today. He tends to be a power plant. That's fueled by natural gas. And when that's the case that means the price that that power plant or the cost of that power plant to generate megawatt is simply what is the price of natural gas. And how many. BTU's of natural cast does that price does that power plant need in order to produce as a megawatt electric city which means that since the price of power is a derivative natural gas then the price of power rises and falls with natural gas prices. And you know there's also a supply and demand and a weather element of that obviously but it produces when you simpler in the power plant business A business that's very much commodity cyclical and I think. A lot of investors. Remember the days where the price of electricity rise and fall and so does also the profitability of the underlying company. What makes that different in? Today's world is we talked about retail. You know starting about two thousand nine. We were a first mover and beginning to acquire retail businesses. We've we've built up a retail franchise that especially within our core market and that's Texas. We are almost perfectly matched between the amount of megawatts power plants that we own on the one hand and the number of customers or or load and that's megawatt hours that we serve in that same market and while the underlying price of Electricity Chrissy can still rise and fall. The price to the end. Use.

producer Texas R G
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

02:19 min | 1 year ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"To join you for listeners. Who maybe haven't heard the first Kirk Andrews interview could you provide us with just a very brief overview of what in our g does and who you are by the way? Sure absolutely so well. First of all I'm Kirk Andrews the Chief Financial Officer at NRG energies ticker is an orgy. I've been chief financial officer here for the last eight years actually and energy in a nutshell We are a power company but that always tends to make people think of utilities And the distinction there air is in some parts of the country The price of electricity. The price you pay on your power bill is completely regulated by the state you live in in other other parts of the country like in particular the northeast and Texas where it's whereas the predominance of our business power deregulated which means the the only charge on your bill that is regulated by the State is the charge for the owner of the polls in the wires. And that's basically what we would still refer to utility everything else The generation the power plants Are All privately owned by different companies including ourselves sometimes private investors sometime public public companies and the right to sell power to end use customers which referred to as retail is also deregulated. So if you lived in one of those states you may have. I've seen advertisements for you know soliciting you to consider changing your electricity provider. And that means you're not changing the utility in that state which because there's only one owner of the Poles and wires but you are changing who you're getting. The electricity from so energy is in both ends of that value chain. We are in the deregulated power plant business and we have a large retail business. Oh the powerplant business. The price of wholesale electricity as we call it is determined by what the marginal cost of the next unit that needs to be incentive to turn its plant on in order to supply the next megawatt demand and the retail price of electricity is really ill completely driven by market forces That that can be set by individual retailers and it is a truly competitive market. Get on that. Yeah thanks for that explanation. And so.

Kirk Andrews Chief Financial Officer NRG Texas
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

06:37 min | 2 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"That gives everyone a chance to hear public company. CEO's CFO's describe describe their business and provide the investment case for their company in this episode. The stock podcast is really excited to bring you an interview with an hand who's the CEO uh-huh of Super League gaming took her symbol s. l. g. g. when this interview is recorded superleague had a market cap of about twenty-three million no debt and cash on the balance sheet was about thirteen million putting the total enterprise value at about ten million. Now if you're like me you've never heard of Super League gaming. That's partly because I'm not a Gamer. But it's also a small company that doesn't get very much attention from the investment community but what an and Super League or creating is well. We talked about this a little bit but it's kind of like the Minor League for E. Sports and Super League is poised to capitalize on a really fast growing market. They provide a service that no one else really provides and they do it in a really unique and interesting way. It's a really interesting conversation. And if you know nothing thing about East sports then this is a great episode for you to listen to but before we get to the interview I asked you consider something for a moment. One of the goals of the stock podcast is to chip away at a key. Advantage vantage that institutional investors have over the average investor and one of those advantages is corporate access corporate accesses term used in professional investing which is basically the a chance to sit down with a senior management team from public company. You get to hear the investment story straight from the top and I wanted to give everyone the chance to hear these interviews because really the way the industry works is you have to have a ton of money or work for an institutional investor to have the opportunity to sit down with management and at least for institutional investors the reason why they they get to is because they pay big bucks to have access to management. But I'm giving this to you for free however there are still some tangible costs in running a podcast and not to mention the intangible opportunity costs for me for that reason I ask that you consider supporting the program and there are lots of different ways you can lend some support. Donations are certainly the most impactful. And if you'd like to make a contribution to the podcast just check out the donate page on the website at the stock podcast dot com. or You could subscribe either on the website or on the PODCAST APP that you use and another new way to support the podcast by going to the website and go to the episode page aged. And you'll see a red lines head in the SIDEBAR. That's a link to the brave browser and if you haven't heard about brave you really should look into it. Brave works six and looks just like chrome but there's a privacy element to it and the creators are trying to revolutionize digital advertising with digital currency called a basic attention token and if you click on the link download brave and then use it brave. Send some money my way and then finally you can support the show by spreading the word. Please take a moment moment to tell someone who you think. Might get something out of these types of interviews about this podcast really. It means a lot or mouth is the best form of advertising for podcasts. And it's a really easy way for you to support the program all right. I'll stop there. Let's get to the interview with Super League gaining. CEO Her Thank you so very much for coming onto the podcast. It's going to be great learning about your business absolutely happy to be here. Happy to have you and very happy to learn about your a business because it's just a very different business model for me so interested in that but before we get there. Could we just talk about your background a little bit. Where'd you come from? Yeah sure growth in the mid west ask the state kind of did what most people do out of college back. In those days my goal is to go work for a big company so I I started out with Mobile L. and then I moved on to McDonald's and eventually Went to be you know great training and made me sit in a lot of different functional types of roles all in the interest kind of grooming needs to be a generalist and at some point large. PNL owner so my last couple of jobs would be were in London. I ran global. Oh being deceived Business Unit liquefied gas that was Many countries around the world about a three billion dollar. PNL with about three thousand and then my last assignment there. I ran all of our global brands. So you know. BP owns a lot in their portfolio Arco AMT corral. There's all kinds of food can be brands and of course business to business brands as well. And then along the way about Eight or nine years ago. I met venture capitalists. They were coming and poaching executives from energy company. They put a lot of money cleantech and they were looking for people to to run. The businesses is and I think it just seemed exciting to me after all the time in large cap companies but I would get a chance to in some way do something that was very similar more to what my father did. He was a kind of Stereo entrepreneur. He was the first Franchisee ever. I've butters the restaurant chain and so I was used to being out how cold with somebody who was trying to start new businesses scale things that were small and so I jumped up and ran. I cleantech business in the bay area for about five years and then I knew some of the investors and you know early ambassador. Board members to release Super League was about six months old and and they were looking for the first to be very candid. I I was kind of a little bit nervous about it. Because while I could see the eastward space baseless blowing up and timing is everything and early stage companies And I certainly was a game or as a kid but I did at least at first blush I was a little worried. Ah maybe that it. Gains changed so much since I was a teenager and that struggle to understand the market space. But I will. I'll say that I was. I always felt I had really good instincts when it came to creating new ground or transforming them and the lure of the opportunity to not be highly relevant rapidly growing space but to define what really Powerful mainstream brands. You could look like around. That was just something that I could look away from. Yeah that's interesting. I didn't realize you came from. I take that back. I did realize that you came from energy but I didn't realize that you had some cleantech in your background as well and I don't know if you're familiar with any of the previous podcast episodes but I previously covered energy energia so we could probably talk about energy.

Super League CEO Minor League s. l. g. g. Business Unit PNL CFO London Stereo entrepreneur McDonald Arco AMT BP
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

03:01 min | 2 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"Help maybe I'll regret some hair you know maybe maybe I'll have my say you know I think that's probably the biggest misconception of stem cells is that it's sort of Dr who are desperate they have maybe a maybe them or their child has some sort of condition that's non-curable like autism and you'll see a lot of clinics ever support that but the but but that kind of dialogue fuels a fantasy world of stem cells hello and welcome to the stockpiled investing podcast that delivers interviews with Public Company. CEO's CFO's now that's the overarching goal but the underlying goal is to educate an informed especially the investment community that sometimes means bringing guests under the program who are subject matter experts and this is one of those episodes this week's guest is Dr Matthew Lucas from the Santana Schultz clinic based out of Denver Colorado and what's interesting about the centennials clinic is that they were the first clinic in the world to use your body's own stem cells to treat orthopedic problems which makes it a real special treat to have Dr Lucas on the program to talk about Ortho bias logics I e stem cells and platelet rich plasma also known as PRP on the program to talk about the use of Ortho biologics in the ability in process just a little background as to why and how this interview came about I hurt my knee this past summer and it wasn't the first time that I heard particular knee but the pain was so bad this time around that I thought it was high time I got it looked at but before scheduling an appointment I did a little research which is maybe one of the worst things anyone like me who has a tendency for self-diagnosis could do but honestly I just can't pull myself away from Youtube when I think I can find clues or answers to problems there or at least physically which aren't that many really but fortunately I think I made the right choice I learned that on average most knee surgeries for something like a meniscus tear which is what I thought I had those surgeries don't yield very promising results I also came across it's a few videos that highlighted some success stories from this clinic cold Centeno Schultz which offers an alternative to surgery which is the last thing I wanted to do and then alternative is to use Ortho biologics such as against stem cells or PRP which I thought was really interesting so I set up an appointment I was super lucky to have the chance to meet Dr Lucas and during the diagnosis Dr Lucas asked me what I did for a living I told him podcasting he pulled a little bit because he speaks.

Dr Matthew Lucas Santana Schultz clinic PRP Centeno Schultz Denver Public Company CEO Colorado CFO
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

02:01 min | 2 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"CEO's CFO's I'm nate Abercrombie the host of the podcast and this is one of those episodes where you don't get to hear an interview with the CEO or CFO folks but that doesn't mean that this interview is any less valuable. I'm super honored to have Dr Joshua Landis back on the program to talk about the recent developments in the Middle East now. If you haven't listened to part one of this really short series I highly encourage you to do so and the first part of this series I talked talked to Mike Rothman so that's episode thirty eight and Mike Describes some of the important dynamics within the global oil market so we're talking about oil oil supply demand and well an extremely important aspect of oil markets which is spare capacity. It's a really interesting conversation and this conversation with Dr. Landis is highly complimentary because in it we talk about the geopolitical backdrop and some of the really important reasons sends why we saw what we saw back on September fourteenth when at least ten drones were flown into the largest oil processing facility in the world and that's the ABC cake processing facility and Saudi Arabia. Mike Rothman described APP cake is one of the most important pieces of real estate that you've never really heard of and this episode you get to hear Dr Landis describe the significance of ABC Ache and well the significance of the oil industry for Saudi Arabia and how that fits into the geopolitical puzzle that is the Middle East because it really is a puzzle before you get to the interview. I asked that you consider supporting the podcast. The stock podcast is a one man show and it's your support that makes this program possible. There are a lot of ways that you could lend some support. Donations donations are most welcome and most meaningful to me personally. All you have to do is check out the donate page on the website at the stock podcast dot com or you could become a patron on patriots so.

Dr Joshua Landis Mike Rothman Saudi Arabia Middle East CEO CFO nate Abercrombie ABC Ache patriots
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

07:32 min | 2 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"Delivering low-cost energy to our customers keeping your interest rates low unaffordable important are operating company company credit metrics are all a rated and we issue debt somewhere in the neighborhood of seventy five to one hundred twenty five basis points over the ten or thirty year Treasury respectively ends up in net coupon somewhere in the three and have to four and a half percent interest expense so very low cost a debt relative to a lot of other sectors but it's important because we're a capital intensive business that we have a low cost debt to finance our operations. Yeah are most important credit read it metrics for generally of funds from operation divided by debt we look at the ratio of holding company debt to Total Company debt and we look at debt to eva and interest coverage metrics and so from evaluation perspective. What do you think the most important metrics for a utility starts with you know earnings earnings growth dividend yield dries relative ps? You weren't a shareholder but knowing what you know about the company. What would you pay the closest attention to if you were trying to get comfortable with an investment in excel stock? There's a couple of characteristics of highly investable regulated utilize listen I think about one is the management team are they capable of delivering outside returns year in in year out and executing on their communication in their plan X._l.. Energy we have met or beat our earnings guidance for the last fourteen years in in a row and I think that if you look at correlation you'll see that the ability to meet or exceed your earnings targets drives higher. P._e.'s than your peers. The second thing I'd look at is the quality of the capital plan equity could he investors are rewarded when the regulator utilities can invest capital at in grow their rate base at an affordable rate. If you have certainty that the management team can execute on the capital plan then you reward them for that capability and then finally I look at the regulatory jurisdictions in which they operate in and I look at the constructive or or non-constructive outcomes they have that it's just the company but other companies in their states have in their regulatory proceedings you take the combination of a management team a high quality capital plan and a regulatory framework in the states in which they operate in those tend and to be the areas that drive the best share price performance for regular utilities thank you I appreciate that and then my final question a funny story to to share with the listeners about an investor interaction or or or just like a sell side conference that you'd be willing to share funny story about one of our peer companies to tell you the name of the company because it's relevant to the story but when I was a young investment banker and Duke Energy was one of my most important clients and I would go down and see Duke Energy on a three or four times a year and talk about anything and everything under the sun one trip we are going down to see do energy and they wanted to talk about equity equity capital issuance so we decided we'd bring the head of Equity Capital Markets from the bank down to meet with Duke and we totally at this meeting with due date and that we meet him at the company because he was coming from a different location so we all fly in we get to the company and Terry's not there whereas the head of equity capital markets. We're GONNA have an equity conversation with one of the biggest utilities in the sector and our head of equity capital markets isn't there and we start calling him and he says while I'm here where you well he had landed in Raleigh Durham and went to Duke University because that's where his assistant folks his plane ticket. He said I need he told his assistant. I need to go to Duke and she booked tickets at Duke University. Ah So he's standing in the middle of the campus at Duke University we're sitting standing in the middle of Duke Energies campus which is in Charlotte one hundred seventy five miles away so we do the whole meeting via telephone. I like that well. Thank you very much for coming under the program. It's it's a pleasure talking to you and super interesting. I it was great to learn more about excel so thank you what's great to talk to an X._l.. Energy customer and someone who's an advocate for the company Anthony we appreciate the time to be out here in Denver <hes> talk to you and hopefully you know as your listeners may not be focused utility investors but as they wanna get smarter about the opportunity to make and preserve wealth by investing regulate utilities Tilles were. We're happy to have more dialogue with any and every investor that feels like we could be in investable security for them on thank you. I'm sure listeners appreciate that so thanks tombaugh appreciate it.

Duke Duke University Duke Energy head of Equity Capital Markets Terry Total Company Duke Energies P._e. investment banker Anthony Denver Raleigh Durham Charlotte fourteen years thirty year
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

13:42 min | 2 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"We absolutely need technological advances. We need some form of dispatch. Generation wind and solar batteries tend to not be ready all the time with push-button start today that that need is being solved by nuclear plants coal plants in in natural gas fire plants in the future if you wanna be carbon-free were need some form of generation that either captures the carbon that admits so we call that C._C._S. or carbon capture and storage we could go to a next generation of nuclear not necessarily large-scale nuclear but the Department of Energy has been funding small modular reactor research for a long period of time we look at advanced geothermal or using the earth heat to to create combustion energy which is renewable any and all those technological advances and stuff that maybe around the horizon. That's what we need to go from eighty percent reduction by twenty thirty two carbon-free by twenty fifty so I personally because I used to work in the renewable energy industry. I have lots of questions that I can ask you about renewables but rather than ask you just specific. I how much does win cost today in Colorado or the questions that have specific answers. I I'd be curious whether or not you could share anything about what you're seeing today today. In the renewable energy industry that you think would be interesting for listeners to hear both from just a broader industry perspective but then also just more specific to excel the most impressive trend that I've seen in the last S. five years in renewable energy is the continued advancement of technology the challenge that we still have as an industry is that the wind doesn't always blow in the sun doesn't always shine in the amount of storage that we think we need bridge. Those gaps is a substantial amount of cost real estate metallurgical science etc that is going to be challenging to bridge the goal of what I'd call one hundred percent renewable to you carbon-free. We do believe there needs to be some form of generation that can bridge that period. It's not a huge period time ten or fifteen percent of the time where the wind in the sun aren't necessarily there in in the battery storage or some form of storage aren't sufficient to make up the difference yeah the cost curves in the capital cost curve continue to impress me and others who watch that the equipment manufacturers can continue to advance the technology and wind farms and solar panels such at the end cost of the customer is increasingly affordable in competitive today we have significant tax credits that support the implementation or the installation of renewable generation assets in the future. Those tax credits are expected expire and when we talked to equipment manufacturers they increasingly believe they'll be able to keep up with the declining cost curve her such that the tax credit son said is less impactful to the customers and we think we'll be able to continue to deliver renewable energies to our customers at a cost effective rate yeah. It's interesting you mentioned one hundred absent renewables versus zero carbon emissions so there's clearly a distinction there and maybe I I honestly think this is maybe a character misconception within within the industry in for everybody when they think one hundred percent renewables yet maybe they're getting hundred percent wind or solar because of the wrecks but when you say one hundred percent carbon-free you're talking about not needing the fossil fuel sort of backup ready ready to start at a moment's notice type of assets that are required to fill the gap whenever the wind's not blowing the soul in the sun's shining. Is that correct. I think any individual customer can probably be off off the grid or one hundred percent renewable. What's hard is the whole grid at some point needs its ability to recharge itself and our insights into that science would suggest that the the amount of storage capacity that you would need to keep the grid sp reliable in sustainable is so significant that you would make that kind of investment in the short term the difference between one hundred percent renewable and carbon free is being filled by assets like hydroelectric power or nuclear power which are not a meeting resources but are also not considered renewable resources either and the future we need to replace replace some of the stuff that's provided by nuclear with dispatch nominating resources and whether that's small modular reactors whether that's geothermal whether it's natural gas fire plants that carbon capture on the back end end any and all those are potential solutions to the gap that we see that batteries can't make up as a but at the same time I've I've also seen that storage is something that excel is very interested in investing in and from what I understand it's going to be regulated utilities? The big utilities like yourselves that are the ones that essentially pushed the cost curve down lower because you're going to be buying the battery installations that will then enable manufacturers offers to increase production capacity etc but could you talk about storage how you're thinking about storage today and the role that it will play <hes> at least in Colorado because I think the article that I had seen with specific to Colorado energy storage the commission wanting to see a lot more investment in storage. We think storage is going to be increasingly important part of our energy makes it plays a significant role in elongating beating the daily solar patterns it will help with voltage frequency modulation on our grids. The limitation that we see in storage today is the ability put enough energy in storage for not one hour two hours or three hours hours when you're trying to elongate the solar curve but it's trying to extend solar across one two or three days where the sun isn't really shining sufficiently in the win isn't blowing sufficiently and we still need to power the Colorado economy life or the Minnesota economy as we think about our ability to keep the grid energized. We feel like they're our time periods in the year. We could see this in history. There are times when the wind doesn't blow in the sun doesn't shine in the amount of storage capacity that we would need to satisfy that need for not an hour to we're talking about days where we have low solar and low wind output concurrently where the amount of storage would be substantial. Do you have just sort of a ballpark estimate on how much stored you would need today based on the amount of wind and solar that you have in the fleet. We'll take Colorado. Colorado is a a six thousand megawatts sixty five hundred peak system that this is our business in Colorado all of Colorado okay. If The Sun China wind blow you need six thousand megawatts for war is probably average load of <unk> three thousand for two or three days. Yeah it would be a stunning amount of battery. We do the math we could put a say it take the the entire eastern slope or you know ten county area of battery dedicate. I mean it's an enormous number enormous so I appreciate that it's <hes> it's why we we'd say we need technology to give two zero. Is there's a small piece. It's not a lot ten fifteen percent. Dispatch will jen can charge those charged the batteries in and help with that equation when the wind is blowing less than the sun's shining less yeah a lot. It's a little which is why you can go off the grid and I can go off the grid. Paul can go off the grid but susie over there can't off the real like we need. Someone one is generating with controls to charge our batteries when our solar panels don't work yeah so it had been likes to say the small grade can be carbon-free but the big rig can't that makes sense. Could you just talk about the demand trends that you're seeing in Colorado and how how has the marijuana industry how has electric vehicles and how as you know just sort of an I. I've been talking to one of your employees who is also on the board of R._T._D.. The Regional Trans Transportation district so it's basically public transportation here in Denver and and and he's he he finds this subject subject be very interesting as well as the public transportation sort of a demand component as well but could you just talk about not just Colorado but just in all of your footprints characterized demand trends we operate utilities in states that have good growth and generally means that our population in those states is also going to grow maybe above the national average so when I think about demand and energy utilization we take the product of the number of customers that are coming into our system which gets offset by increasingly our customers are more and more energy-efficient S- all of those appliances are coming at you know low higher seer ratings higher efficiency ratings for new appliances. Nuhu housing stock is all being built to better energy efficiency standards so as we see customer growth we're seeing equal offsetting declines in US per customer which means that our energy both on a gas and on electric side have been generally flat and we expect them to be flat to maybe slightly increasing over the next five years trends that change that over time certainly electric vehicles is the single largest driver river of potential future demand. Today I saw stat that we probably have twenty thousand electric vehicles and our service territory today we expect two million by 2035 that will grow electric demand by about thirty to forty basis basis points per year so not a ton but over time it very significant portion of electric demand ago interestingly when you think about electric vehicles you can fill up your electric vehicle for about a dollar a gallon equivalent on our electricity price versus gasoline prices about a dollar a gallon and that comes at a one third lower emissions profile today and by twenty thirty five. We're talking about an eight of the emissions profile of gasoline yeah well as impressive so it's a big emissions profile driver if we can increase electric vehicle penetration yeah. I am curious though just because my my last interview was a California based marijuana company how has marijuana driven demand in Colorado hasn't been a big driver. Colorado was one of the first dates to legalize recreational use marijuana in what we saw is. An increase in electric utilization by the grow houses that were going to grow marijuana in distribute marijuana in the state yeah I'd say over the course of the last five years we've seen electric demand in Colorado grow about one percent in total hodel over five year period from the marijuana industry yeah and what about public transportation and you know I I read an article awhile back about Kansas City to Colorado is one of the places that they're considering putting the hyperloop and obviously hyperloop would require enormous amounts of electricity not assuming that you've read this article but as public transportation big driver for for for utilities in terms of I mean the Light Rail here her and I don't know about Minneapolis but public transportation here at least consumes electricity so is that a driver we see a significant amount of interest in our municipalities in the bus systems that support those municipalities in terms of electric electric demand. We're talking to most of our largest cities that are service territories about their goals in their emissions reduction goals and while a lot of them may have converted from gasoline buses to natural gas fleets twenty plus years ago they're now looking at the next generation of buses being electric we certainly support them and we want to help them with charging station infrastructure and that's an additional source of energy demand in growth. It's obviously a source of emissions missions reduction for cities and states and they're very focused on what they can control in that something that's one of the largest arrows in their quiver around what they can control yeah. They want to buy power for us that is low.

Colorado marijuana Department of Energy Regional Trans Transportation Minneapolis Kansas City jen
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

05:52 min | 2 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"To grow E._p._S. and to to grow the dividend? Could you first of all. Do you get that question very often from investors generalist investors about free cash flow and how do you respond to those investors. I understand conceptually portfolio managers and analysts wanting understand the free cash flow of any asset or any business for regulated utilities. We are a little different I think of total shareholder return as the combination of earnings growth and dividend growth in the absence of investing in growing rate base. We're not GONNA have earnings growth or sufficient earnings growth and therefore are dividend growth will suffer today as a company. Our earnings earnings growth profile is five to seven percent E._p._S.. Annual growth we have rate base growth. That's in that same area so we're growing rate base effectively the same rate or slightly below the rate of earnings growth and we expect our dividend to grow at or above our earnings profile utility investor. I'm looking at the certainty of the dividend in the dividend growth rate is I think about dividend cash flow models valuing stocks the shorthand valuing doing utilities is often a p._e.. Ratio because utilities generally have similar capital structures P.. E. IS A very effective way to measure relative valuation of utilities the other one I look at what is total enterprise value to rate base rate basis. The earnings power of a utility in growing rate based grows earnings in so inbetween periodic rape cases. You may have somewhat lower E._p._s. but the earnings power is how much invested capital do does utility having the ground and how much return to they need on that invested capital serrate basis is a mechanism by which we look at the earnings power over long term of regulate utility and and what what are the sort of a range of allowed returns right now that you're seeing today and how to how is that compared to call it ten years ago or fifteen years ago and how you thinking about returns going forward recent regulatory rape cases around the country probably center on return on equity in the mid nine to hide nine are always so nine point five to ten percent Ara we that number has come down over the last five to ten in years is interest rates have come down returns on allowed return on equity follow generally follow thirty year U._S.. Treasury in some spread to that number so as the treasury rates or corporate bond rates have come down regulated utility are are always have also come down and as interest rates go back up allowed returns will also go back up as interest rates have been lower the last ten years. I'd say that the regulated are always were slower to you. Come down and match that and our expectation as rates potentially rise in the future that the allowed are always regularly tilles would probably lag a bit there as well with slightly lower always and some other utilities in the country in are always always may have come down faster over the last five years than some of our peers that it's likely that are always should rise a little bit faster as rates come up as well and that's just a function of how are always are determined determined in the different regulatory footprints. Is that a good way to sort of think about things. Every state has a regulatory commission that helps set rates and as part of that rate-setting process they determine what your return on equity you're allowed. Return equity should be and depending on that regulatory body you could end up with a twenty five or thirty or forty basis point differential in allowed are always based on how the commission looks at at the theoretical way to set a forward-looking Ara. We are commissions for whatever reason over time have have trended to the lower end of that spectrum and therefore the companies have lower are awaiting some of our our peers that may have caused some earnings pressures in the past but we also expect to have those rise back to median or above faster than some of the other utilities as well yeah and I read something just the other day about performance format based rates and that's something that you guys have exposure to in Minnesota well could have exposure to because apparently they're still trying to figure out how it works for the process. Is that something or performance based rates something that excel wants to have. I don't think performance based rate making is necessarily new in fact we have performance based programs inside of our rate structures today as I think about our energy efficiency and conservation survey Shin programs where we spend money to incent our customers to use less of our product and if we are successful at that we earn an incentive on the amount of energy efficiency that we can promote amongst our customers tumors commissions are thinking through how do I in sent excellent behavior. And how do I reward that in so if performance base rate making is done well then I think there's a great opportunity attended benefit our customers as well as shareholders and all of our stakeholders in our companies so so yes so you mentioned growth drivers. Could you just talk about where excel is focusing. Its investments today and I. I think this would also be a really good segue into your goal of of of cutting carbon emissions two zero by.

Treasury rape Minnesota ten years fifteen years seven percent ten percent thirty year five years
"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

The Stock Podcast | CEO and CFO Interviews

11:06 min | 3 years ago

"cfo" Discussed on The Stock Podcast | CEO and CFO Interviews

"There's a lot of different ways that you can support the W._b.. PODCAST so without further ado let's get to the interview with Eaton Enterprises Darren Cotija Darren Ritchie. Thank you very much for joining the podcast. Thank you for having <hes> it's a pleasure and <hes> and so I I would like to hear just a little bit about your background. Obviously I know a little bit given the fact that we used to work together but I'd love to hear just kind of how you got into the business now it. It's been kind of an interesting. Have you know I had an affiliation with the plant. I was in college <hes> like I think a lot of people do <hes> having guns blown main went to Bowdoin. <hes> you know I think back then probably social now the minimal in cash crop. I I haven't seen the officials dads but I'm willing to believe that <hes> that it's probably cannabis and I started my experience there just as as a as a person that was experimenting in doing that <hes> obviously you know having worked on I graduated in the late nineties. I worked on Wall Street for roughly twenty years old on the buy side and sell side of these your journalists. <hes> you know falling only in Russian oil companies shipping companies to you know my first job at a school was actually at a hedge fund call covering retail gaming in logic <hes> as a glorified go for senior analyst so I've had a a wide range range of experience there and frankly when you when you're heading down that path you know by kind of moved away from Canada's awhile just because it wasn't part of the kind of the culture of being New York City and doing that to the same degree that it was <hes> being college edge in two thousand sixteen decided to leave the equities business. That's a much longer discussion about why but I think the the advent and the rise of E._T._f.. Lounge versus actively manage money and what's happening to be structures pictures and just the business in general <hes> I just I just saw better opportunities elsewhere so I looked around initially thinking I was going to be in the startup. World may be on the East Coast <hes> and decided to kind of come to the hotbed of of start of activity in in California. I came here. I was very briefly a seat in the C._F._O.. A rideshare company but like many startups you can kind of tell things are going to work or not on a soon in the end of the process. I decided that <hes> you know wishing everybody the best that <hes> I definitely needed to to take a different a different move interestingly. One of the one of the Advisor Board members was a guy that basically built the north face and so I was recruited out and was working on raising raising a of the coupon for basically lifestyle brands and the rest with him <hes> and while that happened I came across and that the people here at <hes> you'd enterprises and I just thought this is an amazing opportunity. There's very few times you can get involved in a business and its genesis phase where you know. There's very few people that look like me and act like I know Kinda with my background is as well. I'm going to here where you can really maybe impact the evolution of business and you know what's fascinating is i. I came out here. Thinking about start ups. The one thing that this this sort of start up business or start a industry has is already a pretty active in large install base of users so I you know obviously jumped in <hes>. I've I've been the C._F._O.. I joined in June of last year and <hes> no it's been it's been fun. Basically you know putting the other company and you know getting no a new business and that's you know I've been learning as much as I've been doing. I've got all yeah absolutely and I think I noticed that your at least your title was you. Are you also interim C._E._O.. No I think that's accurate. <hes> I kinda to to make sure I kinda work under the moniker of chief financial officer I but yes I mean there is a kind of a multi capacity <hes> but the the company basically the way it runs is there's three or four person board <hes>. I'm one of those three people <hes> most the <unk> strategic decisions are made at the boy bubble <hes> and then implemented down the chain. I think okay so. Could you talk just a little bit about or at least provide us with a little history of the cannabis industry in in California. So you know obviously it's different in every state. I'm here in Colorado and it's been legal for a few years. What what's the history in California was it was a medical first and then available for recreational personal use as well yeah basically in I think it was nineteen? ninety-six <hes> they pass the Compassionate Care Act and that was basically when everybody got their medical cards and you use for medical purposes and beginning of Janelle San Juan of two thousand eighteen recreation US game online was obviously it was voted in. I think it was prop sixty four <hes> in two thousand sixteen at the turn the law here there's always a lag between none of the vote to do something in the execution because there needs to he kind of role making an implementation but then but that's now you know two thousand eighteen with a lot a lot of the implementation of the new regulation rules and all the rest and frankly they continue to evolve and part of a you now eatings mission is to make sure that we're part of that dialogue and helping that happen because I do think it is a partnership between the government the state government the municipalities and the industry to make sure that things are put in place in the rules are put in place is that are you know mantelpiece mandible really effective though to what people are trying to do you want. Obviously you know have cannabis in the hands of you know people of age and you WanNa make sure that it's US responsibly yeah yeah and and how has it just sort of the the the laws and the rules. How have they changed in California over the past several years? I mean had there what what is the market structure like and what are the rules around the cannabis industry in California and how have they changed. It's a great question. Question and it's also a very dynamic one in terms of you can have to answer it so I joined last June and it's been it's been a steep learning curve coming up learning about son of though the regulations that different bodies really comes down to any operation you have requires permiting and licensing from from the state level all the way down to the local level and so like if you think about the dispenser business that's one of our businesses were and so going going in there. We have licenses to operate in relocations. We have one that's one that's open and operational but even as we look at expanding our footprint. That's that goes on a town by down basis. I I've gone to a number of local. Ah You know to local municipality meetings where there's a moratorium on allowing you know dispensary to be there mainly because I think that they wanted to see how the rules play it out and how these things men is and there's a social stigma to you thinking that type of person that's going to be in a dispensary as a certain looker profile. Maybe they're dangerous. Whatever the nefarious aspect of kind of our wagon C. View on the industry and and people that use cannabis you know whatever that is people's heads but you know I've actually sat in there was one meeting I went to and I'll leave the town out of it but you know I went to the meeting and the person who was the head of the Republican Party or that county even though he was only on the fourth of the town you know I went and I talked to them afterward? I made sure I introduced myself and you had this the head of the Republican party but you think kind of philosophically with against cannabis anyway he'd actually flipped so to look at a different way because what's happened is is that a lot of these people that are regulating or on the local government level or going to visit dispensaries and they're looking allowed if they're rising. It's just everyday people it's not some safari as bad sub section of the population. There's just there's a lot of people old that consume cannabis for any litany of reasons whether that's recreational whether it's medicinal or or you know however they want to do it and so I think once you go and you come to our dispensary in our Garden of Eden you call them we just remodeled it and reopened it. In September of last year I mean the places immaculate the people behind the counters or knowledgeable clean you know well-dressed present well or you show up. There's a smile on their face. There's nobody anti-smoking any cannabis or anything like that on the Francis and it looks like any other store that you go to so I think you have an evolution. That's happened cycle like the the psychological part of your answer. That's what's happening across the state as the rules kind of formalized now Miki going very very long conversation about all the little knits nips and tucks around all the different roles whether it's around packaging labeling or it's on making sure that you're you're meeting certain Standards Anders on how things are transported or whatever the case may be and those are all things that sort of come online <hes> overtime and that's one of the difficult things on the on the players in the industry is as they change it requires investment than requires this transition right so where I'm hoping that the the law of the laws are started in the rules kind of that underlying the laws are starting to sort of coalesce and cement themselves 'cause it's. That's the one thing that's a very big bird on the industry that you constantly have changing king kind of rules that underlines underlie the law you know everybody wants to be compliant. That's that's that's made that effort so you know kind of making it easier for us to do that. As always something that's that would be appreciated. I think two thousand eighteen and a lot to do with with kind of solidifying this regulations in wolves but at the same time you know the tax regime is still going to be evolving bowl with local state and every other level I think that the cost of compliant and and part of the rules and the cost of you know just the the taxes on canvas which frankly also will pass onto customers were high and unfortunately I think by being kind of high and out of the gate or at least perceived besides that's why there's still a pretty active black market in California and so you know one man so by maybe maybe I shouldn't even say I'm speaking on behalf of eating and this but maybe down so is that you know we figure out kind of the right balance there to make sure that everybody comes into compliant market because I think it's just good for it's good for everybody. I mean those definitely you know I think I think there's a lot of great purposes but again it should be used by the right people in responsibly so making sure that you have regulations in place to do that. That people are complying onto is really important so kind of scaling the taxi in the right way to make sure you bring more people into that fold. I think would be great yeah so could you talk just a little bit about specifically about Garden of Eden..

cannabis California Garden of Eden Eaton Enterprises Darren Ritchie Darren Cotija Republican Party US New York City Advisor Board Canada Janelle San Juan chief financial officer Miki Colorado senior analyst Anders Francis twenty years