Stubbie

BUY HODL $GME Occupy Wall St v2.0 with fewer tents 🚀🚀🚀🚀

[Stubbie @PMBoulder]

@chrisparente @YouTube Ask the Dr to play The Strokes

[Stubbie @PMBoulder]

@SkyDaddyPhDTE @unusual_whales GG TG 🚀

[Stubbie @PMBoulder]

@WRabbit741 Love GME, Tucker can fuck off
#VoteVets

[Stubbie @PMBoulder]

@Han_Akamatsu

[Stubbie @PMBoulder]

@HungryPawnsX Homer wasn't a Dapper Dan man

[Stubbie @PMBoulder]

@greg16676935420 Got you 10 x 10 over

[Stubbie @PMBoulder]

@TheNebraskaChck Had hundreds in my hand when scuba diving years ago. Medic tried to pick them out with a needle, they just kept breaking. He looked at me and said ‘your body will just have to expel them’

Painful few weeks, but he was right. Good luck!

[Stubbie @PMBoulder]

Ruby had to go to @innoutburger to celebrate 9 months on the outside! #innout
Got her double double animal style, and well done fries #yum

[Stubbie @PMBoulder]

@SkyDaddyPhDTE In my 40s, I was the owner of a couple fast casual spots…good luck!

I’m glad I’m a *prior* owner :)

[Stubbie @PMBoulder]

@dlauer Dang Dave…where’ve ya been?!?

Nice to see you back…

[Stubbie @PMBoulder]

@WhiteHouse I’m giving him .741 Scaramucci’s in this position @pulte @ryancohen

[Stubbie @PMBoulder]

Phase 7: Profit

[Larry Cheng @larryvc]

The Ugly Teenage Phase of Profitable Growth

This is a phase that companies that were once high-growth, high-burn companies (that are typically transactional) go through as they try to get profitable.

Phase 1: You start with high revenue growth, high burn rate. Then you realize due to market conditions that you need to get profitable.

Phase 2: You drive for operating leverage:
- You cut operating expenses - inefficient marketing spend, headcount, etc.
-All out focus on enhancing gross margins - pricing, COGs, shipping, etc.

Phase 3: You focus on improving working capital dynamics.
-renegotiate with vendors, suppliers, manufacturers, etc. to enhance payment terms to improve cash.

Phase 4: You clean up the balance sheet
- Optimize inventory, renegotiate/refinance debt, try and solidify cash, etc.

During these four phases, revenue is declining YoY (sometimes materially) because you're comping against prior quarters with heavy marketing spend. This is why this is the "ugly teenage phase" - it looks ugly if all you're looking at is the top-line. But, there are usually good signs:

-marketing and sales efficiency is improving
-all opex lines are decreasing as a % of revenue
-EBITDA and/or OCF is growing

Phase 5: Revenue is declining YoY, but you have achieved profitability (EBITDA and/or FCF).

At this phase, you are still ugly to the world because revenue is declining, but the end of the teenage years is on the horizon.

Phase 6: Maintaining profitability and returning to YoY revenue growth by investing some of your own cash flow back into growth.

This happens typically in 4 steps:
-step 1: sequential Q/Q gross margin growth
-step 2: sequential Q/Q revenue growth
-step 3: YoY gross margin growth
-step 4: YoY revenue growth

The revenue growth comes from first from delivering real customer value and then:
-efficient marketing spend
-introducing new products
-expanding new channels
-reactivating churned customers
-pricing
-defending the base of loyal customers

The challenging part of this journey is the ugly period can last a long time. From Phase 1-5, you don't get much of any credit. It's not until you hit Phase 6 that outsiders will believe in the company again. But, those close to the company can watch as each phase is cleared and know that the company is going in the right direction. However, to be fair, until you get to Phase 6, you haven't reached the ultimate end goal.

**For the sake of clarity, this is a general observation across several different companies in different contexts many of which I'm not involved with. This is not an observation or prediction related to any specific company.

[Stubbie @PMBoulder]

@WhiteHouse Boooooooooooooo!

[Stubbie @PMBoulder]

@Comedyorwat Greener ist gooder yeas?

[Stubbie @PMBoulder]

Our *NEW* Director of National Security!!!!

Elect a clown, expect a circus

[Platinum @PlatnumSparkles]

https://t.co/SzquaOmHdq

[Stubbie @PMBoulder]

@SenTuberville Did @pulte let you smack him in the face with a dildo? 🍆 Put you in touch with @Cobratate or @kanyewest so you can talk about collabs?

Y’all need to find Jesus

[Stubbie @PMBoulder]

@JenniferJJacobs I give him .741 Scaramucci’s in this position

[Stubbie @PMBoulder]

@SlickzCardz2150 @Outback Prime rib

[Stubbie @PMBoulder]

This seems positive
$GME

[Ryan Cohen @ryancohen]

https://t.co/kVPvOobXU2

[Stubbie @PMBoulder]

I predict @pulte will last .741 Scaramucci’s in his new position as DNI (Apparently it is ‘opposite day’ in Washington)