Parking earnings here - as expected, nothing good:
(Source)
Perhaps what market is responding to is their GPU per unit went up and SG&A went down, resulting in better bottom line? Though … it clearly came below consensus…
Amusingly, their total stockholders equity amount is lower than goodwill… and to the extent that we cansay “what goodwill?” these guys seem to have negative book value.
(Source)
They had a negative 487M in cashflow in the last six months, but are still sitting on 1.2B of cash because of the big raise from a few months back.
Prices up AH - I suppose market was expecting worse:
All in all, unless we see markets do a U-turn on its assessment of earnings, we’ll just have to wait this one out for another six months before it finally bleeds out.