⚽ Championship updates from 12.30pm BST kick-off ⚽ Read Football Daily | Follow us on Bluesky | Mail Billy Hello and welcome to Spygate 2.0. The buildup to this Championship playoff semi-final has been dominated by accusations that Southampton have been peaking through the bushes at Middlesbrough’s training ground this week – Saints have now been charged with misconduct by the EFL and will face an...
⚽ Championship updates from 12.30pm BST kick-off ⚽ Read Football Daily | Follow us on Bluesky | Mail Billy Hello and welcome to Spygate 2.0. The buildup to this Championship playoff semi-final has been dominated by accusations that Southampton have been peaking through the bushes at Middlesbrough’s training ground this week – Saints have now been charged with misconduct by the EFL and will face an independent disciplinary commission “at the earliest opportunity”. The club have said they will be fully cooperating with the EFL throughout the process. Shades of Marcelo Bielsa, Leeds and Frank Lampard’s Derby in 2019 for sure. We’ll get into the weeds, or brambles, of that shortly. It will certainly make for one hell of an atmosphere at the Riverside this lunchtime as Middlesbrough host Southampton in the first leg on the road to Wembley and the Premier League, with the return fixture at St Mary’s on Tuesday. Kim Hellberg’s Boro saw their push for automatic promotion fade away in the final weeks of the season while Saints have surged up the table under the 33-year-old Tonda Eckert and came close to breaking into the top two themselves. Continue reading...
Getty Images In a red-hot AI market, shares of CoreWeave ( CRWV ) have been lagging a bit. Shares are down about 13% to $112 per share, as the market was not impressed with the results for the start of the year. My last take on the shares goes back to November, when I concluded that the jury was still out there. While some improvements were seen at the time, operating margins have been reverting, ...
Getty Images In a red-hot AI market, shares of CoreWeave ( CRWV ) have been lagging a bit. Shares are down about 13% to $112 per share, as the market was not impressed with the results for the start of the year. My last take on the shares goes back to November, when I concluded that the jury was still out there. While some improvements were seen at the time, operating margins have been reverting, which, combined with an increasing interest bill, creates a tough proposition. This makes me very cautious, and while the full-year outlook shows sequential improvements, I am not getting involved here, as other players have demonstrated real profitability here. Other exciting corporate events, including other recent IPOs and recent M&A events, are discussed more extensively at Value In Corporate Events. A Soft Start Early in May, CoreWeave reported strong first-quarter results with revenues up 111% to $2.08 billion, as that news and the backlog nearing $100 billion were about the good news. So far the good news is that GAAP losses rose from 3% to 7% of sales, despite topline momentum, with operating losses reported at $144 million. That is ahead of a hefty interest bill of $536 million, resulting in net losses of $740 million. Even adjusted metrics all show some deleverage, with adjusted EBITDA margins down 6% to 56% and adjusted operating income margins of 1% down a full sixteen percentage points on the year before. On top of the added debt, the company has seen the share count increase to 527 million shares. Net debt is reported at over $22 billion, this excluding about $10 billion in operating assets and financial leases and liabilities. Capital expenditures remain very elevated, reported at $7.7 billion in the cash flow statement, although reported at $6.8 billion on the call. These are equal to roughly 7 times the quarterly depreciation amount of $1.1 billion, as depreciation charges grew faster than revenue growth, thereby resulting in operating deleverage. Elevated ...