Interesting. I'm not familiar with tax code implications down under. Would you mind expanding on it a bit?
4,146 karma · joined September 7, 2015
Last fiscal year[1; p. 42], Home entertainment generated $820 million revenue (down -19% YoY) while the overall sub-segment profusely bled -$287 million in operating losses.
This past quarter[2; p. 44], the trend continues at $148 million revenue (down -36% QoQ) with the sub-segment still bleeding -$50 million in operating losses.
Disney's problem within DMED segment appears to be that Linear Networks has been floating Direct-to-Consumer's massive growth burn for several years, but cash flows from the former are fading faster than the latter is tracking towards being operationally profitable.
Speculating, what if what we're seeing is a sort of A/B test in a much smaller market where cutting a revenue stream with relatively high opex is an attempt to steer those high-retention consumers towards Direct-to-Consumer?
In any case, investors have certainly expressed their dissatisfaction by severely punishing Disney's stock. With the residual impact of lockdowns in Shanghai and Hong Kong still being felt in DPEP, all the recent negative press surrounding Disney World/DeSantis feud in Florida, and now union strikes, Disney is without a doubt in a tough situation.
[1] https://www.sec.gov/Archives/edgar/data/1744489/000174448922...
[2] https://www.sec.gov/Archives/edgar/data/1744489/000174448923...
Seriously, the hubris[1][2][3][4][5] of it all.
[1] https://old.reddit.com/r/SteamDeck/comments/12sgnw7/what_do_...
[2] https://old.reddit.com/r/SteamDeck/comments/12sgnw7/what_do_...
[3] https://old.reddit.com/r/SteamDeck/comments/12sgnw7/what_do_...
[4] https://old.reddit.com/r/SteamDeck/comments/12sgnw7/what_do_...
[5] https://old.reddit.com/r/SteamDeck/comments/12sgnw7/what_do_...
Stop imagining. I'm quite literally mooching around in bed posting this from Firefox on a Steam Deck in desktop mode docked to my bedroom TV. This[1] isn't your father's Oldsmobile.
[1] https://store.steampowered.com/steamdeck/#SaleSection_24468
[1] https://help.steampowered.com/en/faqs/view/671A-4453-E8D2-32...
[2] https://www.reddit.com/r/SteamDeck/comments/12sgnw7/what_do_...
[1] https://en.wikipedia.org/wiki/Motion_Picture_Association_fil...
The numbers reflect Mac revenue down -24.2% YoY to date; if it's worth it, the market certainly hasn't voted with their wallets yet.
That's not the story the numbers are telling:
23 YTD 22 YTD Change
====== ====== ======
Mac 21,743 28,669 -24.2%
iPad + 21,857 + 22,118 -1.2%
Wearables + 30,523 + 31,591 -3.4%
-------- -------- ------
74,123 82,378 -10.0%
Services / 62,886 / 58,941 +6.7%
======== ======== ======
+17.9% +39.8%
>> Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products.
[1] https://www.sec.gov/Archives/edgar/data/320193/0000320193220...
[1] https://play.google.com/store/apps/details?id=com.shaytastic...
To be sure, use of the terms "progressive" and "substantial" in context here is quite misleading at face value, and every time you handwave this federal receipts as a percentage of GDP metric as if it somehow magically supports an argument that the wealthy are paying their equitable and sustainable share, it comes off even more as disingenuous.
We need only disaggregate this total metric and recognize a long declining trend in tax receipts on corporate income as a percentage of GDP[1] to see how such an argument falls flat on its face.
Furthermore, we can see from the CBO report previously cited[2] that at the individual income level, the largest gap in tax liabilities by a massive margin is from underreporting of business income, i.e. flow-through from partnerships, S corps, estates and trusts, rent and royalty, farm, and nonfarm proprietor income...and that doesn't even account for the sophisticated evasion that's happening right under our noses as previously mentioned.
So if total receipts remain flat (as you point out) while receipts attributable to corporate income are clearly on a declining trend, it begs the question: who/what has been shouldering the implied delta?
It should come as no surprise that corporate profits after tax is strongly correlated to public debt as a percentage of GDP[3], of course, with a grift catalyst that comes along every few decades that allows the cart to lead the horse for truly outsized profits before the inevitable reversion to the mean expensed by even more public debt.
It should also be unsurprising that when public debt to receipts ratio[4] is levered over 6x with interest rates as high as they are (never mind the $82+ billion and snowballing negative carry by the Fed[5]), negative sentiment brews as private wealth locks in exit liquidity while the rest of the public braces to "socialize losses" in the long run.
[1] https://fred.stlouisfed.org/graph/?g=17rUd
[2] https://www.cbo.gov/publication/56467#_idTextAnchor018
[3] https://fred.stlouisfed.org/graph/?g=17s68
To tilt these game-theoretic bets overwhelmingly in favor of the wealthy, assert continuous political pressure to defund IRS activity tasked with holding these actors legally accountable while shilling it to the ignorant public with a bullshit title like "Family and Small Business Taxpayer Protection" to bait popular support[2; § 251].
The CBO too is well-advised[3], but the wealthy very much dislike projected outcomes summarized[4] as:
> The proposal, by contrast, would return audit rates to the levels of about 10 years ago; the rate would rise for all taxpayers, but higher-income taxpayers would face the largest increase. In addition, the Administration’s policies would focus additional IRS resources on enforcement activity aimed at high-wealth taxpayers, large corporations, and partnerships.
[1] https://www.nber.org/papers/w28542
[2] https://www.congress.gov/bill/118th-congress/house-bill/3746
> Starting in fiscal 2024, we are extending the useful lives of a majority of our servers, storage, and network equipment from three years to a range of four to five years, and assembly and test equipment from five to seven years. As a result, we expect favorable impact to operating income of approximately $26 million in the first quarter and $133 million in fiscal 2024 from a reduction in depreciation expense based on equipment balances as of January 29, 2023. The favorable impact will be primarily in operating expense, and to a lesser extent in cost of goods sold.
[1] https://www.sec.gov/Archives/edgar/data/1045810/000104581023...
I was curious what this was about.
The article cites this page[1] on Houston Health Department's website which I thought was pretty clear and concise guidance. 61 Riesner St is listed as the city-sanctioned address.
I then wondered: How far is this city-sanctioned location from the Julia Ideson Building mentioned in the article?
Google Maps suggests it's just under a mile away; an 18-min walk or 5-min drive[2].
So the brouhaha is that this group racks up 40 citations for refusing to conduct affairs at a nearby city-sanctioned location in defiance of standing ordinance, then parades the civil disobedience on a t-shirt logo as a mocking gesture in court for the selfies because..."the work being done could also be seen as beautiful, fit for the steps of neaby City Hall"?
One step forward, two steps back...color me unimpressed.
[1] https://www.houstonhealth.org/services/permits/food-permits/...
[2] https://www.google.com/maps/dir/Julia+Ideson+Building,+550+M...
Is Samsung voluntarily disclosing in Texas job listings? Nope.
A "worse look" argument simply has no basis in reality when this corporate behavior is effectively status quo across all relevant competitors in the industry.
Here's a clue[1] at no cost.
It's simply not a legal requirement in Arizona to disclose wage/salary range on job listings.
You need to look at TSMC listings in states like California[1] or Washington[2].
BLS national semiconductor industry-specific occupational employment data[1] circa 2022 suggests there are roughly as many 15-1252 title-specific "Software Developers"[2] (13,220) as there are all positions categorized under 49-0000 "Installation, Maintenance, and Repair Occupations"[3] (13,410)...never mind that what requires specialized handling is bleeding edge ASML EUV tech for which there is a single deeply backlogged global source of, substantially increasing risk to TSMC at what is clearly a critical phase.
[1] https://www.bls.gov/oes/current/naics4_334400.htm
[2] https://www.bls.gov/oes/current/naics4_334400.htm#15-0000
[3] https://www.bls.gov/oes/current/naics4_334400.htm#49-0000
What the parent is referring to is DMEA's Trusted Foundry Program[1], of which TSMC is not an accredited supplier of foundry services.
[1] https://www.dmea.osd.mil/otherdocs/accreditedsuppliers.pdf
The larger display unit in the center was the primary human interface for IRADS video fed from FLIR/DLIR turrets.
Desert Storm, sure.
12 years later for Iraqi Freedom? Nope. We were in the sandbox low key to kickstart Saddam's farewell/get-rekt party and back at Holloman much quicker than most other air expeditionary squadrons.
Citing § 7.5 normative language:
> An HDMI Source shall be capable of transmitting audio and video data streams with no more than ±2 msec of audio delay relative to the video.
- HDMI v1.0 initial release = 2002-12-09
- DisplayPort v1.0 initial release = 2006-05-01
To be sure, just under 3.5 years; HDMI rolled into v1.3 a month after DisplayPort v1.0 saw the light of day. Agreed on the impact of market inertia.
> The rides are somehow cheaper, have no surge pricing, and from some insider reports, has profitable unit economics.
So a fleet of depreciating assets with a major infrastructure dependency, lower implied gross margins, and word from insiders of a positive bottom line without publicly disclosed financials to sanity check claims against. Curious to see what their balance sheet looks like.
The entire Asia Pacific geographic region, including India, accounted for 10.9% of Uber's FY22 revenue[1; p. 94]. It's likely more of an incidental snack than full lunch, but it would be funny if Uber lost out to what sounds like an upstart taxi company.
[1] https://www.sec.gov/Archives/edgar/data/1543151/000154315123...