SEA (ASX) SNDE 2019 10K (Annual Report) Released

Originally posted by tt2000: ↑

Great assessment.

On point 2, the more WFHA, the higher the parking vacancy (and the cheaper the parking rate in the city), which should spur further drivers. A counter argument to this is, if driving returned to preCovid levels, then parking vacancy would diminish and parking fees would go back to where they were. They aren't, so perhaps there isn't as much driving as I'm hoping is occurring.

On WFHA, assuming a vaccine arrives (and the AstraZeneca one already has 400m orders in place from EU and China), I do think ppl will shift back to work. There is no better way to get a deal done than face to face, and having been WFH I still think efficiency from your team is maximised from in workplace. I'd pick face to face over Teams (sometimes lagging, sometimes jumping) anyday. I do think you there will be a shift (in fact there has been) and will continue to be until vaccine has been found.

On your conclusion, I think Eric is onto this a d is the reason he's gone down the Incentive Plan path. I think Eric wants to cash us out, and judging by the massive volume last week may already be on its way...

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Yeah I was a FTF meeting person for decades (tech sales). Always flying into one city or another. Got to Platinum on American Airlines and Diamond at Hilton .... great perks. Some things can't get done on WebEx, Zoom or other conferencing platforms. You can't (yet) drill an oil well without boots on the ground. However, that list has gotten shorter though. Collaborative platforms (such as MSFT Teams or Slack or ...) are rapidly gaining mindshare and practicality. But always there will be some need for FTF - that is not the question though. Much of the shift to virtual will be permanent IMO. We'll see that in (big) corporates earnings with hopefully reduced COGS & overheads. Can only look back on my years and wonder at how much "fat" there was in T&E.

Looks like end of this may see the end of CHK with CH11 filing. Widely talked about. What will become of their assets?
As an FYI, CHK took a massive impairment in their Q1 10Q filing ($8.5B) ... snipped

The bulk (as in $8.45B) of impairment was to Proved O&G properties. Interestingly the used an 11% discount rate so PV11 as opposed to SNDE PV9 covenant.

While non-cash, the impairment reduces the Total Assets line on the Balance Sheet. And since the impairment doesn't change the Total Liabilities that only leaves 1 place to balance the write down in the value of asset - the total value of Common Stockholder Equity.

The "book value of equity" (not the market value of equity) reduced from $4.364B at end Dec'19 to NEGATIVE $3.945B at end of Mar'20.... i.e. the value of the assets belong to the creditors and not the shareholders.