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...This article has been amended as Stripe had initially indicated it had turned cash flow positive for the first time....
...The company expected net cash flow to turn “consistently positive” in the first half of next year....
...Flows to actively managed ETFs were boosted by the launch in January of 10 spot bitcoin ETFs, which are classed by Morningstar as active vehicles....
...And its latest turnaround effort comes with a $50mn cash impact that will delay hitting positive organic free cash flow by a year, to 2025....
...Forty-nine per cent of the ETFs that reduced fees in 2022 experienced increased net flows in 2023, Ignites Europe analysis of Morningstar data finds....
...That helped power total flows into ETFs in the quarter to $67bn....
...The profit metric I prefer to use for tech companies is what I call “true free cash flow”, which is operating cash flow minus capital expenditures and stock-based compensation (stock comp becomes a cash...
...Bitcoin has fallen 16 per cent from its all-time high last week, as the investor flows into new stock market funds that had driven a huge rally this year go into reverse....
...“Despite a strong stock market, investors have focused on higher quality ETFs that own companies with strong balance sheets and consistent earnings and cash flow,” he said, pointing to robust flows into...
...Given it had only just begun to report positive free cash flow, this was a bold claim. But annual free cash flow of $3.4bn in 2023, up from $390mn the previous year, suggests he may be right....
...US-listed ETFs have brought in about $491bn of the $826bn in global flows in the 11 months to the end of November, according to data from BlackRock....
...To illustrate: Uber trades at 114 times 2023 true cash flow per share (that is, operating cash flow less capital expenditures and stock compensation expense)....
...They send their market orders to us not because they’re getting some pernicious conflicted like rebate or payment for order flow, it’s bull(expletive)....
...last night, and said they, too, expected positive free cash flow next year (not true free cash flow, of course)....
...But the challenge for capital markets arises when transaction churning and valuations become untethered from underlying fundamental profits and cash flow — a phenomenon that occurs with alarming regularity...
...Moreover, Lyft for now can only aspire to turn half of accounting-based ebitda into actual free flow....
...Yet just as its capital expenditure requirements are increasing, production and cash flows are projected to fall....
...Brokers confirm that individuals have been pouring new money into them, but that as much as 80 per cent of the flows are going to yen-denominated products that give exposure to US and other foreign equities...
...One theory holds that Asia is often the starting point for the declines because it is the first region to see the previous day’s daily flows from the US ETFs....
...In the past, the SEC has flagged potential conflicts with the multi-class structure, including possible “cross-subsidisation”, or the potential that mutual fund class flows could generate costs that would...
...If all 70 (estimated) shipments are put on hold for the entire year, that could lead to a $2.3bn shortfall in free cash flow....
...It is pocket change when compared with Apple’s global sales, equal to about 2 per cent of last year’s annual free cash flow. Appeals mean the case will be in court for years....
...Spirit generated negative free cash flow of almost $1bn in the past two years. Spirit’s shares, post-deal rumours, have bumped up more than $30 each....
...When free cash flow is limited, they give employees a reason to stick around while also keeping companies’ cash expenses down....
...But ESPN’s annual cash flow is too valuable to give up in a sale or spin-off....
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