Andy Lee
7 statements across 1 episodes · 2 bullish · 3 bearish · 1 people on the record · first statement Mar 30, 2023 by Andy Lee · across every show →
On the record as a speaker too: Andy Lee's record, appearances and statements → this page counts the times other people say the name.
Everything said about Andy Lee, oldest first
Mar 30, 2023 bullish
Step-up TRAs can absorb 80% earnings drops without payment cuts
“Where we are more focused on is the step-up TRA, primarily because for many of the names that we are underwriting, they can see almost a 60 to 80% drop in their earnings metrics, might that be an EBITDA-oriented metric, and see no changes to their overall paym…”
Mar 30, 2023 negative
Mar 30, 2023 negative
NOL TRAs are highly correlated to underlying company economic performance
“Net operating losses are incredibly challenging for us to underwrite because our entire value prop to many of our investments were endowments and foundations is that we seek to deliver an uncorrelated return. A net operating loss TRA is incredibly correlated t…”
Mar 30, 2023 neutral
Mar 30, 2023 negative
VCs underappreciate tax assets by prioritizing growth over profitability
“Venture capitalists who back these companies oftentimes don't fully appreciate the value of tax assets because many of the corporations are not oriented to being profitable. They're more oriented towards growth. And as such, the adoption in the venture capital…”
Mar 30, 2023 neutral
Companies typically pay 85% of realized TRA tax savings to holders
“The company would file its corporate tax filing if and when they filed that taxes and they are able to utilize the deductions that a TRA assets are able to deliver them, they would then pay 85% of those savings to the holder of the TRA.”