ITS Revenue down 20% qtr/qtr… EBITDA down 75%. whoa! I called it perfectly. This is a massive ITS miss.
Brett lied when he said that Q4 was a good indication for 2022.
They spent $212M in cash for two businesses that deliver $1M in adjusted EBITDA per quarter.
ITS is a product business. It has inventory and high fixed costs. When revenue goes down a bit, earnings are very volatile. This is not a software company.
Cue the call back to a $1 stock and the huge analyst downgrades over today and tomorrow.
No buyback, No Guidance... Not a good day to be a long bag holder.