Viceroy’s report on Tyro is now live.

Over the last week, our research suggests $TYR has “bricked” (verb: to turn into a brick) ~50% of its terminals across the country, far more than numbers suggested by the company. $TYR #thread 1/n

https://t.co/DXD7cfJNb2

It seems that @Tyro has no idea & no way to know how many of its terminals are functional. Viceroy’s extensive channel checks confirmed many customers had bricked terminals & received no communications from $TYR unless prompted. 2/n
Tyro have announced that the recall will be conducted by Amtek, a company with only 250 employees on the job in only 3 states, collecting (allegedly) 2,000 machines a day. Even if @Tyro’s assumption of only 30% bricked machines, collection alone would take 10 days. $TYR 3/n
$TYR is the most underwhelming fintech in the ASX, and more closely resembles a bank. Its major revenue driving activity is simply providing merchant terminals – which have remained largely unchanged for a decade – to SMEs 4/n
$TYR does not have its own hardware: all terminals are 3rd party from Worldline. We have found no other instances of Worldline terminals being bricked recently (including ANZ now), so we understand the issue lies with Tyro. 5/n
Viceroy spend 5 days conducting channel checks into Tyro customers. Here are our key findings $TYR 6/n
Tyro is still free cash flow negative and increasingly loss making, despite its revenue growth. The table below illustrates our cash flow adjustments which we believe more accurately reflect the business’ operational cash flows. $TYR 7/n
We take issue with many sell-side “DCF” valuations on Tyro, which would require the largest amount of financial gymnastics we’ve ever seen to justify a >$2b valuation. There is simply no cash flow to discount for the foreseeable future. $TYR 8/n
Viceroy does not believe Tyro’s revenue stream is particularly valuable either. The antiquated model of merchant terminals provided by Tyro is so unappealing, Bendigo & Adelaide bank effectively handed over their merchant acquiring business to $TYR 9/n

https://t.co/ZD2pwah9aJ
Tyro’s IP does not seem particularly valuable and has very little moat in an industry where innovative players are coming in hot. If anything, Tyro should be valued more like a bank than a fintech business. $TYR 10/n
Finally, Tyro has proved it does not deserve recognition for being any more dependable than other payment terminal providers. In fact, it has proved the opposite. $TYR 11/n
We believe Tyro presents significant downside with no real catalyst to make a jump into profitability and overhanging fear of litigation. Recent events have likely set Tyro back years in marketing and sales, and shareholders must be prepared to bear the cost. $TYR 12/12 #end

More from All

How can we use language supervision to learn better visual representations for robotics?

Introducing Voltron: Language-Driven Representation Learning for Robotics!

Paper: https://t.co/gIsRPtSjKz
Models: https://t.co/NOB3cpATYG
Evaluation: https://t.co/aOzQu95J8z

🧵👇(1 / 12)


Videos of humans performing everyday tasks (Something-Something-v2, Ego4D) offer a rich and diverse resource for learning representations for robotic manipulation.

Yet, an underused part of these datasets are the rich, natural language annotations accompanying each video. (2/12)

The Voltron framework offers a simple way to use language supervision to shape representation learning, building off of prior work in representations for robotics like MVP (
https://t.co/Pb0mk9hb4i) and R3M (https://t.co/o2Fkc3fP0e).

The secret is *balance* (3/12)

Starting with a masked autoencoder over frames from these video clips, make a choice:

1) Condition on language and improve our ability to reconstruct the scene.

2) Generate language given the visual representation and improve our ability to describe what's happening. (4/12)

By trading off *conditioning* and *generation* we show that we can learn 1) better representations than prior methods, and 2) explicitly shape the balance of low and high-level features captured.

Why is the ability to shape this balance important? (5/12)

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Margatha Natarajar murthi - Uthirakosamangai temple near Ramanathapuram,TN
#ArudraDarisanam
Unique Natarajar made of emerlad is abt 6 feet tall.
It is always covered with sandal paste.Only on Thriuvadhirai Star in month Margazhi-Nataraja can be worshipped without sandal paste.


After removing the sandal paste,day long rituals & various abhishekam will be
https://t.co/e1Ye8DrNWb day Maragatha Nataraja sannandhi will be closed after anointing the murthi with fresh sandal paste.Maragatha Natarajar is covered with sandal paste throughout the year


as Emerald has scientific property of its molecules getting disturbed when exposed to light/water/sound.This is an ancient Shiva temple considered to be 3000 years old -believed to be where Bhagwan Shiva gave Veda gyaana to Parvati Devi.This temple has some stunning sculptures.
क्या आप जानते हैं कि क्या है, पितृ पक्ष में कौवे को खाना देने के पीछे का वैज्ञानिक कारण!

श्राद्ध पक्ष में कौओं का बड़ा ही महत्व है। कहते है कौआ यम का प्रतीक है, यदि आपके हाथों दिया गया भोजन ग्रहण कर ले, तो ऐसा माना जाता है कि पितरों की कृपा आपके ऊपर है और वे आपसे ख़ुश है।


कुछ लोग कहते हैं की व्यक्ति मरकर सबसे पहले कौवे के रूप में जन्म लेता है और उसे खाना खिलाने से वह भोजन पितरों को मिलता है

शायद हम सबने अपने घर के किसी बड़े बुज़ुर्ग, किसी पंडित या ज्योतिषाचार्य से ये सुना होगा। वे अनगिनत किस्से सुनाएंगे, कहेंगे बड़े बुज़ुर्ग कह गए इसीलिए ऐसा करना

शायद ही हमें कोई इसके पीछे का वैज्ञानिक कारण बता सके।

हमारे ऋषि मुनि और पौराणिक काल में रहने वाले लोग मुर्ख नहीं थे! कभी सोचियेगा कौवों को पितृ पक्ष में खिलाई खीर हमारे पूर्वजों तक कैसे पहुंचेगी?

हमारे ऋषि मुनि विद्वान थे, वे जो बात करते या कहते थे उसके पीछे कोई न कोई वैज्ञानिक कारण छुपा होता था।

एक बहुत रोचक तथ्य है पितृ पक्ष, भादो( भाद्रपद) प्रकृति और काक के बीच।

एक बात जो कह सकते कि हम सब ने स्वतः उग आये पीपल या बरगद का पेड़/ पौधा किसी न किसी दीवार, पुरानी

इमारत, पर्वत या अट्टालिकाओं पर ज़रूर देखा होगा। देखा है न?

ज़रा सोचिये पीपल या बरगद की बीज कैसे पहुंचे होंगे वहाँ तक? इनके बीज इतने हल्के भी नहीं होते के हवा उन्हें उड़ाके ले जा सके।