Archive
Welcome to the archive. You can browse the full archive of Recursive Gains articles by month.
Q4 2017
- BIRD Q4 2017 The Stock Gave Back Nine Months of Gains in One Quarter - Did the Business Actually Get Worse?Apr 09
- MELI Q4 2017 One Month of Venezuela Just Erased 90% of a Full Year's ProfitMar 20
- BFIN Q4 2017 Did Operating Cash Flow Really Get Worse in 2017, or Just Get Reclassified?Mar 12
- SE Q4 2017 Why Did Sea's Loss Triple the Same Quarter It Went Public?Feb 27
- AMRT Q4 2017 Why Did Operating Income Fall 18% in the Year Revenue Grew Almost 10%?Feb 05
- BBRI Q4 2017 The Loan Category That 'Recovered' in Q1 Just Became the Worst OneFeb 05
- BBCA Q4 2017 Net Profit Grew 13% - But Only Because Loan-Loss Provisions Shrank 42%Jan 25
Q3 2017
- MELI Q3 2017 Revenue Is Up 61%, So Why Did Operating Margin Fall by Two-Thirds?Nov 24
- SE Q3 2017 73% Growth on the Cover, 4% in the GAAP LineNov 22
- BIRD Q3 2017 Did the Go-Jek Rally Just Run Out of Road?Nov 03
- BFIN Q3 2017 Is It Growing Faster Than It Can Fund Itself?Nov 02
- BBCA Q3 2017 The Early-Warning Loan Bucket Just Shrank 28% - So Why Isn't That Good News?Oct 30
- BBRI Q3 2017 The Presentation Deck Answered What the Filing Wouldn'tOct 30
Q2 2017
- MELI Q2 2017 Mexico's Direct Contribution Just Went to Negative 112% - Is This a Segment or a Sinkhole?Aug 18
- BBRI Q2 2017 The Best Turnaround Story in the Loan Book Just Lost Its Only Data SourceAug 08
- BIRD Q2 2017 Go-Jek Went Live Five Months Ago. The Numbers Still Don't Show It.Aug 05
- AMRT Q2 2017 Why Did Consolidated Profit Halve While the Headline Number Fell Only 16%?Aug 04
- DHER Q2 2017 A Record Growth Half-Year, With a Net Loss That Grew Even FasterAug 04
- BFIN Q2 2017 Why Did Profit Jump 55% While Cash Flow Went Deeply Negative?Aug 03
- BBCA Q2 2017 When Does a Bad-Loan Wobble Stop Being a One-Quarter Story?Jul 30
Q1 2017
- MELI Q1 2017 Free Cash Flow Went From Negative $26 Million to Positive $94 Million in a Single Year - What Changed?May 19
- BBRI Q1 2017 The Loan Book That Worsened for Five Straight Quarters Just Got Dramatically BetterMay 18
- BBCA Q1 2017 Did the Bad-Loan Improvement Even Last One Quarter?May 10
- BABA Q1 2017 Net Income Fell 39% the Year Revenue Grew 56%May 10
- BIRD Q1 2017 Why Did the Stock Rally 29% While the Business Kept Shrinking?May 08
Q4 2016
- BIRD Q4 2016 The One Growing Segment Just Stopped GrowingMar 17
- MELI Q4 2016 The Stock Is Already Above Its Own Anti-Dilution Ceiling - Does the Full-Year Number Justify It?Mar 08
- BFIN Q4 2016 Did a Write-Off Policy Change Just Erase Two Quarters of Rising Bad Debt?Mar 06
- BBRI Q4 2016 Full-Year Profit Grew Just 3%. Its Riskiest Loan Segment's Bad Debt Just Hit a Five-Quarter High.Feb 10
- DMART Q4 2016 A 31% Profit Jump, and Still No Stock to BuyFeb 06
- AMRT Q4 2016 Why Did Free Cash Flow Turn Negative in the Year Net Income Jumped 33%?Feb 03
- BBCA Q4 2016 Did a Tax Amnesty Just Buy a Bad-Debt Problem More Time?Jan 25
Q3 2016
- MELI Q3 2016 The Stock Doubled From January's Low - Does the Bull Case Still Clear It?Nov 20
- BFIN Q3 2016 Is the "Safer" Half of a Multifinance Company's Loan Book Quietly Getting Riskier?Nov 07
- BBRI Q3 2016 Its Core Capital Ratio Jumped 2.3 Points in One Quarter. Total Capital Barely Moved.Nov 04
- DMART Q3 2016 Revenue Grew. So Why Did Every Profit Line Shrink?Nov 03
- BIRD Q3 2016 The Decline Slowed Down. The Stock Fell 27% Anyway.Nov 03
- BBCA Q3 2016 Four Straight Quarters of Rising Bad Debt, and the Stock Just Hit a Two-Year HighOct 26
Q2 2016
- MELI Q2 2016 A Third Venezuela Impairment Landed - and Free Cash Flow Recovered AnywayAug 19
- DMART Q2 2016 The Numbers Existed Before the Stock DidAug 10
- BBRI Q2 2016 Capital Ratios Jumped Almost Three Points This Quarter. None of It Was Earned.Aug 05
- AMRT Q2 2016 Why Did Profit Jump 76% in a Half Where Short-Term Bank Debt Tripled?Aug 05
- BIRD Q2 2016 Profit Fell 38% Last Quarter. This Quarter It Fell 59%.Aug 04
- BFIN Q2 2016 The Half-Year a Fast-Growing Lender Suddenly Stopped GrowingAug 03
- BBCA Q2 2016 Loans are growing again. So is bad debt.Jul 20
Q1 2016
- MELI Q1 2016 Why Did Free Cash Flow Just Go Negative for the First Time?May 16
- XYZ Q1 2016 Did the Loss Really Double, or Is $50 Million of Litigation Hiding the Real Story?May 10
- BABA Q1 2016 Two Accounting Gains Explain 92% of the Profit Growth, and a Second SEC Inquiry OpensMay 09
- BBRI Q1 2016 Pre-Provision Profit Grew 21%. Net Income Barely Moved. Here's the Choice Behind That GapMay 06
- BIRD Q1 2016 Why Profit Fell 38% on Revenue That Barely MovedMay 04
- BBCA Q1 2016 Equity Jumped 13% in a Quarter Loans Shrank. How Much of That Was Actually Earned?Apr 19
Q4 2015
- AMRT Q4 2015 Why Did Profit Fall 16% in the Year Operating Cash Flow Doubled?Mar 24
- MELI Q4 2015 Every Segment's Margin Fell This Year - Mexico's Collapsed by 13.7 PointsMar 15
- XYZ Q4 2015 The Marquee Customer Relationship That Never Turned a ProfitMar 10
- BBCA Q4 2015 The CASA Ratio Finally Turned Around. Profit Growth Didn't Follow.Feb 08
- BBRI Q4 2015 The Segment That Never Disappoints Just Fell 15% in One QuarterFeb 03
Q3 2015
- MELI Q3 2015 Profit Grew 35% This Quarter - A One-Time Tax Gain Did Almost All of ItNov 20
- BFIN Q3 2015 The Quarter a Consumer Lender Quietly Became an Equipment-Leasing CompanyNov 10
- BBRI Q3 2015 Profit Grew 2% This Year. One Segment's Profit Fell 46% Anyway.Oct 23
Q2 2015
- MELI Q2 2015 The Venezuela Drama Finally Stopped - So Why Did Real Profit Just Fall 39%?Aug 20
- AMRT Q2 2015 Why Did Profit Fall 58% in a Quarter Where Sales Grew 16%?Aug 11
- TLKM Q2 2015 Revenue Grew 13% This Quarter - Why Did Adjusted EBITDA Grow Nothing At All?Aug 05
- BBRI Q2 2015 The Loan Book Grew 6.5%. Profit Fell 5.6% Anyway.Jul 31
Q1 2015
- BIRD Q1 2015 Profit Grew 2% This Quarter. Earnings Per Share Fell 14%.May 18
- MELI Q1 2015 Net Income Fell 94% This Quarter - the Venezuela Bill Finally Came DueMay 18
- BABA Q1 2015 Seven Shareholder Lawsuits and an SEC Inquiry, Six Months After the IPOMay 06
- BBRI Q1 2015 The Loan Book Shrank, the Margin Fell, and Profit Still Grew 3.5%Apr 30
- TLKM Q1 2015 The Flagship Segment Is Growing Revenue and Losing Margin at the Same TimeApr 28
Q4 2014
- MELI Q4 2014 Local-Currency Revenue Grew 81% for the Year - Net Income Still Fell 38%Mar 18
- BBCA Q4 2014 When Cheap Deposits Stop Growing, What Does A Bank Do?Feb 06
Q3 2014
Q2 2014
Q1 2014
Q4 2013
- MELI Q4 2013 Margins Recovered for the First Time All Year - So Why Did Free Cash Flow Collapse 77%?Feb 28
Q3 2013
- MELI Q3 2013 The Corporate-Cost Problem Got Worse, Not Better, and the Stock Rallied 25% AnywayNov 07
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
- MELI Q3 2011 Brazil's Margin Relapse Fully Reversed - So Why Did Unallocated Costs Grow Even Faster?Nov 04
Q2 2011
Q1 2011
- MELI Q1 2011 The Segments Recovered From Free Payments - So Why Did Operating Margin Fall Again?May 24
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
Q1 2009
- MELI Q1 2009 The Currency Wiped Out Two-Thirds of Real Growth This QuarterMay 11
- ISAT Q1 2009 An 80% Profit Collapse That Had Nothing to Do With the BusinessApr 17