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OPEN: Closing Out OPEN Short Idea With a (-19.7%) Loss, Alpha Generation of +48.7%

June 13th, 2014

It would be easy for us to simply dismiss PCLN’s proposed acquisition of OPEN for $103/share as an irrational bid and nothing more than another chilling sign of Internet bubble 2.0, but in no way would that approach improve our...

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MCRS and OPEN: Market Share Losses and Cannibalization of TAM Are Accelerating

May 21st, 2014

Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2014 annual conference.  We wanted to pass along some key observations from our time in the exhibit hall.  As you might imagine given our...

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OPEN: Deceleration in Cover Volume and Continued Restaurant Share Losses Pose Problems

May 2nd, 2014

In what surely has become an alarming trend for bulls on the stock, OPEN MISSED consensus revenue expectations for the fourth time in five quarters.  We cannot think of another situation where a growth company so consistently fell...

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OPEN: As Customer Acquisition Costs Sky-Rocket and Competition Gains Momentum Investors Are Left To Ask: If Not Now,...

February 7th, 2014

Approximately three months ago we postulated that OPEN’s EPS in FY14 could actually be flat on a YOY basis. At that time, and at every point up until the company’s earnings release yesterday...

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OPEN: As Opentable Loses Market Share in North America the Potential for a Minneapolis 2.0 Scenario Should Concern...

December 20th, 2013

As we approach year end it seems like a natural process for most investors to evaluate what they got right and what they were wrong about over the past 12-months.  We are no different.  While...

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OPEN: A One Legged Growth Stool Increasingly Vulnerable to Competitive Threats

November 6th, 2013

North American diners seated per restaurant is for OPEN shareholders “the one metric to rule them all” as far as stock price action is concerned.  In 2012 when diners seated per restaurant in North America slowed, OPEN shares struggled...

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OPEN: Hope Increasingly Creeping Into the Bull Case

August 1st, 2013

In another market environment things might be different.  Marking the fifth time in the past three years, OPEN missed consensus revenue expectations for 2Q13.  On top of that, the company lowered guidance for FY13 substantially.  Panic? Not exactly.  Had the...

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OPEN: Acquisition of Rezbook - OPEN Dominance or More IACI Incompetence? Probably a Bit of Both, Margin Impact Could be...

August 1st, 2013

In what can only be described as a surprise to the marketplace, OPEN announced that it had reached an agreement to acquire IACI’s Rezbook. As part of the deal Urbanspoon, a leading mobile...

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OPEN: YELP’s Acquisition of SeatMe Could Herald the Start of a New Era in the North American ERB Space

July 19th, 2013

And so it begins….Two and a half years ago we introduced OPEN as a short idea predicated on four principal tenets: At its core, OPEN provides a “solution without a problem”.  OPEN’s ERB technology and...

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