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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प्राचीन काल में गाधि नामक एक राजा थे।उनकी सत्यवती नाम की एक पुत्री थी।राजा गाधि ने अपनी पुत्री का विवाह महर्षि भृगु के पुत्र से करवा दिया।महर्षि भृगु इस विवाह से बहुत प्रसन्न हुए और उन्होने अपनी पुत्रवधु को आशीर्वाद देकर उसे कोई भी वर मांगने को कहा।


सत्यवती ने महर्षि भृगु से अपने तथा अपनी माता के लिए पुत्र का वरदान मांगा।ये जानकर महर्षि भृगु ने यज्ञ किया और तत्पश्चात सत्यवती और उसकी माता को अलग-अलग प्रकार के दो चरू (यज्ञ के लिए पकाया हुआ अन्न) दिए और कहा कि ऋतु स्नान के बाद तुम्हारी माता पुत्र की इच्छा लेकर पीपल का आलिंगन...

...करें और तुम भी पुत्र की इच्छा लेकर गूलर वृक्ष का आलिंगन करना। आलिंगन करने के बाद चरू का सेवन करना, इससे तुम दोनो को पुत्र प्राप्ति होगी।परंतु मां बेटी के चरू आपस में बदल जाते हैं और ये महर्षि भृगु अपनी दिव्य दृष्टि से देख लेते हैं।

भृगु ऋषि सत्यवती से कहते हैं,"पुत्री तुम्हारा और तुम्हारी माता ने एक दुसरे के चरू खा लिए हैं।इस कारण तुम्हारा पुत्र ब्राह्मण होते हुए भी क्षत्रिय सा आचरण करेगा और तुम्हारी माता का पुत्र क्षत्रिय होकर भी ब्राह्मण सा आचरण करेगा।"
इस पर सत्यवती ने भृगु ऋषि से बड़ी विनती की।


सत्यवती ने कहा,"मुझे आशीर्वाद दें कि मेरा पुत्र ब्राह्मण सा ही आचरण करे।"तब महर्षि ने उसे ये आशीर्वाद दे दिया कि उसका पुत्र ब्राह्मण सा ही आचरण करेगा किन्तु उसका पौत्र क्षत्रियों सा व्यवहार करेगा। सत्यवती का एक पुत्र हुआ जिसका नाम जम्दाग्नि था जो सप्त ऋषियों में से एक हैं।