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28 replies (most recent on top)
good article. "classical AI", "go do this gen AI stuff" and "spending millions ... to figure out the next word" is spot on for what's going on out here in the real world. we are basically doing all 3 and no doubt wasting some money. reminds me a little of the dot com days, but it also seems necessary.
hope you figure out and sell some applications that are beyond the hype. good luck to all.
JG confirmed no IPO this year, and may be not in 2026
"There were, however, challenges, Dr. Goodnight told CIO.com."
"SAS also had to build other systems necessary for public companies, and those went into production at the beginning of May."
“We’ll need to run on that for at least a year before we’re ready,” he said, so the IPO may happen next year, although it’s more likely to occur in 2027."
https://www.cio.com/article/3988330/sas-enters-new-ai-era-with-ipo-on-the-horizon.html
"For these reasons, I don’t believe SAS is just “going through the IPO motions”. I think they will IPO. They’ve been slow and inefficient about it — but this is hardly the first time we've seen that!"
It's possible. At a certain point it doesn't really matter though. I easily could see SAS still not be IPOed in 2030 if JG is still alive and then blaming it on running an IPO being more difficult than they thought or the time just not being right. There's a fine line between IPOs just being hard to pull off / time correctly and SAS never really being serious about going IPO in the first place. I'm not sure at how many years overdue, you make that call.
It's "learned helplessness".
“Going through the IPO motions costs money, but it's a cheaper way to boost retention than raises.”
That would only boost retention of people who believe they'll benefit from an IPO. Foolish people are not ones you want to retain.
Moreover, SAS is incentivizing people to leave. They’re doing buyouts, layoffs, and reducing raises and bonuses. They’re doing all they can not to retain people.
For these reasons, I don’t believe SAS is just “going through the IPO motions”. I think they will IPO. They’ve been slow and inefficient about it — but this is hardly the first time we've seen that!
“Maybe you should consider moving on. It sounds like you would be happier elsewhere.”
I didn’t really follow you there. I’m one of the few on this site not whining about how bad SAS is.
I work hard and get paid well.
You think I should leave to be happier elsewhere and let the do nothing retire in place people stay where they hate it?
Or did you mean this hellhole off a website? Either way I’m good.
@16r+1js78a32d
Maybe you should consider moving on. It sounds like you would be happier elsewhere.
@16m+1js78a32d Oh I get the appeal of safe reliable paycheck. I just don’t get a retire in place mentality
Safe paychecks are appealing.
I'll believe SAS is serious about an IPO when they hire a new COO from outside the company with relevant experience to make it a reality.
The IPO effort has always seemed like an ad hoc reaction to the Broadcom acquisition falling through. "Going to leave SAS, because the company almost got purchased and radically restructured? Don't worry we're now going to IPO and we'll leave you to speculate that you might get some equity."
Sure, going through the IPO motions costs money, but it's a cheaper way to boost retention than raises.
“ If he admitted that there is no plan, or that SAS dies with him, employees would flee this place as quickly as possible.”
They would not flee as quickly as possible.
Have you read all the comments on here from disgruntled people who refuse to leave despite being miserable? If they won’t do it then no one will.
According to them better to collect salary and “retire in place”…. And no that is not something I can condone. Anyone who retires in place should be let go.
Yes, he knows what he's doing -- he's stringing people along.
If he admitted that there is no plan, or that SAS dies with him, employees would flee this place as quickly as possible.
What, no pants? It wouldn’t be the first time 😁.
But he knows what he’s doing. No GAAP and no CFO mean no sale or IPO, at least not this year. If we get a recession, maybe not next year either.
It does not take four years to become IPO-ready. It’s him that’s not ready.
The Emperor is wearing a fine cashmere sweater.
"I do not understand why it takes four years to convert to GAAP. I get that international offices make it more difficult. But four years?"
Four years and still not GAAP compliant is an outlier. Several have speculated that JG and JS do not want out as much as their wording might imply. I agree with that assessment more now than just a year ago. Both founders are billionaires and could give SAS away, keep the land and the buildings, and their financial radar would not even show a blip.
SAS has said for 4 years they are working towards IPO readiness. They have overplayed that hand and are starting to sound like a the little boy who cried wolf.
When talk and actions disagree, trust actions. Actions suggest staying with the status quo. If so why? The "why" could be:
- Enjoying the chase more than the end result.
- They are clinging to a number that far exceeds the value of the company, buyers have senses that, thus no buyers lined up at the doorstep.
- They are afraid that SAS will fetch a value so low that it would be ego crushing.
- Status quo is how they want to spend their remaining years and they are okay with however their heirs decide to go forward with SAS
- ????
Whoever falls heir to a declining product will probably sell it quickly.
SAS has missed an opportunity. A few months ago, any company with AI could IPO. They might not have a great IPO — CoreWeave had to reduce their asking price — but at least they could get out.
Now, SAS must wait for market conditions to improve — by which time its AI efforts may not be hot anymore. Also, as time goes by, it becomes harder and harder to present Viya as a growth area.
That leaves SAS with its old V9 revenue stream, declining against inflation. You can IPO such a thing — you can IPO anything — but it will decline further before any sale or IPO.
I do not understand why it takes four years to convert to GAAP. I get that international offices make it more difficult. But four years? SAS dragged their feet, and missed an opportunity.
Professor JP will be the next heir apparent.
Senior citizens dislike change. Therefore....
Speculating that there will be no sale/IPO as long as JG(major owner) is alive.
No deal happens without a CFO. Also, no IPO happens under current market conditions. Finally, others have posted that SAS accounting is still not GAAP-compliant.
I believe the IPO is still on, but delayed until these issues are resolved.
I started reading and respecting your opinion, but then you lost credibility with such a childish comment.
I think it will be 2026 for any IPO, if market conditions are right.
But, based on the id--t intentionally tanking the stock market, economy and the US dollar, I’m leaning toward to doubting 2026.
“My hunch is the terms of the sale are complete”
I think so. We’ll see what happens after the oldsters leave on the 30th. Was CFO last day the 30th too?
My hunch is the terms of the sale are complete … primarily selling just the software and existing user base connected to the software.. buyer won’t take the full software library but instead the parts that will mesh well with their existing offerings…in 2025
Far Fetched, Maybe!!
Now that he's retired, he can write a new cookbook.
@cq+1jrxc31bf states that SAS is still not GAAP-compliant.
That would fit with the CFO's retirement. If SAS is still not "IPO-ready", there's plenty of time to hire a new one.
No IPO in 2025.
It will take at least a year to hire a new CFO and for them to learn the ropes.
That's no great loss of time because the IPO market is stalled anyway. SAS would be quite reasonable to delay.
Not in this market and especially not with the CFO “retiring”.
Unless they find a buyer who doesn’t want a positive ROI