This is kind of crazy, but Tiny just wrapped its first full year as a public company. The public markets are a strange new world. I’ll explain why in a second, but first, here’s the full year 2023 results that we filed yesterday evening. The financials are still a bit confusing due to the merger costs + subsequent restructuring, but here’s a few highlights: - $185M Revenue (had our acquisitions of WeCommerce and Clean Canvas occurred on Jan 1, 2023, we estimate revenue would have totalled $206M)
 - EBITDA of $46M
 - Recurring Revenue of $29.5M (does not include $8.4M of recurring revenue from WeCommerce in Q1 due to merger timing - combined this would be $37.9M)
 - Q4 revenue of $51M
 - Q4 cash from operations of $9.9M
 - Q4 was the first quarter with all of major businesses reporting together (excluding Tiny Fund I results)
 - Note: None of these results include the businesses within our $150M USD private fund, of which Tiny Ltd owns the GP and is a 20% LP.  Details here: finance.yahoo.com/news/tiny-… It’s been an interesting year, stumbling into the world of public markets. Shortly after our merger closed, I sat down with a public markets investor and asked him if he’d consider buying our stock.  “First, you need to build your reputation,” he told me, fixing his eyes on me and looking serious. “What do you mean?” I replied. “With zero investment, I started a profitable business, then used my profits to acquire thirty companies and grew their earnings massively. I’ve compounded at an insane rate, from nothing, for almost two decades. THAT is my reputation.” “No, no,” he responded. “You need to build your reputation in the public markets. Everything you’ve done before is moot. You need to get 8-12 consistent quarters under your belt. And your company is confusing, too. You own too many things. You should sell some stuff.” I found this absolutely bizarre. In my opinion, a company, public or private, was a company. A reputation was a reputation. And who cared if we owned 20 companies vs 1 if they were great businesses purchased at fair prices? But while his appraisal was slightly irritating, it was revealing. Public market investors like two things: 1. Predictability 2. Simplicity They want to know that the numbers will go up in a straight line each quarter. And they also want to know that your company does one thing.  “We make golf course management software. It has insanely high retention, our ARR is $100M, and it’s growing at 12% per year with 10% EBITDA margins.” I can hear the collective moans of public equities managers. Swish. They love this stuff. But a holding company is the polar opposite.  As anyone who has run one can attest, it’s hard to explain the sum of the parts. You often hold businesses that are growing while others are shrinking or flat (often expectedly, if you often do deep value deals like us). Some are investing in R&D while others are raking in record profits. You might have ten different business models. Across the holding company and our fund, we own dozens of companies, ranging from social networks and software companies, to a coffee maker business.  To add to the fun, some of our investments live in our aforementioned private equity fund. Try to explain that to your analyst in one sentence. I get it, it’s confusing. It’s been fascinating reading old shareholder letters from the great diversified holding companies. It seems that the pattern looks a bit like this: 1. Tell the world what you’re going to do  2. Get dismissed and misunderstood for 5-25 years 3. Earnings compound 4. Get respect We’re going to suck it up and stay the course. To our shareholders: we appreciate your trust, and thanks for coming along with us on this journey.