Summary

We previously wrote here on GTT Communications (GTT) in March. In this article, we first summarize the opportunity, try to better explain the business model and customer value proposition, and discuss the new Head of Sales and CFO.

GTT Communications provides internet services to large corporations. Unlike its telecom competitors that focus on constructing and owning their network infrastructure, GTT prefers to just rent from others. This broker/reseller model provides GTT a cost advantage given the telecom industry cost structure (high upfront fixed costs and near-zero ongoing marginal costs) and deflationary economics (improvements in fiber and routing technology keep marginal costs below average costs and the average cost curve falling over time). These dynamics naturally result in consistently declining telecom prices but actually benefit GTT's reseller model via lower input rental costs. GTT also has a customer service advantage in that it can offer an unbiased one-stop-shop solution by combining the best parts of other networks.

GTT's unique model is misunderstood given legacy competitors (e.g., AT&T (T), Verizon (VZ), and CenturyLink (CTL)) have always and continue to focus on owning their networks. While GTT has a demonstrated ability to grow organically, it has mainly scaled so far via acquisitions. 2 of its recent transactions (Hibernia and Interoute) were large and created temporary integration-related issues that slowed new sales, increased churn, and created operational complexities that are now largely behind them. A short seller was able to capitalize on these issues with a false narrative that GTT has a broken business, can't grow organically, uses non-GAAP metrics to hide profitability, and will go bankrupt. As we will explain, its value proposition is clear and compelling. The integration-related issues, non-cash amortization expense, and non-recurring M&A charges (e.g., restructuring, severance, and deal expenses) are masking the high free cash flow generative nature of the model.

GTT has also built up a high debt load through its past acquisitions. When you consider the predictability of GTT's business (recession resilient and growing demand, combined with significant switching costs for large customers), the debt load is very manageable and an upcoming divestiture of some previously acquired network infrastructure assets will bring it down substantially.

The stock is trading at ~3x our estimate of 2020 free cash flow vs. a fair multiple of at least ~10x, and significant upside at its historical multiples of ~20-30x. The downside at these levels is low given the cheap valuation, attractive debt structure with little default or refinancing risk (no maintenance covenants and no real maturities until 2025), and an upcoming divestiture of non-core assets (trade for 20x+ cash flow). Catalysts to realizing value include an impending short squeeze, announcement of signed divestiture transaction, and continued positive operating momentum in FY20. Incentives are also aligned given management plus the board of directors own 47% of the total shares and other long-term shareholders, including the Sequoia Fund, collectively own another 24% of shares.

The telecom business is simple. While telecom companies have a confusing set of product names (e.g., MPLS, SDWAN, Ethernet, etc.) that seem to require many advanced degrees to understand, at a basic level, they are simply providing internet services. The different product names are really just differences in billing plans.

GTT focuses on selling internet services to larger companies. Their needs are very different from residential customers, who have 1 home and only use 1 provider like AT&T, Verizon, Comcast (CMCSA), or Charter/Spectrum (CHTR). Large companies tend to have 100s, if not 1,000s of locations globally where they need to get internet access. And just like consumers, they still want to work with only 1 internet provider, or at least as few as possible, to avoid the unnecessary complexity around receiving multiple bills, having multiple online network management portals, and dealing with multiple parties for troubleshooting/IT support. In short, these large companies prefer paying higher prices to 1 provider in exchange for a more convenient and simpler internet solution.

There are over ~6,000 global internet providers, each with its own geographic footprint of on-network, or "on-net" locations (customer locations where the provider owns the last mile cable connecting it to their core network) and no 1 provider having complete network coverage. This means that a larger company's primary provider must resell its competitors' networks to reach locations outside its on-net footprint. This is called an off-network, or "off-net" service (reselling from whoever owns the last mile cable). Here is where the challenge lies - no internet provider likes providing "off-net" services but their customers still need them to.

Providers don't like selling off-net because of the financial impact, namely the large and upfront costs needed to build their own networks. On-net services are much higher margin (no rental fees paid to competitors) and maximize the ROI of their own network infrastructure. They also have other reasons to hate providing off-net services: working with competitors is slow, manual/labor intensive, and increases sales and implementation lead times. This is due to 1) no uniform pricing or service delivery standards due to differing rules, technologies, and regulations across regions and even providers in the same geography; and 2) lack of transparency related to pricing and supply as providers treat this data as proprietary.

Additionally, even if a location is on-net for a customer's primary provider, the customer still might want them to go off-net if they don't have the right access type. Every provider focuses on different last-mile access options (e.g., fiber, coaxial, DSL, satellite, 3G/4G/5G). The best choice access option depends on a customer's preferences for cost, speed, performance, resiliency, and security.

The final problem relates to demand. With the ongoing adoption of cloud services, IoT, and software-as-a-service (SaaS), demand for internet access continues to grow rapidly (20%+ volume growth per year). This demand is also now coming from a more distributed set of locations. For example, unlike before, now even local sales offices need fast and secure internet, so they can use cloud/SaaS applications. Ultimately, this means more demand for off-net services.

In summary, here is the problem: large customers typically have many locations and want 1 provider to serve them in all geographies. At the same time, no 1 provider has complete on-net coverage and even though they don't want to sell off-net service, everyone must do so. And all of this during a time when customers' demand for off-net services is rapidly growing.

Enter GTT, who focuses specifically on solving this challenge for large companies. GTT prefers to rent its entire network from other providers, so effectively all of its services are off-net. It does this by using a proprietary, internally developed software it calls the connectivity management database, or CMD, that allows it to automate many of the off-net complexities, including network design, pricing, implementation, and management. While GTT has lower profit margins than its competitors, it avoids the large capital expenditures needed to building an expensive network (though it still needs some routing equipment at major locations and at customer sites). By focusing on renting, GTT also benefits from industry cost declines through technological advances in fiber optics and routing equipment that result in lower rental expenses over time.

Ultimately, GTT's model allows it to be unbiased about on-net and off-net access, and unbiased about which last-mile access option to use. It can piece together the best solution for large companies based on their needs/preferences and be the "one throat choke", something other providers can't do given their focus on building infrastructure. While GTT isn't a well-known consumer brand, it is among the top 4 ranked globally in terms of internet traffic volumes. This gives it scale advantages that make it one of the best performing, lowest cost internet networks around the globe. This means GTT can offer better service and lower prices than competitors.

Sources: 2019 GTT 10-K, THE RED THREAD: My Fortunate Life in Telecommunications (Book by GTT Chairman H. Brian Thompson), Telecom 101 (Detailed Industry Primer on the Telecom Industry), GTT Investor Relations, Woodmere Value Management Analysis

In June 2019, GTT hired a new head of US sales, Ernie Ortega. Ernie has a very successful track record of leading sales teams at other providers and has implemented a number of very positive updates at GTT. These include bringing in key sales leaders he has worked with before, as well as adding/refreshing processes for sales training, lead prospecting and management, account reviews, account management, and client experience initiatives. His initiatives have been very successful at past firms and are just now starting to bear fruit at GTT.

GTT has built up a large amount of debt related to its past acquisitions. GTT's new CFO hired this month has most of his pay tied to closing a divestiture transaction and significantly bringing debt down. When you consider the predictability of GTT's business (recession resilient and growing demand, combined with significant switching costs for large customers), the debt load is very manageable and divestiture will bring it down substantially.

A well respected and successful private equity firm Charlesbank disclosed a new investment in GTT and now owns ~7% of the company. This should accelerate a short squeeze, create a potential take-private transaction, and at least supports our view that GTT is very cheap.

The COVID-19 virus has impacted the overall M&A market and continued issues could delay a divestiture transaction. We think this hasn't really impacted the market for long-term infrastructure like fiber, data centers, etc. given the increased demand for bandwidth as people work remotely and general resilience of the asset class.

COVID could also impact revenue growth if certain types of large customers (e.g., retailers) go bankrupt. However, given GTT's relatively low market share today and its compelling value proposition, any issues should be temporary noise. COVID could even accelerate revenue growth if customers become hypersensitive to price and are more willing to switch to GTT for its lower prices.

We believe the temporary issues facing GTT are now behind them and have created an extraordinary buying opportunity for those willing to understand the complex story and situation.

Disclosure: I am/we are long GTT. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Continued here:
Further Understanding GTT Communications' Business And Other Updates, Still Worth 3x+ Current Prices - Seeking Alpha

MILAN (BRAIN) Pirelli bicycle will now be distributed by KASK America in the U.S.

KASK sales and marketing director, Alberto Fonte, said,We areexcited topartner with such an esteemed brand to bringfurther benefitto our customers. Pirelli truly appreciateKASKs philosophyand their high-quality products perfectly complement the premium package we are able to offerto the US market. This agreement fits perfectly into our long-term sales strategy.

Fonte said HLC, which had been Pirelli's exclusive North American distributor, will keep distributing Pirelli exclusively in Canada.

"Whilst KASK America is the main partner in the United States, HLC will also keep distributing Pirelli in the U.S. as service partner," he said.

Pirelli bike tires are available formountain bike, road, gravel, urban and e-bike applications.

"Pirelli chose to collaborate with KASK America for the North American market because of its success with high-end Italian premium brands, outstanding reputation and worthwhile future. KASK America's widespread network and deep knowledge of the North American market dynamics will add to Pirelli's existing distribution network. KASK America will provide the technical training to IBD's, retailers, and shops across the US. KASK America's strong relationships with retailers will further enable top sales across the broad spectrum of Pirelli's premium Italian products to the marketplace," the company said.

KASK America, opened in 2010, offers its own brand of Italian-made helmets and sister-brand KOOs cycling eyewear.

For more information contactinfo@kaskamerica.usor visitkask.com/en-us.

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Kask America to distribute Pirelli tires in the US - Bicycle Retailer

While many in the industry are cutting back, commercial real estate workhorse Marcus & Millichap is witnessing an agent hiring boom.

Since the outbreak of the corona virus in early March, the firm has seen applications for sales and finance jobs double.

And its new online recruitment sessions are drawing more and more interest as job hunters look to get ahead of the estimated 1.5 million New Yorkers whove lost their jobs as a result of the pandemic.

Our philosophy at a time like this is we will continue to recruit agents because the world is going to need more advisors, not less, Susan Bands, the firms associate regional manager, Manhattan, told an online career presentation given on Thursday (April 23).

We are preparing for when the real estate market comes back, and we expect it to come back with a force. We are interviewing remotely now, and well train remotely if we have to. We have no intentions of slowing down.

Indeed, after a stellar 2019 that saw the Manhattan office alone close over $2 billion in deals in what many considered a down market, Marcus & Millichap was poised for another solid year until COVID-19 struck.

Despite a downturn, Bands said, We are still signing and closing deals, and our agents are spending more time on the phones with clients than ever before.

Our company has state-of-the-art network infrastructure, databases and real estate applications, all of which are remote-enabled.

She said the firm was quick to react to the virus with its own remote contingencies and the firm is very much open for business.

She said the normal recruiting effort had been moved online, with live presentations like Thursdays attracting upwards of 50 viewers at a time with mostly college graduates looking for entry level positions.

John Krueger, regional manager for Marcus & Millichap Manhattan, was quick to tell Thursdays viewers they wouldnt be chasing the multi-billion dollar deals they read about in the press, noting, There are only a handful of brokers in New York City who handle deals like that. We play in the $200 million and below sector, thats our focus and thats why we dominate in our area.

Indeed, the entry level positions are 100 percent commission based, but Krueger was selling a training program that promises to groom them for those skyscraper deals. I came from Indiana. I had a cornfield in my backyard, he said. But here you can learn the business without having a certain pedigree or certain last name. If you put your head down, youll have the opportunity to thrive.

Krueger cited recent historic shocks to the global economy, ranging from the 2009 financial crisis to 9/11, thedot.com bust to the Kuwait oil price shock. In each and every one of those events, the GDP went down, jobs were lost, unemployment rate rose, retail sales went down, but the positive is really a boomerang effect.

During the following 12 months, after every one of those events, you saw a 30 percent growth in the stock market, and were going to have something similar to that and thats what we keep telling our clients. Thats what we keep telling our investment sales force. We have to weather the storm. We have to be smart and we have to be ready for things to pick back up.

And while the pace of deals may have slowed, Krueger said that doesnt mean theres no work getting done.

For each and every client, were asking questions and trying to find out what these clients need so we can provide solutions for them, he said.

Theres massive business volumes that have come just through counseling clients, advising clients in these market disruptions and uncertainty. And when things do stabilize, theyre going to remember, who was there, who was providing guidance and leadership and was an advisor and not trying to just make a quick fee off of them, but really giving them the facts and helping them make an informed decision.

While the focus for now is on junior agents and loan negotiators, Marcus & Millichap plans to hire around 35 agents in Manhattan. In the past six weeks, the firm has conducted 63 interviews for those jobs and continues to be on the lookout for more experienced agents.

Our firm is known for recruiting juniors, training and molding them as salespeople, and turning them into significant earners, said Bands. Our senior agents serve as mentors and team-leaders, which fosters an amazing culture of collaboration, growth and development for everyone.

With over 2,000 professionals in 82 offices throughout the U.S. and Canada, Marcus & Millichap closed 9,726 transactions in 2019, with a sales volume of approximately $50 billion.

Just this month, Marcus & Millichap acquired a Dallas-based commercial debt brokerage, Metropolitan Capital Advisors in a move president Hessam Nadji said would aid in the execution of an overall strategic growth plan.

On Thursday, Krueger told the online candidates, Were going to get through the corona virus and were going to find a way to move forward. We may not be setting records, but were doing a lot better than I would have thought just two or three weeks ago.

Since the corona virus pandemic shut down the country, several major real estate firms have announced cutbacks and furloughs, including Avsion Young, Terra Holdings, Compass, Brookfield-backed Convene, and Knotel, among others.

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How one CRE firm is expanding as others contract - Real Estate Weekly

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Marketing And Sales Consulting Market Growth, Overview with Detailed Analysis 2020-2026| EK Consulting, McKinsey & Company, Interliance...

City Council approves economic-relief plan to help workers and businesses.

Anita W. Harris, Staff Writer|April 22, 2020

Courtesy Long Beach Economic Development

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Besides its devastating health impact, the COVID-19 pandemic is hitting the local economy hard as well.

The City of Long Beach will suffer a total revenue loss of between $38 million and $44 million by the end of 2020, according to an April 13 memo from the Director of Financial Management John Gross.

Gross projects the Citys general operating-fund budget to fall short by $14 million to $22 million this year, especially due to reduced oil sales and hotel taxes. Gross further projects the Long Beach Airport to lose $10 million in revenue this year due to low passenger volume.

The Citys costs related to COVID-19 including setting up an incident-management team and emergency-operation center amounted to about $5.5 million by the end of March, Gross said. He added that some of those costs may not be reimbursable by state or federal funds and do not include deferred rent, tax rebates or loans to assist businesses.

The current pandemics financial impact will also result in future-year budget losses of up to $27 million through 2024, Gross said.

Further impacting the Citys ongoing financial woes are litigation preventing Measure Ms transfer of water-and-sewer revenue to the general fund, higher pension costs and lower pension-related investment earnings and higher labor-agreement costs.

Gross added that future-year budget projections also do not consider an economic slowdown, which may now be more likely following the pandemic.

The City is currently taking steps to control costs, such as reducing one-time projects and non-pandemic and non-essential operating expenses, including staff hiring, Gross said.

However, the financial strain on the City may be understated because projections assume the pandemic will last through the end of May and be followed by a very strong economy after a recovery period of the rest of 2020 and early 2021.

Because these assumptions may turn out to be optimistic, Gross said, the City should be prepared for more adverse impacts than this initial assessment indicates.

Economic relief To help mitigate the financial impact of coronavirus-isolation measures on workers and small-business owners, the Long Beach City Council unanimously adopted an economic-relief package during its April 14 meeting.

The relief package includes specific steps that the City will take to cover gaps in federal relief measures and help workers and business owners continue functioning during the pandemic emergency.

Among the measures, the council will approve an ordinance once the city attorney drafts it requiring Long Beach employers with more than 500 employees nationwide to give their employees supplemental sick leave of up to two weeks.

Supplemental sick leave for workers in companies with 500 or fewer employees is already covered by the federal Families First Coronavirus Response Act.

To help the local hotel industry specifically, the City will create a Hospitality Recovery Task Force to develop strategies for recovering business travel and tourism, according to an April 15 statement from Long Beachs Joint Information Center.

Hotel and janitorial workers who have been laid off will be protected by worker-retention and rehire policies once the council approves an ordinance for that.

The Citys new Emergency Microloan Program will help small businesses and nonprofit organizations that cannot obtain federal loans to operate during this time. For businesses and homeowners, the City will also develop a mortgage-assistance program with the help of nonprofits and development companies. And it will assist mortgage holders in accessing state and federal programs to prevent foreclosure.

The City already created a checklist of new protocols that essential food and grocery businesses had to post as of April 15 to help ensure the safety of both customers and workers, such as keeping six feet apart in checkout lines.

The City is also assisting those in quarantine with over $1 million in grants through nonprofit partnerships.

During the council meeting, which was conducted by teleconference, City Manager Tom Modica highlighted 12 key areas from an approximately 150-page report developed by the Economic Development Department under Director John Keisler. The council had requested a report on how to maintain economic resiliency at its March 17 meeting, the same week it issued its safer at home policy.

In addition to the above items, the reports guidelines include training hotel and restaurant workers in COVID-19 safety precautions, staggering fees for small-business development and promoting digital inclusion by helping residents and businesses with internet access, hardware and training.

During its discussion, the council specifically addressed whether franchises should be included in the definition of companies of 500 or more and how long the policies would remain in place. It agreed that franchises should be included and that staff would update the council every 90 days.

The council also agreed that employers must allow workers to adjust their schedules for coronavirus-related issues, such as childcare and helping family members who are ill. Employers must also give part-time workers full-time hours before hiring any additional workers, the council agreed.

Many of these policies echo those of the County of Los Angeles and the City of Los Angeles (LA) as well, according to the staff report. LA alone is projecting a $231 million revenue loss this year and $598 million next year, according to an April 15 statement from LA Controller Ron Galperins office.

LA projects its travel and tourism income to fall by 70%, with tax revenue down by $61 million this fiscal year and up to $80 million in 2021.

Long Beach Mayor Robert Garcia said during the council meeting that LA and Los Angeles County are adopting similar economic-relief packages and that the council will periodically update Long Beachs policies and health orders to align with those other agencies.

Im proud that this economic-relief package protects workers and small businesses, Garcia said in a statement. Long Beach residents deserve paid sick time during this health crisis and our small businesses need loans and access to grants.

For more information, call the Long Beach COVID-19 hotline at (562) 570-INFO (4636) or visit http://www.longbeach.gov/covid19. For business and worker information, call (562) 570-4BIZ (4249) or visit http://www.longbeach.gov/economicdevelopment/covid-19-business-support/.

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Long Beach projects revenue loss of about $40 million this year due to pandemic - Signal Tribune

Tony Kanaan has pretty much seen and done it all when it comes to IndyCar.

The Brazilian driver has been a fixture in the sport for 23 years and was hopeful to remain full time and continue his streak of 317 races (most all-time) going. However, economic circumstances didnt come together to make that a possibility, and instead he will run a partial schedule in 2020 at the five ovalsGateway, Indianapolis, Iowa, Richmond and Texasin the No. 14 Chevrolet for legendary team owner AJ Foyt.

Icon SportswireGetty Images

At 45 years young, Kanaan has enjoyed a stellar career that many would trade for in a minute.

In 2004, he scored three wins, 11 podiums and two poles to capture his only IndyCar championship. In the process he became the first driver to complete every lap in a season (3,305 laps889 of which he led).

Additionally, a massive weight was lifted off his shoulders after he finally claimed victory in the 2013 edition of the Indianapolis 500.

Kanaan has written a fairy tale career for himself, but he keeps his eyes forward waiting for the next green flag to wave. In the meantime, he decided to share some thoughts with Autoweek about his career, the evolution of IndyCar and more.

Autoweek: What have you been doing to keep busy during this quarantine period?

Tony Kanaan: Well, we have four kids, so we're plenty busy. There's not a day in this house from seven o'clock in the morning until it's bedtime that we're not busy. I love working out, so I train a lot. We have our home gym, which I'm extremely fortunate to have. I'm concentrating on some specific workouts to keep fit to be able to drive the race car, but also I'm training for an Ironman triathlon that I'm going to do in October. I'm training four to six hours a day between the weights and the bike and the runs. It's about being busy. So, I have a pretty busy schedule from the moment I wake up to bedtime. Now, obviously including the iRacing and stuff that I never had done in my life until a few weeks ago, I've been trying to learn as much as I can because my competitive side doesn't let me just say, 'Ah, relax. This is just for fun. This is not serious.' But, I get carried away and try to be competitive.

Icon SportswireGetty Images

AW: Youre one of the few I can ask this to, so what is more challenging: Winning an IndyCar championship or the Indianapolis 500?

TK: They're different, right? A championship, you have to be consistent through the entire year. You have to do your job. So, I would say the 500 and not because of the magnitude of the race, but it's one race. You have that day to get everything right. Right? If you don't get it right, you've got to wait another year. In the championship, you can have a bad race or two and then you can recover from that later on. To me, I would say the 500.

AW: You came into Indy car racing with the likes of Scott Dixon, Helio Castroneves and Dario Franchitti, among others. How does this new generation of driversOliver Askew, Colton Herta, Patricio OWard, Felix Rosenqvist, etc.compare to when you came into the sport roughly 20-plus years ago?

TK: Every generation is different, man. In my opinion, we keep improving. When I came in it was Al Unser Jr., (Alex) Zanardi, Jimmy (Vasser)those guys were on the way outthen, it was Dixon and I. They're just different. I mean, it's hard to compare generations, in my opinion, especially when you talk about, look at me, I've been around for 23 years, things have changed so much since then between cars and everything else. So to me, it's hard to judge, 'Oh, we're better. They were better.' It's just different. I think the kids have the same fire we all did, which is a good thing. In a way, they're more tech savvy, I would say. These kids text and they are up to speed on things that you go, 'What are you talking about?' When I started, we already had digital dashes but we had like three buttons in a steering wheel. Now, we have like 20, so it takes us older guys a little longer to get used to, when the kids they just come in and go, 'That's easy.' I'm like, 'Whoa, OK.'

Simon Pagenaud to Appear on Cam Newton's New Show

AW: On that end, its pretty impressive to see how technical Indy Lights has become as a training ground, delivering IndyCar-ready drivers like Askew, Herta, OWard and Rinus VeeKay. How different is that compared to your days there in 1996?

TK: Yeah, but I have to say back then, no disrespect to Indy Lights, our championships were tougher. When I talk about, remember Dixon and I, it was just different times, right? You talk about a different economy. I mean, it was really strong. So I think these guys, it emphasized even more the kids because they are extremely competitive in IndyCar coming from a level of an Indy Lights championship that is not up to the level that we raced. Again, no disrespect to the championship right now, but that's what we're trying to build. We're still trying to build that.

AW: The technology, grid size (28 drivers entered races in 1996 versus 13 in 2019) and depth of talent was closer to IndyCar level back then than it is now, is that what you're saying?

TK: Correct. Again, I'm not trying to sound like I'm disrespecting them, but that's just the reality.

AW: Youve been around a minute and seen the transition of Indy car racing from the CART erapost-splitto the reunification through to what we have today. If there is one thing missing in the current IndyCar product to take it to the next level, what might that be?

Chris GraythenGetty Images

TK: Well, it's hard. When you think about how much money we used to spend, we had 1,000 horsepower, but the engines would last a race and you'd have to rebuild them. So it's easy for me to sit here and say, 'Well, we need more horsepower.' We used to change chassis every year or every two. It's insane. Times have changed. I think there's a lot of room for improvement, but you got to be careful when you say that because when you try to make it where you add tech and add power and add this and that, then you become Formula 1. Then you need a $100 million budget that people don't have. So I don't think we're missing, I just think we are adapting to times. Can an Indy car go 250 mph? 100%, tomorrow if you want to. The problem is how do you want to approach this; do we want to grow the series or do we want to have nobody racing because nobody has the money that can afford to go racing? So to me, I don't think we need to change anything. I think we need to be smart and keep the way we're doing, slowly improving. I can say, 'Yeah, you know what, we need a 1,000-horsepower (car). We need bigger cars, need to do this.' But then, what's the cost of that? We're going to increase the cost $6 million from one year to the other, then you can't do it because teams won't survive. These are different times, so I think it's not what we need to change, it's how smart are we going to be to adapt and still keep the fans entertained. Doing 240 mph to 260 mph, in my opinion, when you see in the grandstands, it's just a number. You can't really say, 'Oh my God, this is much quicker.' You know what I mean? I also don't see it saying that we're in the point that we're so competitive level-wise, the product is good that we're going to gather more fans because we add those kinds of things. Technically, we're safe, we're fast, we're competitive. It's not about that. It's about how can we gather the new fans to be more engaged to grow the series like that because this is the only way you do it. You grow the series, you'll become popular, sponsors will come, fans will attend the races and that's it. That's how the sport survives.

Q&A: IndyCar Sophomore Felix Rosenqvist

AW: There seems to be a growing sentiment from drivers that have come over to America after racing in Formula 1 or other European categories and have hailed IndyCar a proper drivers championship.

TK: Which is great because when you think about it, how many talented drivers that we probably know, like I know a handful of people, we're not going to sit here and name names that were better than other people that actually had won championships and took credit for it because they were on better teams. I understand that, you're lucky. It's like everything in life. You know, I know for a fact that there are plenty of worse writers than you and they probably have better jobs. This is just the way it is. Unfortunately, that's life. But, IndyCar kind of levels that a little bit, which is great because when you come race here, if you have talent you're going to be able to succeed. Then, at least you're going to be somebody. It's not like if you go to Formula 1 where if you don't race with the top teams, sorry, man, you're done.

AW: Lastly, if TK were the CEO of IndyCar for a day, what track would he add to the current schedule?

TK: I would add another oval. I think we went away from some of them. I need to think about, not as Tony Kanaan, but as an IndyCar CEO. So, I would have to do a deep research where we could draw a good massive group of fans to be able to attend the race. Can I give you like three options? Because I'm saying as a CEO I had to like, you know, do my studies.

AW: Sure, lets roll with it.

TK: I would go Michigan, Milwaukee or Kentucky. OK, I would just add another oval race to the schedule. Everything else, to me, is there. IndyCar is being run by Mark Miles and now Roger (Penske); I think it's the best group of executives IndyCar has had in a few decades, in my opinion.

Opinion: Kyle Larson's Mistake Is a Lesson for All

Read more here:
Q&A: Tony Kanaan on Personal Success and IndyCar's Evolution - Autoweek

Dream big. Strive for excellence. Reach for the stars. Together everyone accomplishes more, or TEAM. To get to the top of the mountain, it takes many small steps.

As self-storage managers, weve all heard motivational quotes and phrases meant to encourage us to set goals and achieve success. Unfortunately, not everyone knows how to set personal-improvement ambitions. You need to take a critical look at your skills, abilities and motivations, and then determine where enhancements can be made.

Self-storage managers are typically given objectives to meet by their owners or supervisors. These might include reaching specific occupancy levels, exceeding a monthly sales goal or keeping expenses below budget. These are clear business aims we can strive to achieve.

But when was the last time you set a personal goal? On-the-job training teaches the basic duties and requirements of the manager position, but these programs cant teach you motivation, or a strong will to do an excellent job. A healthy work ethic needs to be an inherent trait of yours if you expect to continue improving. If you have a desire to learn and grow, its just a question of how to do it.

Do you need to learn a second language to better serve your customer base? Do you struggle with the latest computer programs? Do you need to improve your communication skills? There are many opportunities for personal and professional growth.

In the self-storage industry, places to learn include trade magazines, e-newsletters, forums, webinars and more. You can also learn from experts at industry meetings and conferences. These events give you the opportunity to make contacts and participate in workshops and seminars. Organizations such as Inside Self-Storage (ISS), the national Self Storage Association (SSA) and the many state associations offer free and paid training resources. ISS offers a wealth of information through its website, monthly magazine, online community (Self-Storage Talk) and online store. The SSA offers a Certified Self Storage Manager Certification, which requires online courses and exams to ensure you have the skills and knowledge to be a leader in your field.

To pursue more general business knowledge such as website design, search engine optimization, social media, accounting, computers or other business fundamentals, consider taking local college courses. Marketing is a great area of focus, as expanding those skills can really benefit your operation. Consider:

Here are some additional options for expanding your horizons:

You can also get involved with your local chamber of commerce and network in your community. This may provide an opportunity to hear presentations or attend seminars from local business leaders. Are there impressive owners who intrigue you? Do some excel in areas in which youd like to improve? Reach out to them and introduce yourself! E-mail and ask if they have time to talk. Let them know youd like to learn more about their area of expertise to help you improve your skills. Many leaders have been mentored by others and welcome the opportunity to pay it forward.

Even old-school techniques can help you improve your skills. Sign up for business and economic newsletters; read books, newspapers and magazines; and study successful business leaders from the past. Inspiration, great ideas or helpful suggestions can come from so many places!

When you become an expert in your field, it gives you an opportunity to share your knowledge and experience with others. Offer to help train new employees or assist with opening new sites. This can build leadership, mentoring, training and communication skills. If there are other managers within your company who can help you improve, contact them for guidance. When we share our expertise, the company becomes stronger because each member is setting higher goals.

As you expand your skills and improve your performance, you become more valuable to the company, which could lead to more compensation. It also can make you more attractive to other owners or management companies. You never know when you might be recruited by a larger company or have an opportunity for advancement to district or regional positions. Broadening your skills will also enhance your rsum in the event you change careers.

We all want a high credit score, great job, nice place to live, dependable transportation, money in the bank and a good reputation. How do we get those things? By setting goals! The same can be done when improving job skills. Identify the areas in which you want to advance, and then set objectives to achieve.

Setting high aims for yourself can be challenging. However, you must remain realistic and patient. Focus on your timeline. We cant change overnight. Most new habits take at least 30 days to form. Classes may take weeks or months to complete. Having a mentor could be a lengthy process. As long as youre committed to making your goals a reality, you can achieve so much more than you previously thought possible.

One last thought: Never settle for average, good enough or OK. Doing the bare minimum just to collect your paycheck wont help your career. When you set a high standard for yourself, itll help you achieve more. Once you reach your goals, set new ones and dream even bigger. You never know where it may lead!

Donna Edwards started in the self-storage industry in 2013. Her performance as a site manager led to an expansion of her responsibilities to include roles as a traveling trainer, site auditor and inspector for new acquisitions across the Southeast. She regularly creates content on manager training and improvement. Shes currently an office manager and freelancer helping small business owners manage and market their businesses. To reach her, e-mail kh.dl.edwards@gmail.com.

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You Are the Key to Your Own Success! Why Self-Storage Managers Should Set Personal-Improvement Goals - Inside Self-Storage

BY KEENAN GRAY, THE RUNNER

The finish we had at the end of the 2019 state cross country meet showed signs of what would have been a competitive track season for distance runners. From record-breaking performances to shocking upsets, this group of young women always put on a show when it came to racing against each other.

Because the 2020 Washington high school spring sports season has been canceled (COVID-19), these teenagers wont have a chance to run this season. But they deserve to be recognized. Heres a look at the top 15 girls distance runners coming into the 2020 season.

Allie Janke competed in only two races this past fall and one of them was winning the 3A state cross country individual title and she hadnt run all season. Back in the spring, Janke was the 3A state champion in the 1,600 and 3,200 meter races running personal best times of 4:43.6 and 10:10.83.

Julia David-Smith has had the most success out of any runner in the state of Washington, both boy or girl, after earning All-American honors in cross country and winning the 4A state cross country title. In her sophomore track season, David-Smith won the 4A 1,600 and 3,200 meter state races while running personal best times of 4:50.35 and 10:21.15. She also ran a personal best time of 2:13.01 in the 800 meter.

Last school year was a historical season for Naomi Smith as she won the cross country, 1,600 and 3,200 meter state titles to claim the distance triple crown, becoming the first to do so since former Northwest standout Maddie Meyers back in 2012 at the 1A level. The University of Washington commit ran personal best times in track in the 800, 1,600, and 3,200 meter races, running 2:20.95, 4:53.76, and 10:25.5.

From her freshman to sophomore season, Ella Nelson dropped her 1,600 meter time by 20 seconds and was last years runner-up at the 4A state meet. Nelson also ran a season best time of 2:15.99 in the 800 meter and finished in third place at state in the 3,200 meter running a time of 10:45.98.

After winning the 4A state cross country title her freshman year, Ella Borsheim continued her success in the spring where she placed second and third at the 4A state track meet in the 800 and 1,600 meter races, running 2:12.93, a second off her personal best, and 4:57.01, a personal best. She also ran the 3,200 meter in a personal best mark of 11:00.23.

Aviry Stratton placed fourth after having placed 19th as a junior at the 4A state cross country meet in the fall, running a season best time of 18:26.7. During track, Stratton was sixth in the 1,600 meter, running 5:04.49 and fifth in the 3,200 meter, running 10:55.26. Earlier, the Southern Utah University commit ran personal best times of 4:56.15 for the 1,600 and 10:38.39 in the 3,200.

Meri Dunford can do it all, both on the track and the basketball court. The three-sport athlete was the runner-up last spring in the 1,600 meter 3A state final as she ran a personal best time of 4:54.99, over 10 seconds faster from her sophomore season time. She also was third in the 3,200 meter state final and ran a personal best time of 10:52.21.

Erinn Hill will go down as one of the most decorated athletes in North Centrals cross country history. Hill, who will run for the University of Wisconsin-Madison next fall, made her third state track meet appearance in 2019, placing fourth in the 1,600 meter running 5:01.94 and second in the 3,200 meter running a season best time of 10:42.73.

Geraldin Correa has tremendous speed and her ability to out-kick her opponents is scary for anyone who races her. It was a tough ending for Correa last track season as she wasnt able to get out of the state preliminary rounds in the 400 and 800 meter races, but the Lewis & Clark State College commit has personal best times of 57.94 in the 400 meter, 2:12.89 in the 800 meter, and 5:01.34 in the 1,600 meter.

On the national level, Kate Jendrezak is one of the best mid-distance runners around. The future UCLA Bruin entered her senior season as a three-peat 3A state champion in the 800 meter with a personal best time of 2:09.71.

Sarah Mirkin was a main factor in Holy Names 3A state team title for track last spring with her great performances in the 800 and 1,600 meter races. Mirkin was third in the 800 meter running 2:14.78, a second off her personal best, and fifth in the 1,600 meter running a personal best time of 5:03.33.

MaryAlice Mitchell won the 2A 800 meter state final as a freshman in a personal best time of 2:14.08 after starting the year out at 2:28.3 in her first meet. She was also fourth in the 1,600 meter in another personal best time of 5:03.7.

It had been the start of a historical year for Leah Holmgren as she went on to win the 2A state cross country individual title this past fall running a time of 18:16.4, leading the Bulldogs to their first-ever cross country state team title. The future Idaho Vandal was sixth in the 1,600 meter and fifth in the 3,200 meter at the 2019 2A state track meet, running personal best times of 5:03.85 and 10:57.38.

Lauren Larson was among a small group of athletes at all classifications to place in the top three at the state meet in the 800, 1,600, and 3,200 meter races. Larson was second in the 800 and 3,200 meter, running times of 2:14.47 and 10:54.11, and third in the 1,600 meter, running a time of 5:03.04 at the 2019 2A state meet.

Lili Hargreaves was the leader of Redmonds first-ever state girls cross country championship this last fall. Last spring, Hargreaves ran personal best times at the 4A state meet. She ran 5:05.42 and placed eighth in the 1,600 meter and she ran 10:53.79 and placed fourth in the 3,200 meter.

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Top 15 girls distance runners in Washington high school track and field in 2020 - scorebooklive.com

"Setting up Zoom or Slack or Google Meet or any other tool ... that is the easy part," said Shane Pearlman, co-founder and CEO of Modern Tribe, a fully remote digital agency and products company. "Then comes the hard part of creating a meaningful stream of work and protecting your sanity."

We checked in with several work-from-home veterans to get their best tips and practices.

One warning we keep hearing: Don't let work encroach upon every part of your home.

"The best thing is to have an office that is where you work, and leave it all behind at the end of the day and don't bring it with you into the living room and work until midnight," said Angela Wooden, a quality assurance specialist who has worked from home with her husband for 15 years.

If you don't have an entire room to dedicate to a home office, silo off part of a room or create a workspace as your temporary office that you can leave your work in at the end of the day.

It can be a big change for managers who are used to seeing their workers busy at their desks to suddenly have no idea what their employees are doing at any given minute.

But it's in their best interest to get over it and trust their employees are using their time wisely.

"Focus on managing the process and deliverables and not micromanaging the team," said Kim Houlne, founder and chief executive of Working Solutions, a contact center outsourcing company in Dallas that has been fully remote since its launch 24 years ago.

"If you are micromanaging the team, you are wasting your time." Houlne said.

Having a designated work start and stop time can help keep you on track and prevent 12-hour work days. And make sure your family and friends know when they can and can't interrupt you.

It's tempting for others to see you at home and want to hang out or give you a call to catch up. But you wouldn't take an hour-long personal call at the office and you shouldn't start getting into the habit of doing it now.

"It is really important to make it clear to other people, including friends and family, about the hours you are working," said Wooden.

When a team starts a new project, make sure everyone has the same clear definition of what success looks like. With people working apart and sometimes in different time zones, taps on the shoulder or office drop-ins aren't possible.

"It took me years when projects would fail and we'd go into post-mortem to figure out what the heck happened. Turns out, everyone had a different definition of success. Everyone thought the win was different," said Pearlman.

"When you are working remotely you have to communicate, communicate and communicate a little more," said Houlne. "What you thought they heard they probably didn't hear."

Now is the time for everyone to be very clear when it comes to setting goals and expectations and providing regular and transparent updates.

At app automation company Zapier, CEO Wade Foster holds one-on-one check-ins with his team every Monday to go over work priorities, discuss any problems and talk about anything else that might come up. On Fridays, everyone provides a written update that details the worker's priorities and progress that's posted for everyone in the company to see.

You didn't work for eight hours straight in the office so don't feel guilty about taking breaks when working from home. In fact, be sure to schedule in breaks to make sure you are coming up for air -- it will help keep you sane and productive.

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These folks have always worked from home full-time. Here's what they say you should know - CNN

Tell me: When was the last time you really stepped away from work and took some time just for yourself? Shut out all the noise -- the email, the Slacks, the texts, the Twitter notifications, the constant worry about that big project -- and just took a moment for yourself to regroup and refocus?

I'll wait.

Here's the thing: Workplace burnout doesn't solely happen when you're putting in long hours at the office. It's also a risk when you're working from home, camped out at your kitchen table in your sweats.

In fact, the risk could be even greater given our current situation.

One expert told me the suddenness with which so many of us were forced to start working from home -- while also losing our childcare in many cases -- combined with a global pandemic that seems to have no end in sight, means the risk of burnout has intensified.

Not great news. We've got enough on our plates to worry about.

So here are the signs of burnout and what you can do about it.

Work-life imbalance. When you were going into an office every day there was a clear distinction between your work life and personal time. But now that you don't have a commute to mark the beginning and end of your day and your office could now be in your kitchen, you can end up working all the time if you're not careful.

How to fight it: Set your work hours, communicate them with your boss and colleagues and then stick to them. (Yes, there will be times when you will work late, but try to make that the exception, not the rule.) It can also help to create a signal that it's time for you to switch gears to personal time: Some people change into more comfortable clothes, go outside and hit Wiffle balls, while others go for a run or workout.

Lack of control. Employees who feel that they lack control over their schedules, interactions and time management are at risk of burning out.

How to fight it: Create a schedule that designates time for work, family and yourself -- and then be sure to stick to it.

Missing social connections. Even if you're in a crowded house, your family members might not offer the same support your colleagues did when it comes to issues with work.

How to fight it: You have to be more deliberate with your social interactions when working from home. It takes a little more effort, but continue to reach out to your co-workers: Slack them, set up a quick video check-in and lean on them the way you would at work.

Hospitals across the globe are getting an assist from virtual reality to help fill staffing shortages.

This allows doctors and nurses with expertise in other fields, like knee surgery or neurology, but little or no experience in treating infectious diseases, to help with Covid-19 patients.

Well, that didn't take long.

It took less than two weeks for the government's $350 billion forgivable small business loan program to be fully tapped out.

The Paycheck Protection Program (PPP) was created under the $2 trillion stimulus package and offers loan guarantees for small businesses as the economy remains on hold.

The first-come, first-served program officially launched on April 3rd and was plagued by problems from the start. A lack of guidance from the government left banks and small business owners confused.

The quick depletion wasn't unexpected: Lenders had tens of thousands of small businesses waiting to apply before the program launched.

There is some good news. Congress seems to be very close to adding more funds to the program.

If you are still waiting for your check to arrive from Uncle Sam -- don't panic.

Around 60 million Americans still haven't received their payments yet, according to CNN's Katie Lobosco.

The government sent out checks to roughly 80 million people last week, starting with those who filed their federal taxes in 2018 or 2019 and were due a refund and authorized direct deposit.

Being stuck inside your home for the majority of the day is tough. And when your home is small (raises hand), it can feel as if every day the walls are moving in.

But don't worry. There are easy things you can do to make your "cozy" space more livable during the lockdown.

For $65, you can get a 20-minute virtual farm tour for up to six participants, and $100 will get you a 10-minute animal cameo on a corporate meeting with unlimited people.

Read more here:
WFH burnout is real. How to avoid it. - CNN