5/ Nearly all U.S. publicly traded e-commerce or marketplace businesses have a *negative* CCC, including some with the highest revenue multiples: $FVRR (-62 days, 6.2x EV/TTM revenues), $ETSY (-12, 15x), $FTCH (-62, 6.2x), $AAPL (-39, 5.9x), and $AMZN (-23, 5.5x). 👀