You are correct that the March 31 figures do not include the IPO proceeds. If you take a look at the Q1'19 supplemental deck that Lyft released with their earnings, you will find a cash reconciliation as if their IPO…
Not even remotely - they made out better on this than other recent IPOs. They are paying 35 - 40 euros or ~$45 million at the midpoint. If they float $1 billion in shares today, that means fees are 4.5% of the overall…
Interesting, thanks - I did not have a chance to read through the full F-1 yet when I wrote the below, so apologies for the incorrect statement on my part regarding the stabilization agent and roadshow given the limited…
Per a WSJ article in January, Spotify has retained investment bankers (reportedly paying them $30MM) to help ascertain interest from large institutional investors, tell the investment story, et cetera. Given that, I…
You have your definition for Enterprise Value flipped - it should be (Equity Value + Total Debt - Cash & Equivalents + Non Controlling Interest). If you are subtracting debt and adding cash, you are typically looking to…
While $1.43 billion may be the GAAP tax rate they record, in practice they did not pay anywhere near that much. For the 2016 reporting period, cash taxes paid was recorded at $412 million, not the $1.43 billion you…
Very misleading article - per the company's latest 10-Q, they only have $4.8 billion in debt. On a net leverage basis, they are currently around 3.2x net debt / EBITDA which is down the fairway for most high yield…
In this case, none of the IPO proceeds went to existing shareholders. Based on the prospectus, it would appear that all insiders are subject to either a 120-day or 180-day lock-up post IPO.…
RSUs =/= restricted stock; however, people tend to use the terms interchangeably. A RSU isn't a real share until it vests (at which point it becomes a common share), while restricted stock is a real share that has…
You are correct that the March 31 figures do not include the IPO proceeds. If you take a look at the Q1'19 supplemental deck that Lyft released with their earnings, you will find a cash reconciliation as if their IPO…
Not even remotely - they made out better on this than other recent IPOs. They are paying 35 - 40 euros or ~$45 million at the midpoint. If they float $1 billion in shares today, that means fees are 4.5% of the overall…
Interesting, thanks - I did not have a chance to read through the full F-1 yet when I wrote the below, so apologies for the incorrect statement on my part regarding the stabilization agent and roadshow given the limited…
Per a WSJ article in January, Spotify has retained investment bankers (reportedly paying them $30MM) to help ascertain interest from large institutional investors, tell the investment story, et cetera. Given that, I…
You have your definition for Enterprise Value flipped - it should be (Equity Value + Total Debt - Cash & Equivalents + Non Controlling Interest). If you are subtracting debt and adding cash, you are typically looking to…
While $1.43 billion may be the GAAP tax rate they record, in practice they did not pay anywhere near that much. For the 2016 reporting period, cash taxes paid was recorded at $412 million, not the $1.43 billion you…
Very misleading article - per the company's latest 10-Q, they only have $4.8 billion in debt. On a net leverage basis, they are currently around 3.2x net debt / EBITDA which is down the fairway for most high yield…
In this case, none of the IPO proceeds went to existing shareholders. Based on the prospectus, it would appear that all insiders are subject to either a 120-day or 180-day lock-up post IPO.…
RSUs =/= restricted stock; however, people tend to use the terms interchangeably. A RSU isn't a real share until it vests (at which point it becomes a common share), while restricted stock is a real share that has…