wweidendorf

5 ms·

1.
by wweidendorf 7y ago
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 had occurred on t
2.
by wweidendorf 9y ago
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 “offering”, or almost
3.
by wweidendorf 9y ago
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 scope of engagement
4.
by wweidendorf 9y ago
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 imagine that they will
5.
by wweidendorf 9y ago
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 get equity valu
6.
by wweidendorf 9y ago
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 noted above. Given that,
7.
by wweidendorf 9y ago
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 public companie
8.
by wweidendorf 9y ago
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. https://www.sec.gov/Archives&#x2F
9.
by wweidendorf 9y ago
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 vesting require