TritonJan 132 min2019 Tech IPO Winners and Losers – Part Six of SixClear winners and losers by company type and transaction structure. 2019 was a reckoning for the new category of mega-cap startups. The Uber, Lyft, and Pelot...
TritonJan 113 min2019 Tech IPO Winners and Losers – Part FiveSpecial Cases Worthy of Note Lyft If there was a tangible moment to mark the beginning of the IPO shakeout of 2019 it was April 1st, Lyft’s second day of tra...
TritonJan 91 min2019 Tech IPO Winners and Losers – Part FourOther ways to look at winning and losing It’s all about money. Issuers want capital at reasonable prices, private investors want liquidity on favorable terms...
TritonJan 83 min2019 Tech IPO Winners and Losers – Part ThreeSlack was the biggest loser of them all If issuers win by raising the most capital at the best price, and investors win by buying stocks that go up (and stay...
TritonJan 72 min2019 Tech IPO Winners and Losers – Part TwoNegative “pops”: overall, despite short-term gains for investors, issuers got the better of the pricing process Venture capitalists love to complain that IPO...
TritonJan 62 min2019 Tech IPO Winners and Losers – Part OneThe winner (and loser) is… Uber. And… Zoom. Despite its directional uniformity and clear dispersion, the chart below of 2019’s tech IPOs isn’t much to go on...
TritonNov 12, 20192 minThe WeWork S-1 that could have been.Oh man, check out this investor deck WeWork posted the other day (and Matt Levine flagged yesterday). They had the good stuff all along but didn't share. Occ...
TritonSep 29, 20192 minUnless you are a misfit toy, this tech IPO market is just fine. Much prognosticating this week about the closing of the tech IPO window, but the table below tells a different story. Normal tech companies that are actually...
TritonSep 13, 20191 minWe's new S-1: These aren't the droids you're looking forWe filed a new S-1 today addressing only the most outrageous aspects of its voting and governance structure. For example, the founder's stock will only carry...
TritonSep 9, 20192 minPeloton’s IPO disclosure: THIS is how you do it.See? They CAN do it if they want to. Turn to pages 63 and 64 of Peloton's S-1 if you want to see something extraordinary. Churn! And LTV!! And CAC!! These ar...
TritonSep 3, 20191 minFinancial Times - Rett Wallace"WeWork prospectus fails to come clean on future profits. Diabolical sleight of hand obfuscates whether costs will outpace revenue." These were the opening h...
TritonMay 15, 20192 minDoes WeWork even make sense?By filing to go public and also raising a fund to take even more risk on the underlying real estate it rents out, both in the same 10-day period, WeWork has ...
TritonMay 15, 20192 minWho is really in charge of the competent world? Now that Uber is safely at the bottom of a smoking crater, how do we think about Morgan Stanley’s role in putting it there? On the one hand, Matt Levine nail...
TritonMay 13, 20191 minUber IPO post-mortemFor those of you who have time and inclination for a read that runs to more like 10 minutes than the usual three, we have compiled an analysis of the Uber IP...
TritonMay 10, 20193 minThe biggest loser today is WeWorkTwo points make a line. And now we know that whatever the relative quality differential between Lyft and Uber, the jury is in that large, hyper-capitalized t...
TritonMay 8, 20192 minDon’t confuse the investors: just when you think Lyft’s disclosure can’t get worseFor those of you who had better things to do than listen to the Lyft 1Q conference call all the way to the end, you might have missed the most amazing thing....
TritonApr 30, 20191 minFinancial Times - Rett Wallace"Uber’s enormous, vague IPO prospectus is an outrage. The 431-page document highlights what is wrong with the US public markets." These were the opening he...
TritonApr 29, 20192 minHere’s one way to think about Uber (and Lyft) and Amazon and… Kozmo.com Here’s one way to think about Uber (and Lyft) and Amazon and… Kozmo.com The analogies between Uber and Amazon are not terrible but have some BIG problems. Fi...
TritonApr 23, 20191 minWhat’s up with Jumia?With a 5.02 Triton Score, Jumia was one of the lowest Scores ever, the 4th percentile. The Company loses $172m of EBITDA on $150m of revenue, is only growin...
TritonApr 23, 20191 minTriton Scores and IPO performance: Lyft, Pinterest, and ZoomIn a recent sample, tech IPOs that carry a higher Triton Score outperform IPOs with lower Triton Scores by about 3x over about a year from IPO. Three recent ...