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Equity transcribed: Is the tech press too positive in its coverage of startups?

Posted by on Jun 1, 2019 in Brex, Equity podcast, paul graham, SoFi, TC, Uber | 0 comments

Welcome back the latest transcribed edition of Equity, the TechCrunch podcast that takes a closer look at the startup headlines from the week.

Kate Clark and Alex Wilhelm kick this week off by discussing comments on Twitter made by Y Combinator co-founder Paul Graham about the tech press. They then took a look at Uber’s first-quarter numbers, Brex raising, SoFi raising (and entering talks to buy the naming rights for the upcoming Los Angeles Rams stadium) and a lot more.

Here’s a sample:

Alex: Uber’s expectations were low. They had set, in their last S-1/A, these figures out and they came in the middle of revenue and loss expectations. I think the phrase is priced in, and that’s an odd place to be.

Kate: Yeah. It’s good that they came in on expectations. Lyft, you remember, had losses that were way, way, way higher than expected. But I would just say bottom line is, none of these companies, particularly I’m thinking of like Uber, Pinterest and Lyft, which are just recent unicorns to have gone public that are not enterprise software businesses. Is that they’re not profitable, and they’re not really showing clear paths to profitability yet. So, it’s just a little bit like, well, not looking so hot.

Alex: Just a little bit more about this. Because I know people aren’t going to go read the earnings reports because it’s boring. But if you dig into it, gross bookings rose 34% year over year. But adjusted net rev only grew 14%. Which means that of that new gross bookings, Uber’s take rate probably went down a little bit. Which implies that probably Uber Eats grew a lot and Uber’s percent cut of that revenue is smaller. So, the gross bookings growth looks great, but it doesn’t translate.

Click play below to have a listen and subscribe on Apple PodcastsOvercast, Pocket Casts, Downcast or wherever you listen to podcasts. 

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Alex: If you’re looking to sell your private company stock, SharesPost has a solution for you. With more than 4 billion in company approved transactions, SharesPost is the leading marketplace for private company shares. To learn more, visit us at sharespost.com/equity.

Kate: Hello, and welcome back to Equity, TechCrunch’s venture capital focus podcast. I’m back this week with Crunchbase news Editor in Chief, Alex Wilhelm Hey Alex, how’s it going?

Alex: Things are good. It’s cold out in the East Coast. But I’m more excited to hear about things on your end because you are in the new TechCrunch podcast studio. What is it like?


Source: The Tech Crunch

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Equity Shot: Judging Uber’s less-than-grand opening day

Posted by on May 10, 2019 in alex wilhelm, carsharing, China, Commuting, Equity podcast, initial public offering, Kate Clark, Lyft, Postmates, Startups, TC, TechCrunch, transport, Uber, unicorn, United States, Venture Capital | 0 comments

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

We are back, as promised. Kate Clark and Alex Wilhelm re-convened today to discuss the latest from the Uber IPO. Namely that it opened down, and then kept falling.

A few questions spring to mind. Why did Uber lose ground? Was it the company’s fault? Was it simply the macro market? Was it something else altogether? What we do know is that Uber’s pricing wasn’t what we were expecting and its first day was not smooth.

There are a whole bunch of reasons why Uber went out the way it did. Firstly, the stock market has had a rough week. That, coupled with rising U.S.-China tensions made this week one of the worst of the year for Uber’s monstrous IPO.

But, to make all that clear, we ran back through some history, recalled some key Lyft stats, and more.

We don’t know what’s next but we will be keeping a close watch, specifically on the next cohort of unicorn companies ready to IPO (Postmates, hi!).

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: The Tech Crunch

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Equity transcribed: Digging into the Uber S-1

Posted by on Apr 13, 2019 in Equity podcast, TC, Uber, Uber IPO | 0 comments

Welcome back to this week’s transcribed edition of Equity, TechCrunch’s venture capital-focused podcast that unpacks the numbers behind the headlines.

And because it’s another week, why not another emergency episode? This time Kate Clark and Alex Wilhelm popped in the studio an hour before they were due to record the regular episode in order to dig into the Uber S-1. Not only did they dig into it, but they did so in real-time. That’s what happens when you only have 10 minutes to get through almost 300 pages of numbers. And if it’s numbers you like, this is the episode for you.

The duo talks Uber’s profits and losses and provides context into it all. And just to prove just how juicy this ep is, Equity Shots tend to be about 15 minutes long. Not this one. There was a lot to get to. And who better to lead the conversation than Kate and Alex? So join them as they walk you through what the Uber S-1 holds.

For access to the full transcription, become a member of Extra Crunch. Learn more and try it for free. 


Kate Clark: Hello and welcome to Equity Shot. This is TechCrunch’s Kate Clark, and I’m joined today by Alex Wilhelm of Crunchbase News.

Alex Wilhelm: Hello.

Kate: We are going to tackle some breaking news. But, a warning from Alex first.

Alex: Yeah, so it’s 2:09pm here on the West Coast on Thursday, which means that the S-1 dropped, I don’t know, about 45 minutes ago, maybe an hour. And there was a lot to do before the show, but we wanna get this out as soon as we can, so we did our note dock by hand, and we got the S-1 pulled up, and we have a lot to go through. But, there may be an awkward pause in this, because we don’t have every single number pulled out ahead of time.

Kate: We are literally scrolling through the document live. We have a piece of paper taped to the wall in the studio with a very rough outline of what we’re gonna talk about. And we agreed that we’re going to try to take it slow and carry you guys through these important numbers as best we can.

Alex: Yes, and we are gonna start with yearly numbers to stay at the highest possible level, and we’re gonna talk about revenue first.

Alex: Now, keep in mind that we’re not talking about bookings, which is the total spend on Uber’s platform, we’re gonna talk about revenue, which is Uber’s portion of that overall platform spend. So, in 2014, because the S-1 goes back all the way to 2014, Uber had revenue of 495 million. That nearly quadrupled in 2015 to 1.99 billion … call it 2 billion flat. In 2016 that grew to 3.85 billion. It expanded to 7.9 billion in 2017, and 11.3 billion in 2018. So, basically a half a billion, to 11.3 billion from 2014 to 2018.

Kate: Yeah, quick reminder, a lot of these we’ve seen. I know there’s been plenty of reports highlighting Uber’s 2018 revenues of around 11 billion, but this is the first time we’re getting a full glimpse into financial history all the way back to 2014, and then also losses, which were interesting.

 

Alex: Very, very interesting.

Kate: I’ll quickly run through losses beginning in 2014. So, Uber lost 670 million that year, they were not profitable. The next year they lost 2.7 billion, again, not profitable. The next year they lost 370 million, guessing there was a big … oh, no, that was the year of the divestiture of … we just talked about this.

Alex: Uber China.


Source: The Tech Crunch

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Equity Shot: Pinterest and Zoom file to go public

Posted by on Mar 22, 2019 in alex wilhelm, Bessemer Venture Partners, ceo, Cisco, economy, Equity podcast, Eric Yuan, Finance, FirstMark Capital, Kate Clark, katy perry, Lyft, money, photo sharing, Pinterest, Startups, TC, TechCrunch, Uber, unicorn, Venture Capital, video conferencing, web conferencing, WebEX, zoom | 0 comments

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

What a Friday. This afternoon (mere hours after we released our regularly scheduled episode no less!), both Pinterest and Zoom dropped their public S-1 filings. So we rolled up our proverbial sleeves and ran through the numbers. If you want to follow along, the Pinterest S-1 is here, and the Zoom document is here.

Got it? Great. Pinterest’s long-awaited IPO filing paints a picture of a company cutting its losses while expanding its revenue. That’s the correct direction for both its top and bottom lines.

As Kate points out, it’s not in the same league as Lyft when it comes to scale, but it’s still quite large.

More than big enough to go public, whether it’s big enough to meet, let alone surpass its final private valuation ($12.3 billion) isn’t clear yet. Peeking through the numbers, Pinterest has been improving margins and accelerating growth, a surprisingly winsome brace of metrics for the decacorn.

Pinterest has raised a boatload of venture capital, about $1.5 billion since it was founded in 2010. Its IPO filing lists both early and late-stage investors, like Bessemer Venture Partners, FirstMark Capital, Andreessen Horowitz, Fidelity and Valiant Capital Partners as key stakeholders. Interestingly, it doesn’t state the percent ownership of each of these entities, which isn’t something we’ve ever seen before.

Next, Zoom’s S-1 filing was more dark horse entrance than Katy Perry album drop, but the firm has a history of rapid growth (over 100 percent, yearly) and more recently, profit. Yes, the enterprise-facing video conferencing unicorn actually makes money!

In 2019, the year in which the market is bated on Uber’s debut, profit almost feels out of place. We know Zoom’s CEO Eric Yuan, which helps. As Kate explains, this isn’t his first time as a founder. Nor is it his first major success. Yuan sold his last company, WebEx, for $3.2 billion to Cisco years ago then vowed never to sell Zoom (he wasn’t thrilled with how that WebEx acquisition turned out).

Should we have been that surprised to see a VC-backed tech company post a profit — no. But that tells you a little something about this bubble we live in, doesn’t it?

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: The Tech Crunch

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Equity Shot: All about Slack’s confidential IPO filing

Posted by on Feb 4, 2019 in Equity podcast, Podcasts, slack, TC | 0 comments

Hello, and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

Today we’re bringing back an old Equity format: The Shot.

No, I haven’t started drinking again. Equity Shots are short takes on breaking news. And no news was more explosive recently than word that Slack has filed to go public confidentially. Confidentially in that we don’t get to see the numbers (yet), but publicly in that the company went ahead and told the world that it had filed, privately, with the SEC.

Which, as our own Danny Crichton points out, is open once again now that the government has reopened.

If you want to follow along with the numbers as we talk, this post is where most of my notes are, and you can read all of TechCrunch’s Slack coverage here.

We’re back in a flash with our regular weekly episode on Friday. Stay cool!

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: The Tech Crunch

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Asana raises $50M, Airbnb gets a new CFO and a 2019 IPO preview

Posted by on Nov 30, 2018 in Equity podcast, Podcasts, TC, Venture Capital | 0 comments

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

This week as TechCrunch Disrupt Berlin came to life, Kate Clark and I snagged some mics and dug through the biggest news of the week (a $50 million check), and talked through who may go public next year and what those IPOs might look like.

Our usual fare, if you will. (If you are missing Danny and Connie, fear not, they will be back next week.)

This week we hit two news items and one roundup. Here’s the skinny:

  • Asana raises $50 millionYep, Asana went back to the funding well this week for its Series E, despite having raised a $75 million Series D earlier this year. The company’s funding pace might seem aggressive, but we’re hearing that many startups are looking to tack on extra cash. Why? Because the market might change, and so the savvy are stacking chips in case the cashier closes. Oh, and the company dropped a number of relative growth metrics that were, I have to say, impressive.
  • Airbnb gets a new CFO. After its old CFO took off, Airbnb’s eventual IPO was on hold. You can’t go public without a CFO. But now it has one! And that means that the company can eventually sell shares on a public exchange, whenever it deigns to sell equity to the hoi polloi. But put your checkbook down, as it’s far from clear precisely when Airbnb will pull the trigger and give us an S-1.
  • Speaking of which, let’s talk decacorn IPOs. Not my best segue, but it’ll do. There are a number of private tech companies worth $10 billion or more (10x unicorns, or, ahem, decacorns) that will probably try to go public next year. You can read about it here, but the gist is that Uber, Lyft, Pinterest and Airbnb need to go public, and there’s reason to believe that they are going to do it next year.

All that and we managed to mispronounce “EBITDA” a few times.

That’s Equity for this week. Have a listen and we’ll be back in just seven days!

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: The Tech Crunch

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Equity podcast: A Thanksgiving-ish special episode

Posted by on Nov 23, 2018 in Equity podcast, TC | 0 comments

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

It’s the day after Thanksgiving, so if you are reading this in America I hope there is a pet leaned up against your legs and that you are sitting next to a fire while staring down one more plate of leftovers.

We made this episode for just such a moment. Welcome to our take on a relaxed episode of Equity, a show normally featuring four people arguing about this or that. This week, it’s just TechCrunch’s Kate Clark and myself digging into some of the strangest and most interesting rounds of the year. Thus far, at least.

So what made our cut?

We hope that you are well and that the holidays are as delightful and full of joy as they can be. And if you are having a bad run of the end of the year, big hugs from the Equity crew. We think you are just perfect.

Stay warm!

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: The Tech Crunch

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Come watch the Equity podcast record live at Disrupt SF 2018

Posted by on Aug 14, 2018 in Disrupt, disrupt sf, disrupt sf 2018, Equity podcast, Events, Finance, Podcasts, TC | 0 comments

Disrupt SF is right around the corner, which means startupland is prepping to congregate once again in the city for another epic run of investors, startups and celebrities. This year, Disrupt is heading to Moscone West, so the event will be bigger and better than ever.

And I have some good news for you. Initialized Capital’s Garry Tan will join Connie Loizos and Alex Wilhelm live on the Showcase Stage at 3 pm on Thursday, September 6, to dig through the latest, greatest and worst from the world of venture capital.

That’s right, you can come to Disrupt and watch us sit on tall stools holding mics while we talk about the week’s money news in front of a bustling crowd of onlookers. Live tapings are fun because we can’t run the intro a second time if we mess it up. So come on down and hang out with us. Alex may even wear a shirt with buttons.

And it gets better. If you want to obtain a discounted ticket to Disrupt (and why wouldn’t you?), head to the ticket page and use the code “EQUITY” to get 15 percent off. Come for Equity and stay to see Aileen Lee, Reid Hoffman, Drew Houston, Anne Wojcicki, Arlan Hamilton, Ashton Kutcher, Mike Judge and so very many more people you’ve heard of on the Disrupt stage. To whet your appetite until the big show begins, click here to see the full agenda. It’s a good one. See you at Disrupt!

For more Equity, head here to catch our latest episode. Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple PodcastsOvercast, Pocket Casts, Downcast and all the casts.


Source: The Tech Crunch

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