Agile VC

article thumbnail

Lyft S-1: Kicking Off the Decacorn Bonanza of 2019

Agile VC

The simplistic way to do this is to zero out the Sales & Marketing line item in the financials and see what happens. In 2018 Lyft had an EBITDA loss of -$977M whereas their Sales & Marketing spend was $803M. Lyft’s Biggest Cost “Driver” Isn’t the Driver. Insurance is far and away the largest cost driver.

article thumbnail

Groupon's S-1: From Zero to Like? Billions in 30 Months ? AGILEVC

Agile VC

The latter typically excludes taxes and non-cash expenses like taxes, depreciation, stock option compensation, etc… Groupon’s Adjusted CSOI is exactly the same but also excludes customer acquisition costs (though these are reported elsewhere). In Q1 2011 Groupon was acquiring new subscribers for $5.53

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Chewy S-1: Category Leadership + Conveyor Belt Into Consumers’ Homes

Agile VC

Chewy sells tens of thousands of products from many 3rd party brands, as well as its own private label brands (though latter remains <10% of sales). Annual Net Sales By Customer Cohort. If you look at Chewy’s financials you’ll see a line item for Net Sales and a line item for COGS which includes #2, 3, and 4 above.

article thumbnail

Should Apple Buy Hungary?

Agile VC

Hungary probably wouldn’t sell their sovereignty and entire economy for 1x sales, but Apple has no debt so they could probably lever the deal and borrow money on top of $137 billion in equity. No matter how awesome an Apple TV might be, it’s difficult to envision a similar scenario where cable companies subsidized the cost.

Hungary 168
article thumbnail

When Does Zynga Become a Value Stock?

Agile VC

That’s their revenue minus cost of goods, and keep in mind Zynga’s top line already excludes the 30% take from Facebook (which still accounts for >90% of revenues). That being said, unlike a company that has essentially zero user acquisition costs (e.g.

Stock 160
article thumbnail

Tech IPOs Are Back ? So Now What? ? AGILEVC

Agile VC

Investment banks of varying size and prestige might say slightly different things, but typically it means over $50M in trailing sales and a run rate near or above $100M. Would be issuers may have to be patient, but hopefully only for months and not years.

IPO 100
article thumbnail

Mobile Payments: The Trillion Dollar Industry That's Never - AgileVC

Agile VC

At first glance, mobile payments seem like a no brainer… consumers [seemingly] want the convenience of paying with a phone rather than cash or credit card, merchants dislike the cost associated with accepting credit cards, and mobile ecosystem players (e.g. I’ve been an interested observer of electronic payments for 12+ years.

Mobile 250