Equity Shot: Airbnb’s IPO is finally here

Published November 16, 2020

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

Today we have an Equity Shot for you about Airbnb’s S-1 filing, as it looks to go public before the year is out.

First we get into Airbnb’s macro performance, which shows a stable-picture historical revenue growth. There are a ton of numbers to get to so get ready for a quick dive into net revenue, gross margins and losses.
Then we discuss the dramatic drop in bookings, the promising comeback and if short-term travel is Airbnb’s future.
There’s a weird quarter of profitability that you should all know about, and a heads-up on what to look for in Q4 numbers.
Finally, we talk about the bullish and bearish case on Airbnb, which poetically filed the same day that Moderna announced a promising vaccine trial.

All that, and our trusty other host Danny Crichton was busy filing a post about the winners and losers of the Airbnb IPO. Ownership, you quiet, billionaire beast. There’s more coming from TechCrunch on the company’s IPO, and from the Equity crew on everything else we ferret out on Thursday. Stay tuned!

Airbnb files to go public

Equity drops every Monday at 7:00 a.m. PDT and Thursday afternoon as fast as we can get it out, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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Equity Shot: All about the Qualtrics IPO

Published July 27, 2020

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

After the morning show went out, the Equity crew could not shut up about the Qualtrics-SAP deal, so we had no choice but to jump back into recording mode for an off-the-cuff Equity Shot. As always, Shots are short-form Equity episodes that focus on a single, news topic.

Why is SAP spinning Qualtrics out via an IPO?

Building off of Danny’s SAP knowledge, Natasha’s curiosity about the future Qualtrics S-1, and my own recent dive into the SAP and Qualtrics numbers, we managed to cover quite a lot of ground. So, if you wanted to know:

Why did SAP have to pay so much for Qualtrics back in the day?
Why is SAP willing to part with Qualtrics so soon after buying it?
How much might Qualtrics be worth?
And, of course, did the Equity team expect to see this news in 2020?

Then you are probably going to like what we have in store for you.

Spoiler on that last as the answer is a firm no, but, all the same, what fun. That’s about it for this Equity Shot, hit play, have fun, and we are back Friday morning unless something else happens, like a Palantir S-1.

Equity drops every Monday at 7:00 a.m. PDT and Friday at 6:00 a.m. PDT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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Stop with the Vroom and gloom on Wall Street

Published June 9, 2020

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

This time around we’re recording what we call an Equity Shot, a single-topic show that we pull together whenever there’s a news item of sufficient weight that it demands we break our regular cadence and record a little more.

So Danny and Tash and Alex got together to discuss the recent Vroom IPO and Lemonade filing to go public. These are topics that TechCrunch has covered quite a lot lately, so here’s a chronology to help you keep it all straight:

We dug into Vroom’s economics detailed in its IPO filing
TechCrunch covered hoped-for price range
We reported on Vroom’s raised IPO pricing range
Lemonade filed to go public and we dug into its numbers
A bit more on the Lemonade IPO filing and what we can learn from it
And here’s our coverage on Vroom’s final IPO pricing

So you can catch up as you need to. What matters is that public investors have swooned over the Vroom IPO, pushing its pricing and, today, more than doubling its value as a public company. It’s a huge debut, and that bodes well for other gross-margin-light businesses — unicorns, even — that might want to go public.

The IPO window is pretty open, it appears. And best of all, we three disagreed quite a bit this week. It’s a fun show.

OK, that’s enough from us. We are back on Friday. Take care, and keep up the good fight.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple Podcasts, Overcast, Spotify and all the casts.

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