IPO & M&A
Stock-Based Compensation in Tech IPOs
Stock-based compensation in tech IPOs is the largest non-GAAP add-back. Read it as dilution, not a freebie, with cited S-1 and 10-K figures.
#ipo
3 articles
IPO & M&A
How to Read a Tech S-1 Like an Operator
How to read a tech S-1 like an operator: skip the narrative, go straight to revenue mix, retention, SBC, and customer concentration. A read-order scorecard.
SaaS Economics
Gross Retention vs Net Retention in SaaS IPOs
Gross retention vs net retention in SaaS IPOs: NRR sells the growth story, GRR shows the foundation. Read both, and watch which one a filing hides.