Another very interesting article. Agree that Farfetch at ~$3bn looks intriguing although anything could happen on earnings. I haven't digged into the financials but for 2021, was wondering how a -$476M operating turns into positive ebitda/net income? Is it financial shenanigans or am I missing something straight forward?
Another very interesting article. Agree that Farfetch at ~$3bn looks intriguing although anything could happen on earnings. I haven't digged into the financials but for 2021, was wondering how a -$476M operating turns into positive ebitda/net income? Is it financial shenanigans or am I missing something straight forward?
D&A is 251M, SBC (mentioned in the piece) 196M, 18M of transaction expenses, gets EBITDA (not adjusted net income) narrowly positive.
Whether that's financial shenanigans depends on your definition - par for the course in tech though.
Got it thanks Vince