“Musk is using Twitter to have his opinions heard, but it’s not a core activity,” she said. “It appears to be what he does for fun.”

What is fun for Mr. Musk may turn out to be less so for Twitter. The relief among Twitter employees that he was no longer joining the board was short-lived, the current and former employees said, when they realized that he was no longer bound by an agreement to not buy more stock or take over the company.

Mr. Musk could continue toying with Twitter, the current and former employees said they had realized. Several added that they were afraid of what might come next.

Lauren Hirsch contributed reporting.

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SmartRent Reports Fourth Quarter and Full-Year 2021 Financial Results and Provides 2022 Guidance

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–SmartRent, Inc. (NYSE: SMRT) (“SmartRent” or the “Company”), a leading provider of smart home and smart building automation for property owners, managers, developers, homebuilders and residents, today reported financial results for the full-year and fourth quarter ended December 31, 2021.

“SmartRent celebrated many notable successes in 2021. From our public listing on the New York Stock Exchange in August 2021, to reaching record revenue levels and launching several new, best-in-class products, I could not be more proud of our team and all that we accomplished last year,” said Lucas Haldeman, SmartRent CEO. “In 2022, we’re looking forward to continuing to build on our strong foundation and solidify our position as the market leader in enterprise smart home solutions. We have sufficient capital resources to support our organic growth and incremental external growth initiatives. We are confident in the direction of our business and inspired by the opportunity ahead for our Company, our customers, and all of our stakeholders.“

Fourth Quarter 2021 Highlights

  • Increased total revenue 155% to $34.7 million as compared to $13.6 million for the fourth quarter of 2020.
  • Increased annualized software as a service (SaaS) annual recurring revenue (ARR) 114% to $10.6 million as compared to $4.9 million for the fourth quarter of 2020.
  • Increased Hosted Services average revenue per user (ARPU) 2% to $6.86 as compared to $6.75 for the fourth quarter of 2020.
  • Net loss of $(26.0) million as compared to $(10.7) million for the fourth quarter of 2020.
  • Adjusted EBITDA of $(21.8) million as compared to $(6.8) million for the fourth quarter of 2020.
  • Deferred Revenue grew 79% to $95.6 million as compared to $53.5 million as of December 31, 2020.
  • Deployed 52,076 organic units, up 72% as compared to 30,220 units for the fourth quarter of 2020.
  • Increased Units Booked 42% to 84,052 as compared to 59,067 for the fourth quarter of 2020.
  • Increased organic Committed Units 5% to 736,461 as of December 31, 2021, from 704,242 as of September 30, 2021.
  • Aggregate organic Deployed and Committed Units of 1,059,309 as of December 31, 2021.
  • Acquired iQuue, LLC (“iQuue”), a smart home technology company with 22,605 aggregate Deployed and Committed Units.
  • Cash balance of $432.1 million as of December 31, 2021.

Full-Year 2021 Highlights

  • Increased total revenue 111% to $110.6 million as compared to $52.5 million in 2020.
  • Net loss of ($72.0) million as compared to a net loss of ($37.1) million in 2020.
  • Adjusted EBITDA of $(55.6) million as compared to $(26.7) million in 2020.
  • Deployed 167,743 units, up 101% as compared to 83,293 in 2020.
  • Increased Units Booked 94% to 218,106 from 112,555 in 2020.
  • Launched multiple products including Alloy Access, Smart Video, Smart Parking and Fusion Hub.
  • Commenced trading on the New York Stock Exchange (NYSE).
  • Entered into a $75.0 million revolving credit facility and retired $4.9 million of outstanding term debt.

Fourth Quarter and Full-Year Results

Total revenue increased 155% to $34.7 million in the fourth quarter of 2021 from $13.6 million in the fourth quarter of 2020. For the year, total revenue increased 111% to $110.6 million, as compared to $52.5 million in 2020. For the fourth quarter and the full year, the increase in revenues was driven primarily by growth in the Company’s record Units Deployed, increased subscriptions for the Company’s software applications, growth in its customer base and increased monthly SaaS subscription rates.

Operating expenses rose 185% to $22.8 million in the fourth quarter of 2021 from $8.0 million in the prior year period. For the year, operating expenses increased 96% to $61.6 million as compared to $31.4 million in 2020. Contributing to the increase in both periods were higher sales and marketing, and research and development expenses associated with hiring and scaling those teams to support SmartRent’s current and anticipated pace of growth. The Company increased total headcount to 639 employees at the end of 2021, a 147% year-over-year increase. SmartRent anticipates the need to carefully expand these teams in 2022; however, the rate of growth should slow as the Company realizes efficiencies and approaches staffing levels necessary to meet near-term demand. Higher general and administrative expenses, specifically legal, insurance, banking and consulting fees, equity-based compensation, and other activities related to operating as a public company, also contributed to the increase.

Net loss was $(26.0) million in the fourth quarter 2021, as compared to $(10.7) million in the fourth quarter of 2020. For the full-year 2021, net loss was $(72.0) million as compared to $(37.1) for full-year 2020. Contributing to the loss was a warranty charge, recorded as a component of hardware cost of revenues, $0.7 million in the fourth quarter of 2021 and $6.4 million for full-year 2021, related to a battery defect in a portion of its SmartHubs.

Adjusted EBITDA was $(21.8) million for the fourth quarter of 2021 and $(55.6) million for the full-year as compared to $(6.8) million in the fourth quarter of 2020 and $(26.7) million for the full-year 2020.

Total deferred revenue was $95.6 million as of December 30, 2021, up from $53.5 million on December 31, 2020.

At year-end, the Company had $432.1 million of cash and cash equivalents on its balance sheet and no outstanding debt.

Supply Chain

The Company has taken proactive steps to support its logistics and supply chain management efforts in light of sustained headwinds in the global supply chain resulting from the COVID-19 pandemic. Despite these measures, there may be unanticipated events outside of the Company’s control that may impact its supply chain; examples include factory closures due to the resurgence of COVID-19 and continued shortages of component parts.

Subsequent Events

On March 22, 2022, SmartRent acquired SightPlan, Inc. (“SightPlan”), a leader in multifamily workflow management, for approximately $135 million in cash. The acquisition advances SmartRent’s product roadmap and augments the breadth of cloud-based SaaS solutions for current and prospective customers, creating a comprehensive property and resident management platform. Additional information regarding the acquisition is available on the Investor Relations section of SmartRent’s website at www.smartrent.com.

Key Operating Metrics(1)

SmartRent set company records for both the quarter and the year for Units Booked and Units Deployed. Units Deployed in the fourth quarter increased 72% to 52,076 from the fourth quarter of 2020. For the full year, Units Deployed increased by 101% to 167,743 from 83,293 in 2020. Total Units Deployed at year-end were 339,485, comprising 322,848 from SmartRent’s customer base and 16,637 units that were part of the iQuue acquisition completed on December 30, 2021.

Units Booked in the fourth quarter of 2021 increased 42% to 84,052 from 59,067 in the fourth quarter of 2020. For the full year, Units Booked increased 94% to 218,106 as compared to 112,555 for 2020. The Units Booked in 2021 had an average SaaS ARPU of $3.82, up 11% from $3.45 in SaaS ARPU for Units Booked in 2020. Growth in SaaS ARPU was primarily driven by the Company’s ability to improve its pricing model with the continued diversification of its customer base.

Bookings, which represent the value of Booked Units from Hardware, Professional Services and Hubs, as well as one year of SaaS, increased 10% for the fourth quarter to approximately $67.6 million and 80% to approximately $170.1 million for the year.

Committed Units in the fourth quarter, including Committed Units acquired with iQuue, increased 5% to 742,429 on a sequential quarter basis and are up 23% since the first quarter of 2021, when the Company began tracking Committed Units as a key performance indicator. In the fourth quarter, aggregate Deployed and Committed Units increased sequentially from the third quarter of 2021 by 11% to 1,081,914, including 22,605 aggregate Deployed and Committed Units gained in the iQuue acquisition.

SmartRent’s customer base grew at a record pace in 2021, both for the fourth quarter and the full year. During the fourth quarter, SmartRent added 31 new customers and gained 19 additional customers through its acquisition of iQuue, bringing SmartRent’s total customer base to 249.

For the year, SmartRent grew its customer base 75%, from 142 customers at the end of 2020. Collectively, the Company’s 249 customers own or operate approximately 4.5 million units.

Recent Business Highlights

In December 2021, SmartRent acquired iQuue, an open-architecture smart apartment company with 16,637 Units Deployed and 5,968 Committed Units primarily located throughout the East Coast. The acquisition provides SmartRent incremental exposure in the new-build multifamily market and expands SmartRent’s presence in the Southeast by adding 19 new customers who own or control approximately 100,000 units. We anticipate iQuue will contribute approximately $2.0 million in annual recurring revenue (ARR) in 2022. The transaction closed on December 30, 2021 and did not contribute to SmartRent’s fourth quarter revenue. Additional details regarding the acquisition are available in the Company’s 2021 Annual Report on Form 10-K.

In January 2022, SmartRent announced the appointment of Brian Roberts as Chief Legal Officer. Mr. Roberts, an experienced public-company executive with over 20 years of corporate legal experience, oversees all legal, corporate governance and compliance matters for the Company.

Balance Sheet and Liquidity

As of December 31, 2021, the Company had $432.6 million in cash on its balance sheet as compared to $38.6 million as of December 31, 2020. The increase in cash reflects the capital raised from SmartRent’s financing and public listing on NYSE in August 2021. The Company ended the year with approximately $95.6 million of deferred revenue on its balance sheet, as compared to approximately $53.5 million at the end of 2020, reflecting growth in the Company’s Deployed Units.

In December 2021, SmartRent entered into a $75.0 million senior secured revolving credit facility with a five-year term and a provision for an incremental $75.0 million subject to certain conditions. The revolving facility was unused as of December 31, 2021. The Company also retired a $4.9 million term loan with its available cash. As of December 31, 2021, the Company has no outstanding debt and approximately $507.6 million in liquidity including availability under its revolving credit facility and cash on the balance sheet.

Financial and Business Outlook

The Company continues to experience strong demand for its smart home enterprise software solutions and is providing guidance for full-year 2022 and the first quarter of 2022.

The estimates presented below represent a range of possible outcomes and may differ materially from actual results. These estimates exclude the impact of potential acquisitions, capital markets activity, and unforeseen potential challenges with supply chain and logistics. The estimates are forward-looking based on the Company’s current assessment of demand for its product, execution capabilities and market conditions, as well as other risks outlined below under the caption “Forward-Looking Statements.”

Full-Year 2022 Guidance

  • Total Revenue of $220 to $250 million.
  • Adjusted EBITDA of $(50) to $(35) million.
  • Units Deployed of 280,000 to 320,000.

Quarter ended March 31, 2022 Guidance

  • Total Revenue of $35 to $37 million.
  • Units Deployed of 46,000 to 48,000.

Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measures are provided in subsequent sections of the press release and supplemental schedules. SmartRent has not provided a reconciliation of forward-looking Adjusted EBITDA, including certain components of the forward-looking reconciliation to the most directly comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections of non-operating matters that may arise, as not all of the information necessary for a quantitative reconciliation is available to SmartRent without unreasonable effort. For the same reasons, SmartRent is unable to address the probable significance of the information.

Conference Call Information

SmartRent is hosting a conference call today, March 24, 2022, at 5 p.m. ET to discuss its fourth quarter and full-year 2021 financial results. To join the call, dial 1-877-407-3982 in the USA or Canada, or 1-201-493-6780 if dialing in internationally. The passcode for the conference call is 13726960.

Following the call’s conclusion, a webcast of the call will be posted on the Events and Presentations section of SmartRent’s website.

About SmartRent

Founded in 2017, SmartRent (NYSE: SMRT) is an enterprise smart home and smart building technology platform for property owners, managers, developers, homebuilders and residents. The SmartRent solution is designed to provide property managers with seamless visibility and control over all their assets while delivering cost savings and additional revenue opportunities through all-in-one home control offerings for residents. For more information, please visit smartrent.com.

Forward-Looking Statements

This press release contains forward-looking statements which address the Company’s expected future business and financial performance, and may contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will” or similar expressions. Examples of forward-looking statements include, among others, statements regarding the benefits of the Company’s strategic acquisitions, changes in the market for our products and services, expected financial results, product portfolio enhancements, expansion plans and opportunities and earnings guidance related to 2022 financial and operational metrics. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently anticipated. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among other things, our ability to: (1) execute our business strategy within the smart home technology industry; (2) expand our products and solutions to meet the demands of the market; (3) meet legal obligations, including laws and regulations related to security and privacy; (4) prevent unauthorized or inadvertent access to our information technology systems and customer or resident data; (5) successfully manage the competitiveness of our market and pricing levels of our competitors; (6) hire, retain, manage and motivate employees, including key personnel; (7) successfully manage and ensure that our suppliers produce or obtain quality products and services on a timely basis or in sufficient quantity; (8) successfully manage interruptions to, or other problems with, our website and interactive user interface, information technology systems, manufacturing processes or other operations; (9) successfully identify, acquire, and integrate quality acquisition targets; (10) successfully resolve legal proceedings, recall claims, and governmental inquiries; (11) acquire and protect our intellectual property and acquire or make investments in other businesses, patents, technologies, products or services to grow the business; (12) comply with laws and regulations applicable to our business, including developments in state and local regulations; (13) fuel growth and accelerate the adoption of our products and services; (14) develop, design, and sell services that are differentiated from those of competitors; (15) manage risks associated with product liability, warranty, personal injury, property damage and recall matters; and (16) successfully deploy the proceeds from the business combination we completed last year. The forward-looking statements herein represent the judgment of the Company, as of the date of this release, and SmartRent disclaims any intent or obligation to update forward-looking statements. This press release should be read in conjunction with the information included in the Company’s other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand the Company’s reported financial results and our business outlook for future periods.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results that are determined in accordance with GAAP, SmartRent also discloses certain non-GAAP financial measures in this press release. These financial measures are not recognized measures under GAAP and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA and Adjusted EBITDA are non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures, as defined below by SmartRent, may be determined or calculated differently by other companies. Reconciliations of these non-GAAP measurements to the most directly comparable GAAP financial measurements have been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliations.

As detailed in the reconciliations, the GAAP measure most directly comparable to EBITDA and Adjusted EBITDA is net income or loss. EBITDA and Adjusted EBITDA are not used as measures of SmartRent’s liquidity and should not be considered alternatives to net income or loss or any other measure of financial performance presented in accordance with GAAP.

SmartRent’s management uses EBITDA and Adjusted EBITDA in a number of ways to assess the Company’s financial and operating performance and believes that these measures provide useful information to investors regarding financial and business trends related to SmartRent’s results of operations. EBITDA and Adjusted EBITDA are also used to identify certain expenses and make decisions designed to help SmartRent meet its current financial goals and optimize its financial performance, while neutralizing the impact of expenses included in its operating results which could otherwise mask underlying trends in its business. SmartRent’s management believes that investors are provided with a more meaningful understanding of SmartRent’s ongoing operating performance when non-GAAP financial information is viewed with GAAP financial information.

(1) Key Operating Metrics Defined

SmartRent regularly monitors several operating and financial metrics including the following non-GAAP financial measures which the Company believes are key measures of its growth, to evaluate its operating performance, identify trends affecting its business, formulate business plans, measure its progress, and make strategic decisions. The Company’s Key Operating Metrics may not provide accurate predictions of future GAAP financial results.

Units Deployed is defined as the aggregate number of SmartHubs that have been installed (also including customer self-installations) as of a stated measurement date. The Company uses this operating metric to assess the general health and trajectory of its business growth.

New Units Deployed is defined as the aggregate number of SmartHubs that have been installed (also including customer self-installations) during a stated measurement period. The Company uses this operating metric to assess the general health and trajectory of its business growth.

Committed Units is defined as the aggregate number of SmartHub units that are subject to binding orders from customers together with units that existing customers who are parties to a SmartRent master services agreement have informed us (on a non-binding basis) that they intend to order in the future for deployment within two years of the measurement date. The Company tracks the number of Committed Units to assess the general health and trajectory of its business and to assist in its longer-term resource analysis.

Units Booked is defined as the aggregate number of SmartHubs associated with binding orders executed during a stated measurement period. The Company utilizes the concept of Units Booked to measure estimated near-term resource demand and the resulting approximate range of post-delivery revenue that it will earn and record. Units Booked represent binding orders only and accordingly are a subset of Committed Units.

Annual Recurring Revenue (“ARR”) is defined as the annualized value of our recurring SaaS revenue earned in the current quarter.

EBITDA and Adjusted EBITDA: We define EBITDA as net income or loss computed in accordance with GAAP before the following items: interest expense, income tax expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA before the following items: stock-based compensation expense, non-employee warrant expense, loss on extinguishment of debt, change in fair value of derivatives, unrealized gains and losses in currency exchange rates, and warranty provisions for battery deficiencies. Management uses EBITDA and Adjusted EBITDA to identify certain expenses and make decisions designed to help us meet our current financial goals and optimize our financial performance, while neutralizing the impact of expenses included in our operating results which could otherwise mask underlying trends in our business. See “Use of Non-GAAP Financial Measures” for additional information and reconciliation of these measures.

SMARTRENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

 

For the quarters ended December 31,

For the years ended December 31,

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

Hardware

$

21,177

 

$

8,022

 

$

69,629

 

$

31,978

 

Professional services

 

7,387

 

 

2,746

 

 

22,732

 

 

12,304

 

Hosted services

 

6,104

 

 

2,833

 

 

18,276

 

 

8,252

 

Total revenue

 

34,668

 

 

13,601

 

 

110,637

 

 

52,534

 

 

Cost of revenue

Hardware

 

21,226

 

 

10,234

 

 

70,448

 

 

35,225

 

Professional services

 

12,340

 

 

4,585

 

 

38,189

 

 

16,176

 

Hosted services

 

4,256

 

 

1,695

 

 

12,073

 

 

5,430

 

Total cost of revenue

 

37,822

 

 

16,514

 

 

120,710

 

 

56,831

 

 

Operating expense

Research and development

 

7,515

 

 

2,765

 

 

21,572

 

 

9,406

 

Sales and marketing

 

4,923

 

 

1,381

 

 

14,017

 

 

5,429

 

General and administrative

 

10,317

 

 

3,825

 

 

25,990

 

 

16,584

 

Total operating expense

 

22,755

 

 

7,971

 

 

61,579

 

 

31,419

 

 

Loss from operations

 

(25,909

)

 

(10,884

)

 

(71,652

)

 

(35,716

)

 

Interest expense, net

 

(50

)

 

(49

)

 

(249

)

 

(559

)

Other income (expense), net

 

(14

)

 

224

 

 

55

 

 

(685

)

Loss before income taxes

 

(25,973

)

 

(10,709

)

 

(71,846

)

 

(36,960

)

 

Provision for income taxes

 

(15

)

 

(21

)

 

115

 

 

149

 

Net loss

 

(25,958

)

 

(10,688

)

 

(71,961

)

 

(37,109

)

Other comprehensive loss

Foreign currency translation adjustment

 

(92

)

 

103

 

 

(226

)

 

235

 

Comprehensive loss

$

(26,050

)

$

(10,585

)

$

(72,187

)

$

(36,874

)

Net loss per common share

Basic and diluted

$

(0.13

)

$

(1.03

)

$

(0.96

)

$

(4.32

)

Weighted-average number of shares used in computing net loss per share

Basic and diluted

 

192,053

 

 

10,378

 

 

74,721

 

 

8,598

 

SMARTRENT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

 

 

 

December 31, 2021

 

 

December 31, 2020

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

430,841

 

 

$

38,618

 

Restricted cash, current portion

 

 

1,268

 

 

 

 

Accounts receivable, net

 

 

45,486

 

 

 

20,787

 

Inventory

 

 

33,208

 

 

 

17,628

 

Deferred cost of revenue, current portion

 

 

7,835

 

 

 

6,782

 

Prepaid expenses and other current assets

 

 

17,369

 

 

 

3,840

 

Total current assets

 

 

536,007

 

 

 

87,655

 

Property and equipment, net

 

 

1,874

 

 

 

847

 

Deferred cost of revenue

 

 

18,334

 

 

 

10,072

 

Goodwill

 

 

12,666

 

 

 

4,162

 

Other long-term assets

 

 

10,802

 

 

 

1,113

 

Total assets

 

$

579,683

 

 

$

103,849

 

 

 

 

 

 

 

 

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

6,149

 

 

$

2,275

 

Accrued expenses and other current liabilities

 

 

22,234

 

 

 

9,555

 

Deferred revenue, current portion

 

 

42,185

 

 

 

19,348

 

Current portion of long-term debt

 

 

 

 

 

1,651

 

Total current liabilities

 

 

70,568

 

 

 

32,829

 

Long-term debt, net

 

 

 

 

 

3,169

 

Deferred revenue

 

 

53,412

 

 

 

34,153

 

Other long-term liabilities

 

 

6,201

 

 

 

516

 

Total liabilities

 

 

130,181

 

 

 

70,667

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Convertible preferred stock, $0.0001 par value; 50,000 and 105,995 shares authorized as of December 31, 2021 and December 31, 2020; no shares of preferred stock issued and outstanding as of December 31, 2021; 104,822 shares issued and outstanding as of December 31, 2020.

 

 

 

 

 

111,432

 

 

 

 

 

 

 

 

Stockholders’ equity (deficit)

 

 

 

 

 

 

Common stock, $0.0001 par value; 500,000 and 140,595 shares authorized as of December 31, 2021 and December 31, 2020; 193,864 and 10,376 shares issued and outstanding as of December 31, 2021 and December 31, 2020

 

 

19

 

 

 

 

Additional paid-in capital

 

 

604,077

 

 

 

4,157

 

Accumulated deficit

 

 

(154,603

)

 

 

(82,642

)

Accumulated other comprehensive income

 

 

9

 

 

 

235

 

Total stockholders’ equity (deficit)

 

 

449,502

 

 

 

(78,250

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

579,683

 

 

$

103,849

 

SMARTRENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

For the years ended December 31,

 

 

 

2021

 

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$

(71,961

)

 

$

(37,109

)

Adjustments to reconcile net loss to net cash used by operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

463

 

 

 

295

 

Amortization of debt discount

 

 

14

 

 

 

8

 

Non-employee warrant expense

 

 

931

 

 

 

481

 

Provision for warranty expense

 

 

7,634

 

 

 

3,370

 

Loss on extinguishment of debt

 

 

27

 

 

 

164

 

Non-cash lease expense

 

 

621

 

 

 

461

 

Stock-based compensation related to acquisition

 

 

812

 

 

 

707

 

Stock-based compensation

 

 

7,319

 

 

 

1,052

 

Compensation expense related to acquisition

 

 

 

 

 

3,353

 

Non-cash interest expense

 

 

11

 

 

 

100

 

Provision for excess and obsolete inventory

 

 

(39

)

 

 

778

 

Provision for doubtful accounts

 

 

226

 

 

 

512

 

Change in operating assets and liabilities

 

 

 

 

 

 

Accounts receivable

 

 

(23,969

)

 

 

(13,526

)

Inventory

 

 

(15,778

)

 

 

(11,090

)

Deferred cost of revenue

 

 

(9,315

)

 

 

(8,584

)

Prepaid expenses and other assets

 

 

(11,284

)

 

 

1,014

 

Accounts payable

 

 

3,811

 

 

 

(72

)

Accrued expenses and other liabilities

 

 

1,605

 

 

 

(3,209

)

Deferred revenue

 

 

38,945

 

 

 

32,841

 

Lease liabilities

 

 

(449

)

 

 

(36

)

Net cash used in operating activities

 

 

(70,376

)

 

 

(28,490

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

Payments for Zenith acquisition, net of cash acquired

 

 

 

 

 

(2,382

)

Payments for iQuue acquisition, net of cash acquired

 

 

(5,902

)

 

 

 

Purchase of property and equipment

 

 

(1,471

)

 

 

(298

)

Payment for loan receivable

 

 

(2,000

)

 

 

 

Net cash used in investing activities

 

 

(9,373

)

 

 

(2,680

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

Proceeds from revolving line of credit

 

 

 

 

 

7,179

 

Payments on revolving line of credit

 

 

 

 

 

(11,981

)

Payments on term loan

 

 

(4,861

)

 

 

(139

)

Payments of senior revolving facility transaction costs

 

 

(658

)

 

 

 

Payments on note payable related to acquisition

 

 

 

 

 

(4,327

)

Proceeds from warrant exercise

 

 

5

 

 

 

 

Proceeds from convertible notes

 

 

 

 

 

50

 

Convertible preferred stock issued

 

 

35,000

 

 

 

57,500

 

Payments of convertible preferred stock transaction costs

 

 

(207

)

 

 

(61

)

Proceeds from business combination and private offering

 

 

500,628

 

 

 

 

Payments of business combination and private offering transaction costs

 

 

(55,981

)

 

 

 

Net cash provided by financing activities

 

 

473,926

 

 

 

48,221

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(191

)

 

 

143

 

Net increase in cash, cash equivalents, and restricted cash

 

 

393,986

 

 

 

17,194

 

Cash, cash equivalents, and restricted cash – beginning of period

 

 

38,618

 

 

 

21,424

 

Cash, cash equivalents, and restricted cash – end of period

 

$

432,604

 

 

$

38,618

 

 

 

 

 

 

 

 

Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets

 

 

 

 

 

 

Cash and cash equivalents

 

$

430,841

 

 

$

38,618

 

Restricted cash, current portion

 

 

1,268

 

 

 

 

Restricted cash, included in other long-term assets

 

 

495

 

 

 

 

Total cash, cash equivalents, and restricted cash

 

$

432,604

 

 

$

38,618

 

SMARTRENT, INC.

RECONCILIATION OF NON-GAAP MEASURES

(In thousands)

 

 

Years ended December 31,

 

 

2021

 

 

2020

 

Net loss

$

(71,961

)

 

$

(37,109

)

Interest expense, net

 

249

 

 

 

559

 

Provision for income taxes

 

115

 

 

 

149

 

Depreciation and amortization

 

463

 

 

 

295

 

EBITDA

 

(71,134

)

 

 

(36,106

)

Stock-based compensation

 

8,131

 

 

 

1,759

 

Non-employee warrant expense

 

931

 

 

 

481

 

Loss on extinguishment of debt

 

27

 

 

 

164

 

Loss on change in exchange rates

 

 

 

 

470

 

Compensation expense in connection with Zenith acquisition

 

 

 

 

3,353

 

Warranty provision for battery deficiencies

 

6,430

 

 

 

3,200

 

Adjusted EBITDA

$

(55,615

)

 

$

(26,679

)

 

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Rivian Loses Its Shine as Investors Fret About Production Delays

The company also did not tell investors that its chief operating officer, Rod Copes, a Harley-Davidson veteran, left the company last year. Public companies and those in the process of listing their shares generally disclose the departures of top executives. The news was first reported by The Wall Street Journal.

Ms. Mast said Mr. Copes had a “phased transition from Rivian in fall 2021, prior to the I.P.O.” and retired in December, after the offering.

Mr. Copes, 55, said in an interview that he did not leave Rivian because of concerns about his performance or because there were problems with production. He said that he had achieved key goals and that the structures were in place for Rivian’s ramp-up in production. “It was a smooth and seamless transition,” Mr. Copes said.

But corporate governance experts think Rivian ought to have disclosed his impending departure to investors during the I.P.O., given his senior role. “If they knew he was leaving, the optimal disclosure would have been to identify their C.O.O. but indicate that he was leaving,” John C. Coffee Jr., a professor at Columbia Law School, said in an email.

According to one former executive, Rivian has a poor management culture.

The executive, Laura Schwab, said she was fired last year from a high-ranking sales and marketing position after expressing concerns about what she called the “boys’ club culture” and “gender discrimination” at the company. She filed a lawsuit in state court in California accusing Rivian of violating the state law prohibiting employment discrimination and retaliation.

Ms. Schwab said she had been part of 30 vehicle introductions in prior auto industry jobs, including at Aston Martin and Jaguar Land Rover. Soon after arriving at Rivian, she said, she felt compelled to express concerns that the company was in danger of missing delivery targets.

“The production line doesn’t go from zero to thousands of cars overnight; it just doesn’t work that way,” she said.

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Frontdoor Publishes First Sustainability Report, Reinforcing the Company’s Commitment to ESG

MEMPHIS, Tenn.–(BUSINESS WIRE)–Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today published its first corporate sustainability report. Frontdoor is committed to developing environmental, social and governance (ESG) initiatives that strengthen its value as a service provider, employer and global corporate citizen.

The company’s sustainability journey has been marked by meaningful initiatives and impacts since the company’s inception. This report reflects the company’s dedication to transparency in action and highlights its work in areas such as corporate governance, privacy and information security, employee relations and diversity and inclusion, community relations and environmental sustainability.

“We have made significant progress in our three years as a standalone company, and I’m proud of the meaningful work that our team is doing in this area,” said Rex Tibbens, president and chief executive officer of Frontdoor. “We are in the early stages of our journey but are committed to continuing to strengthen our practices and disclosures and operating in a way that benefits those in the world around us.”

In its 2021 sustainability report, the company shares an overview of its activities in four key areas: strengthening the company, supporting its people, serving communities and sustaining the world.

Highlights of Frontdoor’s 2021 sustainability report include:

  • Appliance contractors who leveraged Streem technology, which uses augmented reality, computer vision and machine learning, to facilitate more remote service calls reported a 6 to 7 percent reduction in onsite diagnostic service trips from January 1, 2021 through November 30, 2021.
  • Frontdoor and the economy rely on skilled labor. In 2021, Frontdoor invested in the next generation of contractors in partnership with two trade schools, awarding more than two dozen scholarships to students pursuing a career in the skilled trades.
  • Creating a vibrant, productive workforce begins with a rewarding pay program. Frontdoor offers competitive compensation, including a $15 minimum wage, which is informed by benchmarking analysis and reviewed for equity.
  • Frontdoor received over 2 million service requests for appliances, water heaters and HVAC systems for the twelve months ended October 31, 2021, helping to enhance efficient consumption of natural resources and avoid waste through repair and refurbishment.

“The 2021 sustainability report is the first of many and demonstrates our belief that responsibility begins with accountability,” said Tibbens. “As we move forward, each year we will strive to make progress in the areas outlined in the document and ensure that our business practices are impactful, meaningful and sustainable over time.”

Visit frontdoorhome.com to view or download the company’s full sustainability report. The report incorporates disclosures under both the Sustainability Accounting Standards Board (SASB) and Task Force for Climate-related Financial Disclosure (TCFD) frameworks.

About Frontdoor

Frontdoor is a company that’s obsessed with taking the hassle out of owning a home. With services powered by people and enabled by technology, it is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard, as well as ProConnect, an on-demand membership service for home repairs and maintenance, and Streem, a technology company that enables businesses to serve customers through an enhanced augmented reality, computer vision and machine learning platform. Frontdoor serves 2.2 million customers across the U.S. through a network of approximately 17,500 pre-qualified contractor firms that employ an estimated 62,000 technicians. The company’s customizable home service plans help customers protect and maintain their homes from costly and unexpected breakdowns of essential home systems and appliances. With 50 years of home services experience, the company responds to over four million service requests annually. For details, visit frontdoorhome.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor’s filings with the United States Securities and Exchange Commission (which are available on the SEC’s EDGAR database at www.sec.gov and via Frontdoor’s website at investors.frontdoorhome.com).

FTDR-Financial

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Tesla to Move Headquarters to Texas from California

Tesla will move its headquarters from California to Austin, Texas, where it is building a new factory, its chief executive, Elon Musk, said at the company’s annual shareholder meeting on Thursday.

The move makes good on a threat that Mr. Musk issued more than a year ago when he was frustrated by local coronavirus lockdown orders that forced Tesla to pause production at its factory in Fremont, Calif. Mr. Musk on Thursday said the company would keep that factory and expand production there.

“There’s a limit to how big you can scale in the Bay Area,” he said, adding that high housing prices there translate to long commutes for some employees. The Texas factory, which is near Austin and will manufacture Tesla’s Cybertruck, is minutes from downtown and from an airport, he said.

Mr. Musk was an outspoken early critic of pandemic restrictions, calling them “fascist” and predicting in March 2020 that there would be almost no new cases of virus infections by the end of April. In December, he said he had moved himself to Texas to be near the new factory. His other company, SpaceX, launches rockets from the state.

Hewlett Packard Enterprise said in December that it was moving to the Houston area, and Charles Schwab has moved to a suburb of Dallas and Fort Worth.

Mr. Musk’s decision will surely add fuel to a ceaseless debate between officials and executives in Texas and California about which state is a better place to do business. Gov. Greg Abbott of Texas, and his predecessors, have courted California companies to move to the state, arguing that it has lower taxes and lower housing and other costs. California has long played up the technological prowess of Silicon Valley and its universities as the reason many entrepreneurs start and build their companies there, a list that includes Tesla, Facebook, Google and Apple.

Texas has become more attractive to workers in recent years, too, with a generally lower cost of living. Austin, a thriving liberal city that is home to the University of Texas, in particular has boomed. Many technology companies, some based in California, have built huge campuses there. As a result, though, housing costs and traffic have increased significantly, leaving the city with the kinds of problems local governments in California have been dealing with for years.

Mr. Musk’s announcement is likely to take on political overtones, too.

Last month, Mr. Abbott invoked Mr. Musk in explaining why a new Texas law that greatly restricts abortion would not hurt the state economically. “Elon consistently tells me that he likes the social policies in the state of Texas,” the governor told CNBC.

he said on Twitter. “That said, I would prefer to stay out of politics.”

On Thursday evening, a Twitter post by Governor Abbott welcomed the news, saying “the Lone Star State is the land of opportunity and innovation.”

A spokeswoman for Gov. Gavin Newsom of California, Erin Mellon, did not directly comment on Tesla’s move but said in a statement that the state was “home to the biggest ideas and companies on the planet” and that California would “stand up for workers, public health and a woman’s right to choose.”

Mr. Musk revealed the company’s move after shareholders voted on a series of proposals aimed at improving Tesla’s corporate governance. According to preliminary results, investors sided with Tesla on all but two measures that it opposed: one that would force its board members to run for re-election annually, down from every three years, and another that would require the company to publish more detail about efforts to diversify its work force.

In a report last year, Tesla revealed that its U.S. leadership was 59 percent white and 83 percent male. The company’s overall U.S. work force is 79 percent male and 34 percent white.

The vote comes days after a federal jury ordered Tesla to pay $137 million to Owen Diaz, a former contractor who said he faced repeated racist harassment while working at the Fremont factory, in 2015 and 2016. Tesla faces similar accusations from dozens of others in a class-action lawsuit.

The diversity report proposal, from Calvert Research and Management, a firm that focuses on responsible investment and is owned by Morgan Stanley, requires Tesla to publish annual reports about its diversity and inclusion efforts, something many other large companies already do.

Investors also re-elected to the board Kimbal Musk, Mr. Musk’s brother, and James Murdoch, the former 21st Century Fox executive, despite a recommendation to vote against them by ISS, a firm that advises investors on shareholder votes and corporate governance.

Proposals calling for additional reporting both on Tesla’s practice of using mandatory arbitration to resolve employee disputes and on the human rights impact of how it sources materials failed, according to early results. A final tally will be announced in the coming days, the company said.

Ivan Penn contributed reporting.

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A Glimpse of a Future With True Shareholder Democracy

In the near future, giant index funds, those low-cost investments that have helped millions of people to build nest eggs, will gain “practical power over the majority of U.S. public companies.”

That nightmarish vision originated in a prescient 2018 paper by John Coates.

Mr. Coates was a professor of Harvard Law School when he laid out his argument — one that I share. Now, he is a policymaker. In February, he became acting director of the Securities and Exchange Commission’s division of corporation finance. Under the new reform-minded S.E.C. chairman, Gary Gensler, Mr. Coates is in a position to address the problems he has analyzed so painstakingly.

Neither Mr. Coates nor Mr. Gensler was available for an interview, but in that paper, Mr. Coates laid out his views. Index funds, which simply track the market and make no attempt to outperform it, are so effective and cheap, he said, that they have become the investment vehicle of choice for trillions of dollars of assets. Yet under current rules, it is the index fund executives, not the millions of people who invest in them, who have the power to cast proxy votes.

Those votes are the heart of a system intended to give investors a voice on crucial matters like how much the chief executive is paid or whether a company is damaging the environment.

wrote in December 2019, that lack of proxy voting capability leaves vast numbers of investors out of the equation, and gives corporations inordinate power. Consider that roughly half of all American households, comprising tens of millions of people, have a stake in the stock market. But most own equities indirectly through funds — mainly index funds.

That leaves fund managers with the decisive power over corporate governance, and the biggest fund companies have sided with management roughly 90 percent of the time.

As Mr. Coates wrote in 2018, “Control of most public companies — that is, the wealthiest organizations in the world, with more revenue than most states — will soon be concentrated in the hands of a dozen or fewer people.” The title of his paper was “The Problem of Twelve,” referring to the unelected leaders of index fund operations.

What’s worse, mutual fund companies are frequently conflicted. Many receive revenue from public traded corporations for providing financial services connected to retirement plans, yet have the responsibility of casting critical votes on how those companies are run. Scholars like Mr. Coates have worried about these conflicts for years.

study, “Uncovering Conflict of Interests: Proxy Voting Data Reveals Bias for Asset Managers to Favor Clients,” was done by the group As You Sow, which files for shareholder proposals on issues such as the environment, gender and racial diversity, and executive pay.

The group based its finding on an analysis of 9.6 million proxy votes by fund companies, along with Labor Department records that show how much fund companies were paid for retirement plan services.

“The big fund companies have a massive aggregation of power that comes from the investments of their shareholders,” said Andrew Behar, chief executive of As You Sow. “At the very least, the fund companies shouldn’t be allowed to vote if they have conflicts of interest.”

Such apparent conflicts are permitted under current rules, as Mr. Coates noted in his 2018 paper. There are many possible regulatory solutions, but the fundamental cure would be to take proxy voting power away from the fund companies and put it in the hands of millions of fund shareholders. That change would be especially important for investors in broad-based index funds, which mirror the stock market and cannot divest shares of individual companies.

Say you don’t want to put money into Exxon Mobil because you disagree with its approach to climate change. If you own shares in an S&P 500 index fund, you will have an indirect stake in Exxon nonetheless. And if you hold the fund in a workplace retirement account, you may be stuck. Only 3 percent of 401(k) plans include investment options based on what are known in the industry as environmental, social and governance (E.S.G.) principles, according to the research firm Morningstar, a research firm that rates funds.

Reflecting widespread concern about climate change, fund companies appear to be shifting some of their proxy votes, Morningstar said. BlackRock, headed by Larry Fink, has called for a speedy transition to a “net zero economy” and Vanguard in April adopted guidelines that may lead to more “E.S.G.-friendly” votes, said Jackie Cook, director of investment stewardship research at Morningstar.

INDEX, has taken a small step that could have revolutionary implications: This year, it has begun asking shareholders how they want to vote.

Index Proxy Polling,” an easy way for shareholders to convey their preferences on proxy votes for S&P 500 companies. The aim is to demonstrate how shareholders in an index fund could express their opinions.

So far, only about 100 investors have participated, said Mike Willis, the fund manager, and current S.E.C. regulations require him to make the final voting decisions on behalf of the fund. But he said he hoped the S.E.C. would eventually allow him “to move to real shareholder democracy and go to pass-through voting, in which the shareholders say what they want and we just cast the vote for them.”

I commend Mr. Willis for his innovative approach, but note that this is not a typical index fund. It is an equal-weighted version of the S&P 500: It gives equal emphasis to big and small companies, so it may underperform the market when giants like Apple boom, and do better than the standard index when smaller companies excel. Its expense ratio of 0.25 percent is reasonable but not as low as some of the giant funds.

If experiments like this catch on, they could help to move the markets closer to something resembling shareholder democracy. But legislators and regulators — people like Mr. Coates and Mr. Gensler — will need to weigh in, too, if we are to avert a future in which the voices of investors are muffled and giant corporations are dominated by even more powerful index funds.

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A Tally of Resignations Tied to the Jeffrey Epstein Scandal

When Jeffrey Epstein gave The Times columnist James Stewart a tour of his apartment a few years ago, he boasted of his expansive Rolodex of billionaires — and the dirt he had on them. A year and a half after the financier’s death by suicide in a New York jail, the fallout for those in the registered sex offender’s orbit, and increasingly those a step or two removed from it, continues to spread.

For example, the latest management reshuffle at Apollo, as we reported yesterday, can be linked back to Epstein. Tracing all the resignations and reshuffles directly and indirectly tied to the scandal will take a while (we’re working on it), but here’s a tally of some so far:

  • The Apollo co-founder Leon Black said in January that he would resign as C.E.O. but stay on as chairman, after an internal inquiry found he had paid $158 million to Epstein for tax advice. He unexpectedly quit both posts in March, and later stepped down as chairman of the Museum of Modern Art. Josh Harris, a fellow co-founder who had unsuccessfully pushed Black to quit immediately, said yesterday that he was stepping back from Apollo after failing to become the next C.E.O.; Marc Rowan, Apollo’s third co-founder and Black’s pick as successor, now leads the firm.

  • When the details of meetings between Epstein and Bill Gates burst into public view in late 2019, the billionaire’s wife, Melinda French Gates, hired divorce lawyers. The couple’s split, announced this month, could upend their numerous investments and philanthropic ventures

  • Les Wexner announced last February that he would step down as C.E.O. of the Victoria’s Secret parent company L Brands, under pressure from multiple internal investigations about his close ties to Epstein. Earlier this year, he and his wife, Abigail Wexner, said they would not stand for re-election to the L Brands board this month. (The company is now in the process of spinning off Victoria’s Secret.) Mr. Wexner was Epstein’s biggest early client and, a Times investigation found, the original source of the financier’s wealth.

  • Prince Andrew of Britain gave up his public duties last November, days after a disastrous interview with the BBC centered on his relationship with Epstein. At least 47 charities and nonprofits of which he was a patron have since cut ties to the prince.

  • Joi Ito resigned as the director of the M.I.T. Media Lab, a prominent research group, in 2019 and as member of several corporate boards (including The New York Times Co.), after acknowledging that he had received $1.7 million in investments from Epstein.

  • Alexander Acosta resigned as Donald Trump’s labor secretary in 2019, amid criticism of his handling of a 2008 sex crimes case against Epstein when he was a federal prosecutor in Miami.

Morgan Stanley sets up its C.E.O. succession competition. The Wall Street firm gave new roles to four top executives, marking them as candidates to take over from James Gorman: Ted Pick and Andy Saperstein were named co-presidents; Jonathan Pruzan was named C.O.O.; and Dan Simkowitz was named co-head of strategy with Pick.

The U.S. endorses a global minimum tax of at least 15 percent. The proposal, which was lower than some had expected, is closely tied to the Biden administration’s plans to raise the corporate tax rate. Global coordination would discourage multinationals from shifting to tax havens overseas.

Treasury officials said they could capture at least $700 billion in additional revenue. That would involve hiring 5,000 new I.R.S. agents, imposing new rules on reporting crypto transactions and other measures.

U.S. customs officials block a Uniqlo shipment over Chinese forced labor concerns. Agents at the Port of Los Angeles acted under an order prohibiting imports of cotton items produced in the Xinjiang region.

U.S. steel prices are soaring. After years of job losses and mill closures, American steel producers have enjoyed a reversal of fortune: Nucor, for instance, is the year’s top-performing stock in the S&P 500. Credit goes to industry consolidation, a recovering economy and Trump-era tariffs. Unsurprisingly, steel consumers aren’t thrilled about it.

Oprah Winfrey to Blackstone, made its stock market debut yesterday, ending its first trading session with a valuation of about $13 billion. DealBook spoke with Oatly’s C.E.O., Toni Petersson, about the I.P.O. and what’s next for the company.

resignation letter offering both praise of SoftBank’s chief, Masa Son — and unusually pointed criticism of the company’s corporate governance.


It’s been a while since we checked in on an alternative indicator of pandemic economic activity: the share price ratio of Clorox to Dave & Buster’s.

Wait, what? Nick Mazing, the director of research at the data provider Sentieo, came up with that metric to gauge the openness of the economy. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars. By this measure, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.” The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

new book, “Noise: A Flaw in Human Judgment,” the Princeton psychology professor and Nobel laureate Daniel Kahneman, along with co-authors Olivier Sibony and Cass Sunstein, argue that these inconsistencies have enormous and avoidable consequences. Kahneman spoke to DealBook about how to hone judgment and reduce noise.

DealBook: What is “noise” in this context?

Kahneman: It’s unwanted and unpredictable variability in judgments about the same situations. Some decisions and solutions are better than others and there are situations where everyone should be aiming at the same target.

Can you give some examples?

A basic example is the criminal justice system, which is essentially a machine for producing sentences for people convicted of crimes. The punishments should not be too different for the same crime yet sentencing turns out to depend on the judge and their mood and characteristics. Similarly, doctors looking at the same X-ray should not be reaching completely different conclusions.

How do individuals or institutions detect this noise?

You detect noise in a set of measurements and can run an experiment. Present underwriters with the same policy to evaluate and see what they say. You don’t want a price so high that you don’t get the business or one so low that it represents a risk. Noise costs institutions. One underwriter’s decision about one policy will not tell you about variability. But many underwriters’ decisions about the same cases will reveal noise.

WSJ)

  • An arm of Goldman Sachs has raised $3 billion from clients to invest in later-stage start-ups. (WSJ)

  • SPACs have raised $100 billion this year through May 19, a record, but new fund listings dropped sharply last month. (Insider)

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