Expensify S-1
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Expensify S-1
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Re: Expensify S-1
#2> Prior to the completion of this offering, all of our outstanding shares of LT10 and LT50 common stock, representing approximately % of the combined voting power and % of the economic interest in us immediately following the completion of this offering, will be contributed by the beneficial holders of such shares (the “Trust Beneficiaries”) to a new voting trust (the "Voting Trust”) formed pursuant to a voting trust agreement (the “Voting Trust Agreement"), under which all decisions with respect to the voting (but not the disposition) of such shares of LT10 and LT50 common stock, as well as any other shares of any class of common stock held in the Voting Trust from time to time, will be made by the trustees of the Voting Trust (the “Trustees”) in their sole and absolute discretion, with no responsibility under the Voting Trust Agreement as stockholder, trustee or otherwise, except for his or her own individual malfeasance. The initial Trustees of the Voting Trust will be David Barrett, our CEO, Ryan Schaffer, our CFO, and Jason Mills, our Chief Product Officer. The Voting Trust and its Trustees will, for the foreseeable future, have significant influence over our corporate management and affairs, and will be able to control virtually all matters requiring stockholder approval. The Voting Trust is irrevocable and terminates upon the earlier of the written agreement between us and the Trustees and the date on which all shares of LT10 and LT50 common stock automatically convert into shares of Class A common stock in accordance with the terms of our amended and restated certificate of incorporation, which will occur when all of the then-outstanding shares of LT10 and LT50 common stock represent, in the aggregate, less than 2% of all then-outstanding shares of common stock.
For 88 million in Revenue (FY2020)... you can buy the stock and have no say at all in how the company is run....
Re: Expensify S-1
#3I still marvel that they've built such a big company around a SQLite fork.
>Expensify is built on Bedrock - a private Blockchain-based data foundation atop a custom fork of SQLite, which we believe is the fastest, most reliable and most widely distributed database in the world. This fork optimizes SQLite to operate on extremely high core density servers, concurrently executing thousands of page-locked transactions per server, with robust conflict detection and resolution. Bedrock further extends SQLite -- which is a local database with no networking component -- with a WAN-optimized, Paxos-based self-healing clustered replication engine designed to conduct atomic two-phase commits over high-latency / low-reliability internet VPN links, using the world's longest continuously operational Blockchain (since before Bitcoin began). Our design is optimized for global scale, speed and reliability.
Re: Expensify S-1
#4> Prior to the completion of this offering, all of our outstanding shares of LT10 and LT50 common stock, representing approximately % of the combined voting power and % of the economic interest in us immediately following the completion of this offering, will be contributed by the beneficial holders of such shares (the “Trust Beneficiaries”) to a new voting trust (the "Voting Trust”) formed pursuant to a voting trust…
Seems like par for the course nowadays for companies to issue two classes of stock with the second class having little to no voting power.
Re: Expensify S-1
#5$50M in revenue on 130 employees seems quite remarkable, no? Not to mention they grew to $88M with the same headcount.
Are they uniquely able to outsource a large number of functions? I've worked for firms with far less revenue and far greater headcount, and the road to IPO seemed inextricably dependent on orders of magnitude more headcount.
Re: Expensify S-1
#6Expensify’s CEO sent a letter to every single person Expensify had an email for, even simple ground floor employees who just use the software to submit expenses an email prior to the 2020 presidential election.
The CEO sent a long diatribe about how the election of Donald Trump would be the end of democracy as we know it, and it is imperative that Joe Biden is elected.
I will never give this company a single cent after that stunt.
Re: Expensify S-1
#7Expensify’s CEO sent a letter to every single person Expensify had an email for, even simple ground floor employees who just use the software to submit expenses an email prior to the 2020 presidential election. The CEO sent a long diatribe about how the election of Donald Trump would be the end of democracy as we know it, and it is imperative that Joe Biden is elected. I will never give this company a single cent aft…
I feel like HN users reflexively downvoted this comment but it does have merit. Personally, I'm no supporter or Trump or his right-wing viewpoints but even I felt slightly uncomfortable with the CEO's decision to send such an email.
Re: Expensify S-1
#8Expensify’s CEO sent a letter to every single person Expensify had an email for, even simple ground floor employees who just use the software to submit expenses an email prior to the 2020 presidential election. The CEO sent a long diatribe about how the election of Donald Trump would be the end of democracy as we know it, and it is imperative that Joe Biden is elected. I will never give this company a single cent aft…
It even went to foreign customers. Pretty gross misuse of customer data in my view.
Re: Expensify S-1
#9Expensify’s CEO sent a letter to every single person Expensify had an email for, even simple ground floor employees who just use the software to submit expenses an email prior to the 2020 presidential election. The CEO sent a long diatribe about how the election of Donald Trump would be the end of democracy as we know it, and it is imperative that Joe Biden is elected. I will never give this company a single cent aft…
The way I try to put my views aside when thinking about how I feel about this is "if a CEO with the opposite political view did this, how would I feel?" and it's very clear it would make me very unhappy. So yeah, this is definitely not an okay thing for a CEO to do.
Re: Expensify S-1
#10Very impressive quirky company.
In 2013-2014 they found smart ways to be a non valley company (recruiting in UP Michigan). Really bold CEO!