granzymes (u/granzymes)

granzymes commented on Figma files for proposed IPO figma.com/blog/s1-public/... · Posted by u/kualto

dustypotato · 2 months ago

How'd you manage to summarize these figures so nicely ? Are you good at accounting stuff or are you using some AI tool ?

granzymes · 2 months ago

Manual labor, going back to before LLMs were a thing. I just like reading S-1s.

https://news.ycombinator.com/item?id=27701617#27702669

https://news.ycombinator.com/item?id=26362443#26363190

https://news.ycombinator.com/item?id=25143334#25143800

granzymes commented on Figma files for proposed IPO figma.com/blog/s1-public/... · Posted by u/kualto

VoidWhisperer · 2 months ago

What happened in 2024 that caused their operating expenses to increase so much?

granzymes · 2 months ago

Mostly a 356% increase in R&D:

  FY Ended December 31, in millions except percentage

                             | 2023 | 2024 | YoY  
  ---------------------------|------|------|------
  research and development   | $165 | $751 | 356%   
  sales and marketing        | $201 | $472 | 134%   
  general and administrative | $168 | $316 | 88%

And most of that increase came from a one-time charge from allowing employees to sell their RSUs. While not a cash cost for Figma, it was booked as an expense and allocated as follows:

                             | 2024   
  ---------------------------|------
  cost of revenue            | $25    
  research and development   | $463   
  sales and marketing        | $187   
  general and administrative | $184   
  total                      | $858

If you subtract the one-time charge, you get:

                             | 2023 | 2024 (adj.) | YoY  
  ---------------------------|------|-------------|------
  research and development   | $165 | $288        |  75%  
  sales and marketing        | $201 | $285        |  42%  
  general and administrative | $168 | $132        | (21)% 
  total                      | $534 | $705        |  32%

granzymes commented on Figma files for proposed IPO figma.com/blog/s1-public/... · Posted by u/kualto

granzymes · 2 months ago

Headline financials:

  FY Ended December 31, in millions except percentage

                 |  2023  |  2024  |  YoY  
  ---------------|--------|--------|-------
  revenue        | $505   | $749   | 48%   
  gross profit   | $460   | $661   | 44%   
  op ex          | $534   | $1,539 | 118%
  net income     | $738   | $(732) | (199)%
  free cash flow | $1,041 | $68    | (93)%

granzymes commented on iOS Kindle app now has a ‘get book’ button after changes to App Store rules theverge.com/news/661719/... · Posted by u/diversion

havaloc · 4 months ago

If Apple eventually wins their appeal think among how hard it will be to put the genie back in the bottle.

granzymes · 4 months ago

If this significantly cannibalizes Apple’s App Store revenue I would actually expect that they come up with a different way to monetize (maybe based on installs or number of users).

They could also implement that independent of the injunction, which applies to steering rules.

granzymes commented on Evolving OpenAI's Structure openai.com/index/evolving... · Posted by u/rohitpaulk

granzymes · 4 months ago

From least to most speculative:

* The nonprofit is staying the same, and will continue to control the for-profit entity OpenAI created to raise capital

* The for-profit is changing from a capped-profit LLC to a PBC like Anthropic and Xai

* These changes have been at least tacitly agreed to by the attorneys general of California and Delaware

* The non-profit won’t be the largest shareholder in the PBC (likely Microsoft) but will retain control (super voting shares?)

* OpenAI thinks there will be multiple labs that achieve AGI, although possibly on different timelines

granzymes commented on Judge said Meta illegally used books to build its AI wired.com/story/meta-laws... · Posted by u/mekpro

granzymes · 4 months ago

Title seems misleading after reading the article.