No. of Recommendations: 8
Denny - you were confused because 12x only clipped part of the text. It actually said:

205,193 shares, and no shares issued and outstanding as of July 31, 2019 and January 31, 2019, respectively

I think that means:
205.2m shares issued and outstanding as of Jul 31
No shares issued and outstanding back on Jan 31

...and that's class B. As 12x said, there are also 20.7m class A shares. So 12x is correct, that's roughly 225.9m shares currently issued and outstanding.

So why were there only ~130m outstanding on average during the quarter, when we know that at the end of the quarter it was ~226m? Because they went public during the quarter. That means at the beginning of the quarter (and until June 12, when they IPO'd), there were only been about 50m shares outstanding. (The rest of the shares that are now outstanding were, back before the IPO, probably housed in convertible preferred stock...as best I can tell. It's complicated.)

As AJ said they are expecting 204.1m outstanding on average during the upcoming quarter. That doesn't make sense to me since they already have 226m outstanding, and you wouldn't expect them to buy all those shares back. Maybe several million of the 226m don't count for some reason? I'm serious. This math is crazy complicated.

Lastly, GuyLucky pointed out that it's only 147.3 for the year. That goes back to the fact that there were only 50m or so before June 12.

And even more lastly, the "potential shares" on page 41 shouldn't be counted yet, 12x.

That's all I got folks! It's complicated, and I wouldn't worry too much. It won't suddenly double or even go up 50% from here, but it might still fluctuate 10% for the next couple quarters. Such it is with IPOs.

Bear
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