Turo filed to go public last night.
Turo has filed to go public. The company raised nearly $500 million in private and has an enormous capital base, meaning that there is pressure to go public. Turo first raised external capital back in 2009, so some investors have been waiting for the company to file for S-1 for a long time.
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Turo's business had a good year last year. Turo's revenues and results rebounded through the third quarter after posting lackluster results in 2020. Q4 data will be included in a subsequent S-1 filing.
I want to compare and contrast the company's results in 2020 and 2021. The Turo income statement has impressed me, once we beat back some non-cash costs.
Let's talk about the post-lockdown.
Turo has a financial rebound.
Turo's revenue growth was small from the year to the year. The company's top line grew from 141.7 million to 149.9 million. That is an incredibly thin pace of growth for a venture-backed company.
The company had a negative net income of $98.6 million in the year, but it decreased to $97.1 million in 2020.
But then, in 2021. The differential in results should be observed.
Turo S-1 is an image.
When we compare the first three quarters of 2020 with the same portion of 2021, the company's revenue growth reignited, and it swung from stinging operating losses to operating profits. Turo had a rebirth of sorts last year, with slow growth behind for hyper-growth and losses for profits on an operating basis.
The company's net loss got worse in the first three quarters of the year when compared with the previous year. It torched so much money, why are we giving it credit for growth?
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