You mean like making up non-standard ARR calculations and not including your Q3 results in your initial S1 draft? Or you know hiding things in footnotes in the S1 so people don’t see the full math on your obligations?
> “Run-Rate Revenue” is an operating metric that refers to the estimated annualized value of our revenue-generating activity as of a measurement date, calculated as the sum of (i) our consumption-based fees during the trailing 28-day period ended on the measurement date, multiplied by 13, and (ii) our aggregate monthly subscription fees as of the measurement date, multiplied by 12. For purposes of calculating Run-Rate Revenue, consumption-based fees and subscription-based fees are derived from customer usage and active subscriptions.
> trailing 28 days multiplied by 13
I’m not aware of a year that has 13 months of 28 days? Why would you ever calculate it this way?
If day of the week is important you get more consistent results this way.
I don’t have a particular point of view on this but the people acting like this is weird or some big deal have clearly never spent much time with financial filings. There are much weirder scheduling things than this. Some companies split their reporting quarters up in unbalanced ways for instance.
If they make, say, 10x more on weekdays than weekends, using a 30 day month with two extra weekdays overestimates annual revenue since it translates to a year with 264 weekdays as opposed to 260.
That's about a 1.5% increase.
Footnotes are not some minor FYIs. In financial literature, they’re just a formatting choice. They’re fully part of the document.
Adjusted revenue figures are reported all the time for many different reasons, there is absolutely nothing special about this and I've not heard ANY financial analyst explain why GAAP is a better number here. You are salivating over a total nothing-burger.
Also, if you didn't hear, their Q3 results were spectacular and were included in an amendment today.
I'm not an Anthropic fan-boy and I won't be buying their offering but you've picked just about the two least relevant things in this offering to complain about.
The reasons to be skeptical of this offering is what is described in the TFA: Anthropic is committed to spending 900 billion on compute over the next decade and if they can only profitably employ 80% of that it will utterly ruin them. Dario is putting all the chips on number 12. If he is right though - and inference usage explode by 1000x Anthropic has so much scarce compute locked up that they will do very, very well.