Slack releases S-1

Slack releases S-1

David Paul Morris | Bloomberg | Getty Images

Stewart Butterfield, co-founder and chief executive officer of Slack Technologies Inc., speaks during an event in San Francisco, California.

Slack released its S-1 Friday, making it the latest in a highly-anticipated class of tech companies to file to go public. Slack will pursue a direct listing on the New York Stock Exchange under the symbol “SK.”

For the year ended Jan. 31, 2019, Slack reported $400.55 million in revenue. Slack reported a net loss of $138.9 million for the same period. The company reported about $841 million in cash equivalents as of Jan. 31, 2019.

For the three months ended Jan. 31, 2019, the company reported daily active users over 10 million. As of Jan. 31 this year, Slack reported 88,000 paid customers, representing 49% year over year growth compared to the previous year, when the company reported 59,000 paid customers. Between Slack’s fiscal years 2017 and 2018, the company saw 59% year over year growth in paid customers, up from 37,000.

As of Jan. 31, 2019, Slack reported that 575 of its paid customers were paying over $100,000. That represents 93% year over year growth from 298 customers paying over $100,000 annually as of fiscal year 2018. Between Slack’s fiscal years 2017 and 2018, the company saw 121% year over year growth in this segment of customers, up from 135.

The company will offer two classes of shares that will consolidate voting power among its top shareholders with Class B stock. Class A common stock will be entitled to one vote per share, while Class B will be entitled to 10 votes per share.

Accel is the company’s largest shareholder at 24%, followed by Andreessen Horowitz with a 13.3% stake, Social Capital with a 10.2% stake. Slack CEO Stewart Butterfield owns an 8.6% stake in the company and SoftBank holds 7.3%.

Slack follows several tech companies that have already debuted on the public market in 2019, including Lyft, PagerDuty, Pinterest and Zoom. Uber has also released its S-1 and is expected to go public in a few weeks.

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Watch: In-depth interview with Slack CEO Stewart Butterfield

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