[arcticbull]

They definitely were making tons of profit per employee.

They've consistently been making $1.2-1.6M in revenue per employee, and their net profit margin has been 20-40%.

They just thought they could make more money.

[edit] I think Patrick McKenzie did a great job of explaining the post-COVID layoffs on Odd Lots a few months ago [1], as saying that companies hired to (a) keep the lights on with a ton of new users (b) tracking the growth trendline assuming things wouldn't return to normal and (c) they didn't see the ordinary 6% annual attrition baked into HR expectations due to employee uncertainty.

So from that perspective, a bond offering seems fine, IMO. Better than a dilutive secondary offering.

[1] https://www.youtube.com/watch?v=Hb7G7sY4p9o