????團購網站Groupon于上周五提交了一份經過再次修訂的S-1文件，其中承諾在未來減少客戶購買開支（即營銷費用），引人注目。文件還披露了公司首席執行官安德魯?梅森八月份發給員工的備忘錄全文——這封信可以說使得這家團購公司打破了靜默期的限制。

????然而，對我而言，最有意思的變化在于：Groupon刪掉了有關由內部人士提供股份的說法。原本的S-1文件是這樣寫的：

????Groupon, Inc.現提供[空白下劃線]股A級普通股股份，同時售股股東現提供[空白下劃線]股A級普通股股份。公司將不會獲得售股股東出售股份得到的任何收入。

????新的S-1文件只保留了第一句話。其原因有兩種可能：

????1. 潛在買主認為包括梅森在內的Groupon內部人士拿到的錢已經夠多了，不大樂意看到他們拿走更多的錢。要知道，Groupon已經完成了內部分紅，而且從第五輪融資獲得的9.5億美元中拿走了5.73億美元，用于早期雇員和股東套現。利益分配已經顯得有些失衡。

????2. Groupon真的需要將融到的每一分錢用于自身運營。

????第三種可能是，以上兩種原因兼而有之……

????譯者：向杭

????Groupon filed yet another amended S-1 on Friday, which mostly got attention for a promise to decrease customer acquisition expenses (i.e., marketing) going forward. It also included the entirety of CEO Andrew Mason's August memo to employees – a missive that arguably caused the daily deals company to run afoul of quiet period restrictions.

????For me, however, the most interesting change was right up top: Groupon has dropped language about shares being offered by insiders. The original S-1 read:

????Groupon, Inc. is offering [blank] shares of its Class A common stock and the selling stockholders are offering [blank] shares of Class A common stock. We will not receive any proceeds from the sale of shares by the selling stockholders.

????Now just the first line remains. Two theories:

????1. 1. Prospective buyers weren't too keen on Groupon insiders, including Mason, taking home even more money than they already have. Remember, this is a company that already has completed an insider dividend and used $573 million of a $950 million Series E offering for early employee and shareholder liquidity. The alignment of interests was looking a bit skewed.

????2. 2. Groupon really needs every dollar it can raise to fund its own operations.

????Or a third option: Both of the above…