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...He was awarded $22.6mn in cash and stock grants last year, only $2mn shy of Fraser’s $24.5mn comp package....
...Companies treat stock comp as (at best) a non-cash expense or (at worst) not an expense at all, by excluding it from adjusted earnings measures....
...Since 2020 it has included a rationale every time they voted against the board’s recommendation....
...We’re going to start with actions that partially offset stock-based comp, and then we’re going to work our way up towards a consistent reduction of share count.”...
...We need to offset that with a buyback, or the whole ‘adjusted ebitda’ thing where we excluded the cost of stock comp is going to start looking bad....
...The S&P 500 hit another all-time high yesterday. More importantly, Trump Media & Technology Group rose another 14 per cent, right after we wrote that it looked a bit overvalued....
...First, we expect strong positive operating leverage even with its consent order, aided by its biggest headcount reduction in its history (est. 25K+) that results in lower comp by est. $3B (~10%) and leads...
...With six tents (plus one family tent with a common area), it’s a more intimate scale (and a lot less expensive) than many in its comp set....
...“We would spend the whole time talking about our growth opportunities and what is it about Evercore’s culture that makes us special,” he said....
...It’s the stock comp that leads to share count creep, which in turn incentivises stock repurchases, even when they are uneconomic....
...While the final fee was 2.5 times that amount, it did fit with the comps Wachtell shared....
...So there’s still time. But at the same time, this clinic business that they’re growing is growing fast enough that they’re going to be able to turn it around....
...I’ve rattled on about this several times now. Hopefully the picture becomes sharper with each iteration....
...And if you treat their stock comp plans as a real expense, they are burning cash still at a scale of $4bn of revenue....
...Zinsner — 2022 total comp: $20.3mn — replied (our emphasis): Yeah. Good question, Ross. Obviously, scale is going to matter and level of revenue is going to matter....
...We can’t pretend that a company that only has free cash flow before stock-based comp is really cash flow-positive....
...Clawbacks, stock comp, etc, so that people have a long-term connection to the businesses they run. That’s all designed to reduce volatility. Jonathan GuthrieSo does it work, Rob?...
...The writer is an FT contributing editor and co-founder of Now Teach Some years ago, shortly before I left the Financial Times, I gave a talk at a literary event in Oxford....
...SoFi mainly sells money, no matter how many times it uses the word “platform” (20 times in yesterday’s call with analysts, by my count)....
...Russia’s invasion of Ukraine, and the energy crisis that followed occurred this time last year. Expect more tough comps....
...the right way to think about Uber’s profitability is in terms of what we call true free cash flow: operating cash flow, minus capital expenditures and stock-based compensation (failure to include stock comp...
...In Endava’s case, at least, “Comp didn’t come into it at all.”...
...Despite a sterling reputation, was it basically just ARKK with a hedge fund comp structure? Lone Pine declined to comment....
...Pinto said JPMorgan would “adjust over time to whatever we believe is a medium-term structure needed, and overall banking business size needed, to cater to that wallet size”....
...Chief executive Sundar Pichai told analysts it was a good time for Alphabet to “sharpen our focus”, but he assured investors the group would continue to make big, long-term investments....
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