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Very interesting and useful stats on how Q4 earnings reports are shaping up against historical trends. RE: the median FCF margin chart…does it look similar or different if you plot $FCF per diluted share? I continue to believe that many hyper growth companies decided to make FCF and FCF margin their main investor facing talking point, while making excuses for slower growth along with continued high SBC expenses. “See how much free cash flow we generated in each quarter in 2023?”…meanwhile ignore that shareholder dilution and high SBC expenses. Cheers, Jamin.

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