Clouded Judgement 9.24.21

Analysis of the Week - SBC Benchmarking Stock Based Compensation (SBC) is a hidden cost in Non-GAAP financials of cloud software businesses. Incentivizing employees with equity over cash compensation increases future dilution while reducing short term cash outflows. Which companies "spend" the most on SBC? See below. Many of the companies to the far left of the chart are recent IPOs - many equity grants hit at IPO, driving SBC up

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