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Brad Gerstner
@altcap
Over last 5 yrs $BKNG has nearly doubled gross bookings while keeping the number of employees flat and spending less than 10% of annual FCF on stock grants! Leaving tons of profits to reinvest AND benefit shareholders. Every tech board should compare themselves. #goldstandard
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Thomas Reiner
@treiner5
It's easy to point out companies with wild SBC and dilution, but let's reframe to the positive: $BKNG has been the role model for dilution and compensation alignment for well over a decade. platformaeronaut.substack.com/p/tech-dilutio
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Eli 🇭🇺 🌐
@visziel
Replying to
@altcap
Stock options are heavily taxed in Europe, so that employees are avoiding it in exchange for a higher monthly salary
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modest proposal
@modestproposal1
Replying to
@altcap
I think this analyst summed it up well, even if military analogies are overwrought. They are just culturally different than their peers and the rest of tech.
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modest proposal
@modestproposal1
"Expedia has expensive grand new HQ, multiple private jets, pays out substantially higher SBC, and does not have a reputation as killer operators... Booking has spartan HQ offices, we observed Jeff Boyd flying coach from Phocuswright, and operates with military-like precision"
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@aka_Long_Game
Replying to
@altcap
Agree on expensing SBC, disagree on capital allocation. And would argue they need a new CEO. They have missed and reacted to every big shift in their industry. Proves Buffett’s adage “invest in a business any fool can run, because someday a fool will.”