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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It's really nice to finally see a post about SBC that's underpinned by analysis of the cumulative "count & change in fully-diluted shares outstanding" vs "SBC $ as a % of Revenue" to frame the dilution discussion!
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All the data for every company is in the 10-K/Qs, it just takes a bit of time to comb through. Admittedly this approach is more complex for recent IPOs or acquisitions with big assumptions of options but still doable. Most people are just lazy.
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A+ for writing style. To the point, easy to understand, informative, data based and entertaining. Bravo.
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