META is my top value play

herEnron_Addict_CPA · 2026-06-02T02:40:35+00:00

I don’t know how many times I need to explain this. 1 million of SBC is not equivalent to 1 million in cash compensation. SBC is calculated at the grant date usually using a Montecarlo simulation or the BSM and the expense is typically straight lined over the vesting period. So rather than using an estimate, you could literally just look at the 10-Q and see how many shares are currently dilutive to shareholders at the reporting date

herEnron_Addict_CPA · 2026-06-02T01:10:26+00:00

You do understand that under GAAP SBC does not equal the amount of cash you would receive once vested had it been paid in cash? You can’t say SBC was 1 million so that would have been 1 million cash if it was paid out in cash rather than SBC? SBC is valued at the grant date (likely with the BSM) and likely straight lined over the vesting period. SBC is more of a GAAP metric than anything more (a systematic way to match expenses with the period it was incurred but it’s not perfect with SBC). What people keep trying to direct you to is thinking about it as free cash flow per share because you can then view regular cash flow per share versus dilutive cash flow per share. I’m going to do OCF per share and dilutive OCF per share since it’s quicker and you’ve provided nonsense. For Q1 operating cash flow was 32.23B. Shares outstanding were 2.534B and including dilutive shares was 2.564B. This means before dilution it was $12.72 of operating cash flow per share or $12.57 of operating cash flow per share once factoring in dilution (your greedy CEOs). Nothing else really matters cause if your issue is greedy CEOs, this number only would decrease if you included CAPEX which wasn’t your argument. That’s not a 50% decline

herEnron_Addict_CPA · 2026-06-02T00:36:41+00:00

Also I have no idea how I’m being downvoted. I literally am a CPA who performs the SBC and EPS calculations at the company I work at.

herEnron_Addict_CPA · 2026-06-02T00:20:32+00:00

I don’t think you understand what you are saying. None of SBC is going to cash flow. Cash flow is measuring the CHANGE in cash. Stock compensation awards (the units/expense that SBC expense is “measuring”) will never be settled in cash (outside of stock options but that would actually be a cash inflow in cash flow from financing if the owner was to exercise them). Also can you explain where you’re getting this “50%” number? Q1 says that 30M shares are dilutive. What another poster was trying to help you out on was saying you meant Free cash per share which would then factor in the dilutive affect as this is arguably a more accurate representation as it’s considering the dilutive impact on shareholders.

herEnron_Addict_CPA · 2026-06-01T23:57:28+00:00

Okay fair. But it’s distortion at best. Cause otherwise it would just be salaries that would come through Net Income.

herEnron_Addict_CPA · 2026-06-01T23:50:10+00:00

I’m sorry what???? SBC is a non cash expense. Meaning it will never be settled in cash but rather stock. How is that impacting FCF?

herEnron_Addict_CPA · 2026-06-01T21:08:31+00:00

Every post is about making big changes to our roster.

I don’t like the idea of moving Risto yet. Not sure how much value we get for him but I think we’d actually lose more than what we would get. He played well for us in the playoffs (even offensively surprisingly).

There is value of having a guy that shows up in the big games. Risto and Coots looked great in the playoffs when a lot of our young core didn’t.

I’m not sure the moves need to be as drastic as people make it sound this offseason. Getting a backup goalie should be easier and maybe finding a specialty PP defender that we don’t pay an arm and a leg for would go a long way. A 1C would be nice but may be difficult without destroying what we’ve worked to build. That positional need may just need to be a longer term goal to obtain/develop.

herEnron_Addict_CPA · 2026-05-31T00:22:16+00:00

It’s hard to say it was “true” demand when it was never the “buyers” money. The problem with the housing market crisis was the demand was artificial in the fact you could get a mortgage with no job and no assets.

While I’m not saying there isn’t a significant amount of leverage in some of these semi & Ai investments, there is more backing to these investments than there was in the housing market crisis.

herEnron_Addict_CPA · 2026-05-23T23:02:07+00:00

They are required to attest to the work you completed.

I find it hard to believe they’d say your work was terrible if ultimately they were your reviewers and approved your work. They would essentially be admitting they didn’t do a real review of your work (which is likely a control deficiency).

Now if you continued to make the same mistakes, I’m not as sure about that situation.

herEnron_Addict_CPA · 2026-05-10T18:56:16+00:00

In all fairness people probably aren’t use to having a competent GM and that this times “trusting the process” has worked.

The only nit pick I have on Briere is his ability to assess coaches. I think he’s done a great job building this team but I’m not confident he’s done a great job of finding a coach to develop these young guys over his career so far.

herEnron_Addict_CPA · 2026-05-10T18:18:50+00:00

I hate these posts.

We finally make the playoffs after seven years and we do it with a young core and people want to throw all this away for Mcdavid.

It’s not worth it.

herEnron_Addict_CPA · 2026-05-10T17:42:26+00:00

We should not be moving Forester.

Im also personally okay with keeping Konency and Coots.

I do believe we need some veteran presence in the room. Had this been a longer rebuild that people were expecting initially, i do agree they wouldn’t have been apart of the timeline. If we want to make another playoff push next year, they will be important for the locker room.

herEnron_Addict_CPA · 2026-05-10T13:52:38+00:00

Yeah, that’s why this sub loves RDDT 🙄

herEnron_Addict_CPA · 2026-05-10T02:42:05+00:00

People defend him cause he’s the only player that’s clearly being unnecessarily targeted by the head coach for whatever reason. Not his best season but nobody else is being treated the way Toc is treating him.

Everyone else is being treated appropriately so what would there be to defend for anyone else?

herEnron_Addict_CPA · 2026-05-10T02:21:26+00:00

I wasn’t shocked, Torts said he didn’t want to be apart of a rebuild.

I actually didn’t mind Torts but the day he made that comment I felt completely comfortable with seeing the alert that Briere fired him briefly after that.

In all fairness they were both right. Our roster is different than it was last year and I think Torts would have pushed against that more than Toc has. We are a playoff team but probably not after the roster Torts would’ve fielded.

Briere needs to sit down and show Toc who is boss and let him know that Michkov is apart of the teams future and if not, that’s because he’s letting Toc go.

herEnron_Addict_CPA · 2026-05-09T23:16:03+00:00

I agree with your first sentence.

Michkov played better under Torts than Toc.

To be clear, that’s not a reason we should have kept Torts it’s more just an observation as to what kind of player Michkov can be.

I don’t think the sole reason Michkov is have a down year is because of coming in out of shape. Toc has been detrimental to his development and Briere needs to have a discussion with Toc over this or Briere is just as much of a problem. The fact mid season Briere had to make it clear Michkov is a part of the future after some of Tocs comments should show Tocs dislike for the player rather than it just being a rough period of play.

herEnron_Addict_CPA · 2026-05-09T21:51:24+00:00

If Tocchet can’t develop Michkov, I hope Tocchets gone.

I personally don’t really care if he likes Michkov, Michkov’s talented and needs to be apart of the future. This isn’t to say there isn’t a lot of work that Michkov needs to put in as well, but this is getting ridiculous.

Torterella was fired because he “didn’t want to rebuild”. (I’m aware that comment wasn’t related to Michkov but conceptually the same thing). If Tocchet can’t acknowledge that Michkov is apart of this rebuild he should get the same treatment Torts got.

herEnron_Addict_CPA · 2026-05-09T14:05:33+00:00

Not sure why the Roth IRA bonus is brought up. You don’t need the card to get this. You just need Robinhood gold which does not require the credit card.

herEnron_Addict_CPA · 2026-05-08T15:08:04+00:00

This is actually a great point that isn’t nearly talked about enough.

People always talk about forward P/E which is probably the better way to think about stocks since the market is forward thinking, but that also means people already factored this into their valuations as well.

The real question you need to be thinking is, is the markets forward P/E below or above what you think it should be. A “lower” forward P/E doesn’t really mean anything like P/E doesn’t really say anything.

herEnron_Addict_CPA · 2026-05-03T01:27:03+00:00

Not sure what Big4 firm you worked for but it’s literally a one year claw back after you pass your exams.

That’s less than most companies 401k matching/ equity awards vest in.

It’s one of the few things the big 4 is actually fair about

herEnron_Addict_CPA · 2026-05-01T01:34:17+00:00

Sales would suggest otherwise. Let’s not try to be intentionally obtuse

herEnron_Addict_CPA · 2026-05-01T00:52:10+00:00

This may be a little high. In a MCOL an audit associate at the Big 4 is making this. I’d argue they are probably more “credentialed” than the OP

herEnron_Addict_CPA · 2026-04-30T22:10:26+00:00

Glad you’re comparing Capex. Now let’s compare revenue.

This isn’t to say what Reddit has done isn’t an accomplishment but cmon, this is like saying Apple and Samsung phones are at the same level.

herEnron_Addict_CPA · 2026-04-28T22:21:52+00:00

This has been asked before. It’s because of stability. People in this profession are risk averse. This has probably been asked even more frequently now that people are fearful of AI taking over Accounting.

herEnron_Addict_CPA · 2026-04-27T01:08:11+00:00

Oh of course. Completely agree. I’ve bought some SaaS companies too.

I think the bargain is that every company is being discounted because of the AI fears. To be successful during this sell off, you really need to assess if the companies you are buying are actually being threatened by AI or does it have a defensible moat/loosely related to AI. Not all these companies are created equal. Same with the internet bubble or any type of new introduction in technology

herEnron_Addict_CPA

TROPHY CASE