descriptive claim
Most mature software companies would be free-cash-flow neutral or negative if stock-based compensation were treated as a cash expense.
Jamin Ball · Deep Dive: Anthropic S-1 Myths and Mythos — Jamin Ball, Altimeter · 7 Nov 2026
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“Um, but, but even today, the mature ones, even if you factor in stock-based comp, most of them are free cash flow neutral or negative if you treat stock-based comp as a cash expense.”23:09Report a misattribution
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