descriptive claim
Stock-based compensation is treated as a non-cash expense, so it is added back and does not reduce reported free cash flow.
Jamin Ball · Deep Dive: Anthropic S-1 Myths and Mythos — Jamin Ball, Altimeter · 7 Nov 2026
In their words
The transcript segments this claim was taken from
“... and then the non-cash that you pay people. So non-cash, uh, stock-based compensation, equity compensation, that doesn't show up in free cash flow.”22:18Report a misattribution
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