Has no one else noticed stock-based compensation costs? I guess I've been too lazy to read these documents thoroughly.
That's a sort of dilution which is counted as a cost in the P&L by accounting convention; but it ain't cashflow as far as Wave's treasury is concerned.
Now I understand Feeney's cash management a whole lot better. And I should have been paying attention to the non-GAAP reporting in the quarterly report.
That's so funny. I spent all this time and never noticed a critical number. Was wondering what Yahoo's adjustments to net income number is in the cash flow. Now I know.
So Wave's losses partly result from R&D and partly from issuance of stock to staff. That's a far more benign scenario than I'd been thinking about up to now.
Wonder if dig's doughnut is whole after all.
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