Stock-based Compensation
Does anyone know if stock-based compensation expense is included in brokerage estimates? If it isn't in the margin estimates and we want to arrive at a "Cash-base" EBITDA figure, would we need to subtract SBC estimates from that EBITDA figure to arrive at the lower EBITDA? The reason is true "cash-based" EBITDA should be lower, given that estimated EBITDA isn't burdened by SBC.
Brokerage estimates assuming 50% margin (w/o SBC):
2024 Revenue: $100
2024 EBITDA: $50
Brokerage estimates assuming 50% margin (w/ SBC):
2024 Revenue: $100
2024 EBITDA: $50
(-) SBC of $10
EBITDA: $40
