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      "text": "Proactively Reducing Equity Grants",
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      "text": "We estimate that we'll grant less than $500M of new equity grants in 2025, a 70%+ reduction from 2022",
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      "text": "1. Figures shown represent grant date fair value of equity grants. 2. Net burn is calculated as the number of employee stock units granted in a year net of estimated forfeitures and divided by the prior year ending share count. Does not include any incremental impact of potential share repurchases in a given year.",
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      "text": "Actions to date include headcount management, hiring in low cost geos, eliminating equity for certain roles, moving to 3-year vesting for refresh grants, and introduction of a cash bonus program. We estimate that we'll grant less than $500M of new equity grants in 2025, a 70%+ reduction from 2022. Based on today's stock price, the 2025 grants would represent a ~3% net burn rate.",
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