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  "documentTitle": "Dropbox, Inc. (DBX)",
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  "presentationDate": "2020-02-06 00:00:00",
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      "text": "Dropbox's stock based compensation expense per employee is significantly higher than technology peers average and median SBC",
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      "text": "SBC per employee: $110k",
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      "text": "We believe investors should pay greater attention to Dropbox's stock based compensation (SBC) expense because it is not a \"cashless\" cost to investors. Its SBC per employee is nearly twice as large as peers. In order to manage tax withholding payments for employee restricted stock programs, Dropbox uses significant capital labelled as a \"financing\" cash flow, when in reality it is a form of compensation expense (i.e. an operating cash flow).",
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      "text": "Source: Bloomberg",
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      "text": "Heavy Stock Compensation Is Not Without Cash Impact",
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      "text": "Stock Based Compensation Per Employee Is Significantly Higher Than Technology Peers (Tech companies with market capital > $1 billion)",
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