Comment by fshbbdssbbgdd

Correct. The most obviously wrong exclusion is stock compensation. Imagine Uber issued and sold $1B of stock each year. Obviously we wouldn’t count that as $1B of profit, because it’s just a change in capital structure. Stock compensation is the same thing. The fact that the stock issuance is bundled together with employee compensation (where it substitutes for cash) instead of going directly to the corporate treasury doesn’t matter.