· 个股论点
$SNAP 刚刚发布财报并宣布5亿美元股票回购计划。 回购是一个危险信号。 Q4 报告： - 营收：17.16亿美元（+10%） - 自由现金流(FCF)：2.06亿美元（+13%） - 净利润：4500万美元 - 毛利率：59% $SNAP 确认了2.572亿美元的基于股票的薪酬(SBC)，年末SBC总额达10.17亿美元。 如果 $SNAP 用现金而非股票支付员工/高管薪酬，其季度“自由现金流”实际上将是-5100万美元。 你看到的是30亿美元的资产负债表，但他们净现金为-4.9亿美元，因为他们正借入35亿美元以上的长期债务来进行回购。 这与 $META 或 $NVDA 利用资产负债表多余资本进行的回购不同。 这是为了抵消授予高管和“人才”的股票期权。 他们为债务支付的市场利率为6.875%。 仅用于“回购”的债务利息现在每季度超过3000万美元，即每年1.2亿美元以上。 财报看起来很棒，但股票薪酬造成的视觉错觉让现实显得糟糕透顶。 我个人不会投资维多利亚的秘密模特的私人存钱罐。
$SNAP Just reported earnings and issued a $500M share buyback. The buyback is a red flag. Q4 Report: - Revenue: $1.716 Billion (+10%) - FCF: $206M (+13%) - Net Income: $45M - Gross Margins: 59% $SNAP recognized $257.2 million in STOCK BASED COMPENSATION, ending the year with $1.017 billion in SBC. If $SNAP paid employees/executives in cash instead of stock, If their "Free Cash Flow" for the quarter would actually be -$51M. You see a $3B balance sheet, but they are net cash -$490 Million, because they are going into $3.5B+ in long term debt to do buybacks. These are not $META or $NVDA buybacks because of excess capital from their balance sheet. It's to offset any stock grants going to their executives and "Talent". They are paying market rates of (6.875%) for their debt. That debt interest is now over $30M+ a quarter, so $120m+ a year just for "buybacks". Earnings look great, but the stock compensation optical illusion makes the reality look horrendous. I would personally not invest in a Victoria Secret model's private piggy bank.