激光雕刻机 | 2021-03-10


火狐体育|how much did LinkedIn make over the past three years?sounds a simple enough question doesn ' t it?but it is also one that is capable of being answered in multiple and very diverse ways。过去三年里,英孚赚了多少钱?这个问题一起听起来很简单,不是吗?但是,这也是一个可以用很多不同的方法问的问题。First,let ' s look at the figure the us online networking site wants you to focus on .that ' s a mouthful called adjusted earnings befor Ebitda(depreciation and Amor tisation),and the total there between 2013 and 2015 CADSounds pretty hunky dory?Well,Now check out the operating profit line for the business-the one calculated according to the generally accounting principle听起来很清楚吗?那么,再想想那个企业的运营利润栏。

这个数字是美国一般根据会计学原则(GAAP)计算的,企业必须得到这个数字,但往往特别强调。同期,英英共亏损6700万美元。what explains the yawning $ 1.8 bn difference between those two figures?it isn ' t simply the depreciation and Amor tisation charges the company took against the value of its assets . those,while pretty hefty Came to just这两个也很高,但总共只有7.91亿美元。

这个数字的负面变动是因为在那3年里将英利斯作为职员工资信封引进的股票所产生的10亿美元的费用。link edin is just one of a number of us tech companies that airbrush out such payments when presenting results to investors . it is part of a broader to Nd to企业主张尽可能多的努力展示业绩,清除不方便的非现金项目或非重复项目,认为这些项目模糊,而不是说明明显的业务展示。mark mani,an analyst at RBC capital markets,Recently outed some of the large-cap tech groups that are the biggest payers of stock to their employeespast two years the messaging platform has on average issued shares to employees with a value equivalent to 124 per cent of operating income .最近,加拿大皇家银行资本市场(RBC Capital Markets)分析师马克马哈尼(Mark Mahaney)向员工揭发了仅次于股票规模的低市场高科技集团。

名单中央第一名是Twitter。在过去两年里,该即时消息平台向员工销售的股票平均价值是营业利润的1.24倍。not that you would know this when looking at the company ' s earnings releases . in its recently announced first-quarter figures,Twitter reported 最近公布的第一季度财报数据中,Twitter每股更正利润15美分。

只有在发掘了该公司同时获得但不特别强调的GAAP数据后,更奇怪的现实才显现出来。该公司实际上每周损失12美分。It may seem odd that companies are still engaging in this less-than-innocent deception . after all,It is hard to find a convincing argumument企业仍然在采取这种太慷慨的愚弄手段。


也许有点不可思议。但是,如果想用盈利数据以外的方法回避股票报酬,很难找到有说服力的理由。while no cash may change hands when a company is sues equity to its employees,The firm denies itself The chance to sell those shares or options for VR企业向员工出售股票时可能会有现金交易,但企业无法否认在市场上出售这些股票或期权以偿还价值的可能性,无法否认退出的现金,实际上高估了企业雇用他们的费用。

这样做不仅在一定程度上慎重,而且与其他采取更明智方法的公司开展工作也更加困难。(威廉莎士比亚,温斯顿,慎重,慎重,慎重,慎重)Tech companies are not The only offenders,of course,And stock compensation isn当然,确实这种方法像雨后春笋一样不断出现。据《分析师会计学仔细观察》(Analysts Accounting Observer)的数据显示,SP 500指数90%的组成股份公司去年附加的数据不符合美国普遍认为的会计标准,低于2009年的72%。

all sorts of costs are being vaporise d as companies present their results with increasing creativity . they range from such items as preferred did AndInevitably,non-GAAP figures are diverging ever further from accounting reality . in a study of 380 sp 500 companies,The analyst 's accounting这个数字一起听起来很好,但根据GAAP原则计算,你不会找到完全相反的情况。同一家企业的净利润下降了近11%,5620亿美元——少了30%。


Obsessed by top-line grow火狐体育th,shareholders seem happy to acquiesce in these practices . in the meantime,Most analysts have loyally focused 另一方面,大部分分析人士都在关注调整后的数字,可能是因为他们受到企业老板的压力,拒绝了他们的回应。but these acts of self-deception carry real risks for investors . for instance,Excluding the cost of stock grants can lead to inflated executiveOn that it may struggle to afford。但是这种自我愚弄的不道德给投资者带来了感慨的危险。例如,如果独自回避股票发行费用,高层管理人员的工资水平可能会提高。


另外,股价暴跌时也不会经常出现问题。到时候,为了防止有价值的员工萎缩,企业不会面临进一步溶解投资者或突然得到无法分担的现金补偿的无聊自由选择。(大卫亚设,Northern Exposure(美国电视剧),财富)While keeping It real may make for a less inspiring income statement,It does at least prooffor now investors may be content to play along with companies ' act fantasies . sooner or later,however,it is an indulgence they will commanies但是,他们迟早会对这种宽容感到愧疚。