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Bread Crumbs Research Profile picture
Bread Crumbs Research
@breadcrumbsre
I invest in unrecognized/underappreciated excellence. "Trying to spot a great manager remains a game very much worth playing". Mostly small caps

Feb 28, 2020, 7 tweets

🤔

PYPL experts, pls tell me this chart is wrong and multiple expansion was not a result of higher SBC #nongaap

Pretending dilution is not a real expense is insanity yet market believes that so far

TBH today this is not a big issue for PYPL as it used to be in 2017-2018 as growth rates between GAAP and non-GAAP have almost converged

so quality of growth seems to be way better today vs 2017-18

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