FCF is rising because they’re paying people more and more through SBC
Yes, I agree SBC/rev is higher than DDOG, CRWD, and NET. But in the last 12 months, the diluted share count for ZS has gone from 144.9M to 146.9M shares (only 1.3%). This is the lowest dilution of companies we follow here. How is that possible? Are some stock awards not being counted?