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NO.PZ202401310100000503

问题如下：

The subject company reported a net loss on its income statement in the most recent fiscal period but reported positive free cash flow. Your colleague should add anti-dilutive securities to diluted shares outstanding in their discounted cash flow valuation model to account for:

选项：

forfeited share-based awards.

unvested share-based awards.

RSUs that settled in the most recent fiscal period.

解释：

B is correct. All unvested share-based awards, regardless of the spread between

their grant-date fair value and current market price, are anti-dilutive for a company

that reported a net loss.

请把解析翻译一下

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王园圆_品职助教 · 2025年01月27日

同学你好，解析的意思是：任何的unvested share-based awards，只要公司报告的是净亏损而不是净收益，无论他们的行权价格和股票的市场价格之间的差异是正数还是负数，都是一种反稀释性质的shares

这道题本身请看以下讲义截图，对应的就是第一个点点的内容

这里的add xxxxxx to diluted shares outstanding其实是在说，对未来的估值要考虑这些反稀释作用的shares,而不是现在立刻考虑

以第一个点点的说明为例，当NI为负数，由于一般的有稀释作用的unvested shares（也就是B选项的unvested share-based awards.）反而会使计算出来的diluted EPS变大，那公司历史上计算dilutive EPS的时候其实就已经把这些反稀释作用的shares删除了，最后公司报表里披露的dilutive shares的数字可能特别小——但是未来，公司一旦盈利了，那原来由于NI为负数导致的那些有稀释作用但被剔除的shares就应该被加回来，从而才能算出未来真实的dilutive shares

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2024-03-17 11:12 1 · 回答