alt Hacker NewsLooks like "Non-GAAP Adjusted Operating Income" is still +4bn$ ... if i read this correctly.
AFAIK GAAP Operating Income has stock compensation packages in it and is susceptible to valuation changes(?)
https://www.sec.gov/Archives/edgar/data/2130357/000162828026...
(I have not much experience with that stuff so please do not take that as reliable information and more as a question)
Liabilities in stocks are still liabilities. It's money they will not get if they go public. You can't just ignore these.