>while stock based comp is to be expected, it remains an irritation. ~$70m in SBC last quarter alone is crazy.

Not really an irritation, it is insignificant. For one, it is a non cash expense.

And for two, a large portion of that expense is related to PSUs that were awarded after the IPOE process, PSUs with price targets of 25, 35 and 45 (volume weighted average for over 90 days) within 5 years of IPOE. Whether these vest eventually (one or all) doesn't matter one bit, will anyone complain if the stock price is at $45 within the next 2-3 years? Or at $25? If they don't vest then no dilution happens making it pointless.