Most mature companies offer SBC in regular and long-term equity plans that vest gradually over 3-4 years, and they are expensed evenly over the vesting period. When a company has SBC but its stock price is relatively stable, the expense is not as noticeable.
HPS.A uses mark-to-market plans like DSUs (Deffered Share Unit) that revalue each quarter, and so on a quarterly basis, the impact can be large, but if the stock decreases in value, this can create a 'recovery', reversing the prior expense. When we take into account the large upticks in SBC in some quarters with the reversals in other quarters, the rolling twelve-month impact is not as noticeable.
For example, on a last-twelve-month basis, SBC accounts for only 6% of HPS.A's net profits. But, in the prior quarter it was 68% of profits, the quarter before that was (41%), and so on and so forth.
Other companies use fixed-value RSUs (Restricted Share Unit) as their SBC plan, which deliver smoother and more predictable expense recognition.