Comment by fsckboy

>The accounting rules say you only have to put an entity on your balance sheet if you “control” it and take on most of the risk/benefit.

Meta is a publicly traded company. If they have an agreement wherein they may have to pay substantial amounts to another company or on behalf of another company, that's a liability and they need to disclose that. Whether it's on their balance sheet doesn't really matter, this is what analysts do, back out these types of financial arrangements from the footnotes and publish thumbs up or thumbs down. People like to say "do your own research" but people should not, in general, do their own research.