I saw the same in an offer from them a few years ago, but some less experienced acquaintances seemed to be getting offers without the cash component in years 1

I saw the same in an offer from them a few years ago, but some less experienced acquaintances seemed to be getting offers without the cash component in years 1 and 2. I wonder if it has to do with cases where their "salary ceiling" would otherwise make the offer wildly uncompetitive for experienced people.