The put: Oct 16, $240 strike, 31 days out. Pays $1,558. Roughly a 42-in-100 chance you end up buying the shares.
On paper: 76% a year. That number assumes ARM keeps moving like it did the past two years. Take that away and it is +2% a year. That is why we say sell.
Next earnings Nov 4, after this put ends. We never sell a put across a report.