EBITDA is bullshit if depreciation is an expected, significant part of your business. For many vc-backed companies, it isn't, but for any company with major physical capex, it very much is a real expense.
There's also the whole inconsistency with capitalizing software expenses... if you want to be aggressive about accounting, you certainly can.
But of course the biggest part of this story is stock-based comp, which is very much a real expense.
There's also the whole inconsistency with capitalizing software expenses... if you want to be aggressive about accounting, you certainly can.
But of course the biggest part of this story is stock-based comp, which is very much a real expense.