The bogus Adjusted EBITDA metrics popular with financially unhealthy startups and others really does need to stop.

In most cases these metrics may as well just say “Hey, if for a moment you ignore all the things about our business model that make it unsustainable our finances look quite good! Ain’t that cool.”

Of course the creative accounting that goes into these things tries to say they’re just “one time” expenses and other factors that justify ignoring these costs but of course most companies that play these games seem to have tons of “one time expenses” every quarter so...