If you’re an investor, adjusted EBITDA is bad for you because the company is trying to say “don’t count these things when you decide what we’re worth.” Usually, those things are actual cash expenses, and because we all know that the discounted sum of all future cash flows IS the value of the company, when…

Everyone likes the idea of paying for performance. I don’t know any CEO or director who rejects the concept out of hand. But it turns out that performance-based incentives are tougher to create than you expect – at least the first time around. Equity-based incentives under stock option plans have been around for decades, and…