“If we are serious”? I guess it makes sense to ignore SBC if you were not being “serious” until the falling stock prices finally forced you to think through some basics. So anytime I hear VCs talk about software’s SBC problem, I cannot help but think about this meme: “we’re all trying to find the guy who did this”. To be clear, public market tech investors also are equally to be blamed. It is still astonishing to me that almost all the data providers ignore SBC for software companies (unless you’re big tech) in their forward estimates which makes much of the forward valuation multiples below Gross Profit completely meaningless.