The Harvard Business Review (HBR) published yesterday on the issues raised in this podcast.

HBR recommendation:

“If the company reports an adjusted profit metric that adds back SBC [the blue bar], then adjust it again for anti-dilution cash spend [the green bar].”

Source: HBR, hbr.org/2026/03/boards-…

For a deeper understanding, please watch the video/podcast with Kevin Koharki, one of the authors of the HBR piece.