Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Free Cash Flow - How Much Does It Matter? Over the last 6 months we’ve seen a huge shift in what the public markets value. We’ve gone from “growth at all costs” to “show me the FCF.” And more recently it’s become “show me the FCF without adding back SBC!” While I think this sentiment shift is very healthy, I think it’s important to take a step back and remember the evolution cloud / SaaS software has been on the last 10 years.