Contracted ARR, ASC 606 & the Enterprise AI Reconciliation: Why This Cycle's Valuations Will Not Survive the Cash
Every cycle has its signature accounting indignity. In the 1990s it was pro-forma earnings. In the mid-2010s it was community-adjusted EBITDA. In 2026, it is contracted ARR. Three-year ramped deals reported at their terminal value, with twelve-month opt-outs that make the...