return on invested capital

Summary * This project builds a capital‑allocator ROIC that judges how software CEOs deploy every dollar of capital, departing sharply from the traditional “operating‑asset” metric. * We expand invested capital to include goodwill, unrecognised SBC, cash + investments, purchase commitments, and non‑current deferred revenue, items that better reflect how software firms fund M&A and talent. * Current NWC still nets against IC, but long‑term customer prepayments, ROU assets (minus lease liabili