Operating earnings — what's left after costs. In William Hockey's framing, profitability in high-switching-cost B2B is not a finance line, it's a trust product. When a Column customer is signing a long contract for banking infrastructure they can't easily migrate, seeing the provider actually make money is a signal that the provider will still exist in five years. Self-Funding makes profitability the scoreboard, not a lagging metric.
Profitability
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