Run rate isn't an awful metric for a hypergrowth company. Billings or bookings isn't too bad for a SaaS company, to highlight which revenue was earned the most current year. The challenge is the terms aren't defined by GAAP, so company to company comparison is difficult.
The metric I've seen most abused is the Adtech example they've highlighted. Companies report "Managed" or "Gross" revenue, of which they only keep 15% "Net" to pay their bills. The latter is more meaningful.
In the end, any one metric can be gamed. This is why it's important to look at the metrics in total. Of course if someone is really cooking the books, they'll just make up all the #s. That's the hardest nut to crack.
The metric I've seen most abused is the Adtech example they've highlighted. Companies report "Managed" or "Gross" revenue, of which they only keep 15% "Net" to pay their bills. The latter is more meaningful.
In the end, any one metric can be gamed. This is why it's important to look at the metrics in total. Of course if someone is really cooking the books, they'll just make up all the #s. That's the hardest nut to crack.