Ann: Appendix 4C - 167% YoY growth delivers $40.1m ARR, page-20

f(variable) means a function of that variable in maths.
Eg f(a)=8+a or something where when you change a the function changes.
vmk has disclosed this in the past when I asked him as well, it is reasonable to use marketing and staff costs. Look at his past posts though by clicking his name to see his insight. Interesting points as well vmk, hopefully it wasn't just a spike in annuals. Good points dwhale as well. Profits are the goal here, we are just willing to wait to get them. Try a model where you remove marketing and r and d and just let that arr churn away, it's really satisfying. Even just holding costs constant results in increasing cash position like a quadratic. But there's no reason, as we've said many times, why if LTV:CAC>1 livetiles should not spend those dollars. And right now, it is 3.8.