Ann: Appendix 4E - Preliminary Final Report, page-70

My view is that it doesn't matter of they hold spending constant or not. LTV:CAC is 3.8x.

I've said this many, many times on this forum, but if Lvt can spend $10 now, and get $3 back in that year, but have customers stick around for 6 years spending $3, then that spending is profitable. Why would you not increase spend. Why would you hold it constant.

The answer is clearly because investors unfamiliar with SaaS freak out.