- Slide 38 has inconsistent signs for their cost of revenue line. Come on GS...you guys are left-lead.
- They love to highlight their LTV/CAC ratio, so let me say that their choice of LTV definition is not ideal (footnote 1 on slide 19) - change in adj. gross profit is not necessarily just attributable to the cohort one acquires in a given year (since they're using S&M expense in a given year to represent CAC). This number could be easily biased upwards if previous cohorts are increasing their sub revenue in the current year (which is seems they are given the chart on slide 31). Assuming LTV of a customer is a perpetuity based on retention rates is an assumption many people make, but also will overstate the LTV. View this metric cautiously.