Comment by jcampbell1

I personally don't have such a problem with eliminating some customer acquisition costs from the picture. If you are rapidly expanding, and spending $100, to acquire a customer that is worth $300 over the next two years, then clearly the business is going to be profitable. If the buiness is in the early phase of rapidly expanding, and building the brand with super bowl ads, the core business could be really profitable, but just be on a point of the growth curve where it is not profitable. The ACOSI metric was designed to give a flavor of the run-rate profits assuming the company was no longer in hyper-growth mode. It actually makes some sense.