And speaking of domain names, registrars have to recognize revenue over the life of a domain registration. If they're wholesale registrars like eNom, I bet that

And speaking of domain names, registrars have to recognize revenue over the life of a domain registration. If they're wholesale registrars like eNom, I bet that's a long time--big buyers would want a long-term registration for the SEO value. But it means that the faster they grow, the more of their revenue is deferred, even though they get the cash right away.