Yes. The future cash flows look great when gross Churn is less than 10% and net Churn is negative. But if you underinvest, eventually the tide turns. Look at

Yes. The future cash flows look great when gross Churn is less than 10% and net Churn is negative. But if you underinvest, eventually the tide turns. Look at Taleo as an example. I’m sure they had great Churn metrics once upon a time. Now it’s a signal that a company has obsolete technology.