Yes that capex is a fair point too. (To explain: It's basically saying they are spending $X now to get them as a customer which will yield a lifetime value whi

Yes that capex is a fair point too. (To explain: It's basically saying they are spending $X now to get them as a customer which will yield a lifetime value which is some multiple of $X. That's a very valid thing to do - see the whole field of cohort analysis for SAAS)