The author of the graph should perhaps read up on Rev Rec[1], particularly the idea of deferred revenue. It seems that they are counting subscription revenue a

The author of the graph should perhaps read up on Rev Rec[1], particularly the idea of deferred revenue. It seems that they are counting subscription revenue at the time it is paid, rather than recognizing over the length of the subscription picture. The later would give you a much better idea on how the business is operating. [1]: http://en.wikipedia.org/wiki/Revenue_recognition http://en.wikipedia.org/wiki/Revenue_recognition