1/Not trying to be snarky here but does anyone have a good case study of a real world example of a TLV/CAC analysis where the company hit a critical mass of customers, the fixed costs were absorbed, and the company began to cash flow such that the aggregate financials began to

2/Reflect the underlying customer economics predicted by the unit economics analysis? I'm not talking about an a posteriori assessment but a legit pitch. And please, no companies where the FCF is largely from stock based comp or something.

3/I guess I'm just curious because the people involved in these type of names tend to either be incredibly sophisticated or Puru level idiots. I'm totally open to the idea that GAAP fails to account properly for costs that have an economic life far beyond the current period

4/ And i think traditional value investors can be too quick to discard a company just because they see alot of red ink at first glance. But the cash flows that the TLV/CAC folks talk about rarely seem to arrive at the aggregate level.

5/ And while some great companies are often referenced when talking about gaap unprofitability as not being a deterrent to sound investment (AMZN, FB, even WMT), those cos arrived at cash flow positivity a lot earlier in their life than the growth stocks of today

6/6 As always, please explain to me why I'm a dumbass