Anish Acharya

So for the power users, they're paying incredibly high subscription rates plus consumption revenue.

So for the power users, they're paying incredibly high subscription rates plus consumption revenue.

So the S&M costs of acquiring those users are very wisely invested.

So the S&M costs of acquiring those users are very wisely invested.

And I think this is an important point that's changed.

And I think this is an important point that's changed.

So first of all, it's typically a lot of organic traffic.

So first of all, it's typically a lot of organic traffic.

One, I would look at your M1, you know, your sort of month one as traffic, not truly acquired users because it's organic and it's free to acquire.

One, I would look at your M1, you know, your sort of month one as traffic, not truly acquired users because it's organic and it's free to acquire.

And then second, I would take the look at the sort of margin cost of those users free trials and sort of just say, hey, that's CAC.

And then second, I would take the look at the sort of margin cost of those users free trials and sort of just say, hey, that's CAC.

And that's okay.

And that's okay.

And then look at the margin profile of people who convert and say that's the sort of durable margin profile of the product and the business.

And then look at the margin profile of people who convert and say that's the sort of durable margin profile of the product and the business.

So you're sort of unbundling the CAC-oriented margin spend versus the durable margin, which is what's associated with your power and paying users.

So you're sort of unbundling the CAC-oriented margin spend versus the durable margin, which is what's associated with your power and paying users.

Yeah, well, I think that retention really matters.

Yeah, well, I think that retention really matters.