Regrouping, Tyler and I realized that we weren’t explaining things the right way. We had delivered the plan using a traditional financial model, a pro forma income statement that was backward-looking and couldn’t show the return we would be making on our growth investments. Shame on us for assuming our VCs could do the translation without our spelling it out. We also realized that we needed better benchmarks. But to do benchmarking right, we needed to be able to use publicly available financial statements.
