The reason for the amortization of sales and marketing costs is that these campaign initiatives represent an investment by the company which is returned over time in monthly revs from the client bilings. They recently shortened the length of the amortization from 18 to 12 months, even as customer churn was reducing. The length of the amortization is supposed to represent the "life of the customer payment stream".
If the company keeps growing and spending more for sales and marketing, I don't see why it would catch up in Q1.
I don't think this is an unreasonable practice. It smooths out the P&L picture and is spreading the costs over the life of the income stream. As I have stated previously, the key issue for this company is Gross Revs. If they can continue to generate big increases in revs, the good news will keep coming.
My biggest qualms about the company are about the usefulness of the actual product. Hopefully convergence will take hold and ypnt can become a meaningful contributor to real customers finding their business clients thru online searches from their combo cell phone/TV/computer/wrist watch.
Bobwins
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