"Adjusted Consolidated Segment Operating Income" ( Acsoi ), is a measure of what a companies profits would be if they were not spending like crazy to acquire a space: in GroupOn's case, this would be retailers. To me, using Acsoi as a measure is really an admission that a company has no staying power beyond brand awareness. So, they need to grab and own as much mindshare as they can, as quickly as they can, to increase the barrier to entry for competitors. Without intellectual property to help protect them, and with the cost of switching (for a user) being effectively zero, building a global brand, and relying on brand stickiness, is the best way forward. Companies like Amazon that have been effective at this have also built in other "sticky" factors over time: recommendation engines, one-click purchasing, etc. This increases the cost for the user to switch, and allows the company to stop pouring money into marketing and acquisition costs. You also buil
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