This isn't surprising given how different businesses may value a payment against an ongoing obligation to customers. @patio11 had a good podcast about this "Cash received is not revenue earned" last April.

  What the GoDaddy CEO said in many interviews and investor presentations is: 
  "Look, since we're not going out of business, and since the cost of serving 
  domain names is essentially the same whether we're serving a million of them 
  versus a hundred million of them, you should really treat this as a 
  cash-and-carry business. So all of the money that comes in this year is our 
  revenue, regardless of this massive balance sheet item that says deferred 
  revenue." What sophisticated investors looking at GoDaddy said was, "Well, 
  no. You do have to still keep running the business. And so from my 
  perspective, it looks like GoDaddy is incredibly levered. You've got so much 
  debt on the books. The debt isn't to a bank or to a private credit fund–it's 
  just to your customers. But oh goodness, is there a lot of debt. And since 
  that debt must get satisfied before US equity holders get the residual value 
  of the company, we are not willing to extend equity investment at the 
  valuation you think you're worth."