If you can spend 1 million in year 1 to acquire a customer who pays back 3 million over the next five years, that’s a good investment, but you’ll initially book a loss.

Enterprise sales is expensive, but the contracts are very large and long-term.

Sales and marketing are largely one-time expenses, but customers can have very high LTVs. So you can zoom into a particular quarter of a company's results and they can have huge losses. But, in the future they can dial down their sales and marketing expense, and be sitting on an extremely profitable business.