> When you're spending $1 Billion/year on sales/marketing, and losing $100 Million/year, you have a sustainable business. If I read this correctly you're defen

> When you're spending $1 Billion/year on sales/marketing, and losing $100 Million/year, you have a sustainable business. If I read this correctly you're defending spending $1Bn in marketing to generate $100M loss when you're business is at run rate? Cash on hand doesn't matter. If it truly takes that level investment in marketing to get to that level of profit you're just delaying the inevitable. As an aside Palo Alto Networks is not a software company. >50% of their revenue comes from hardware firewall sales (a dying market). If you do the long term math on them the business looks much weaker than you posit because margins are much tighter on the software portions of the products. You can't sell a virtual firewall for 6-figures on hardware you build for less than $15k.