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 t

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.