"Sure, many companies could become profitable tomorrow if they pull back on growth related investment but in 2 years time the competition would be eating them and they'd have to start 'growth' investing again"
Sure, but that's the judgment call one makes whenever investing in small, fast-growing, pre-profitable businesses like this: the extent to which they are able to create decent enough product and/or service offerings which engender a degree of durability once profitability is attained.
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Ann: Q4 FY23 Investor Presentation, page-12
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