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There's a breakdown of their spending in their S-1 filing [1], under Consolidated Statements of Operations.

According to this, they could be profitable if they wanted to be, but they are using their profits and re-investing in growth.

E.g. they more than doubled their spending on marketing from $17.8m to $39.6m from 2013 to 2014.

[1]: http://www.sec.gov/Archives/edgar/data/1370637/0001193125150...

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> According to this, they could be profitable if they wanted to be, but they are using their profits and re-investing in growth

Which is one of the things that differentiates a startup from a lifestyle business. It's the whole point of taking funding and trying to accelerate growth.

For Lifestyle businesses growth is also a priority. But margins like -715.90%(!!!) (Hortonworks) or -54.87% (New Relic) shows massive immaturity as a business. Post-IPO businesses in such early-stage has a big threat to the tech industry. If they fail (there is a big chance to bankrupt within a year without funding, according to their financial metrics), they make more hard to float for other companies later.

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