2. SAAS tracks are generally high gross margin. I think you should not look at those below 75%. Smart friends will ask why the net margin is so low. This is because the sales, marketing and R&D expenses are too high, but these are usually one-time or forward-looking expenses (not only code farmers and sales also need to get RSU!), investors assume that this cost will decrease over time, but it is only a matter of time before GM can maintain the conversion into NM, which is why investors choose to forgive negative EPS. There is an auxiliary metric here, CAC, which can roughly show the difficulty of this company to acquire customers.