I mean, either a company is profitable or it is not. You don't get to say "if you ignore the massive pile of burning money in our parking lot, we are profitable". Or, well, I suppose you can _say_ that (see WeWork), but you can't expect analysts to be too impressed with it.

The S-1 will be interesting; I wonder if they'll try going with a bulllshit metric like WeWork did ("Community Adjusted EBITDA", which was, seemingly, pretty much "profit, if you exclude basically all costs").