>>oblio+u2
They had lots of Free Cash Flow. It was always routed directly back into growing the business instead of taking profits. Which is always the right thing to do if you can grow the business without hitting any walls, and you avoid paying any taxes that way.
Companies that behave that way and have good returns on capital employed and have large growth in earnings, free cash flow, etc are good investments. Doesn't matter if they're not showing profits.