Ding ding ding!
That’s exactly it!
There’s a variation of this game that John Malone played, where he used depreciation of TCI’s cable assets as a tax shield to shelter cash flows that could be used to grow the business, showing an accounting loss for 25 years, right up to the point where he sold to AT&T. In this case he maintained a reasonable (and disciplined!) amount of debt, had extremely predictable cash flows due to the monopoly TCI had from its government granted cable rights, and was buoyed by a cable market that grew continuously for four decades. (1960s — 2000s)
Four decades is not ‘indefinitely’, but it is a heck of a long time. Long enough to raise a child to middle-age. Long enough for a full career.