This code demonstrates lazy initialization (also known as lazy loading or lazy evaluation), a performance optimization technique where computation or initialization of a value is deferred until it's actually needed. In this example, the expensive calculation is only performed on the first call to the function; subsequent calls simply return the cached result. This is particularly valuable when: 1) The computation is expensive, 2) The result might never be needed in some program executions, 3) There's a significant delay before the value is first needed. Lazy initialization reduces initial load time and saves resources, particularly for expensive operations that may not be needed immediately or at all.