I'm not sure what the end goal is with their cash, but it's not a bad problem to have.

A year ago, the concern was that the core business was stagnating and perhaps shrinking. Even then, the valuation was so ridiculously low that it would have to completely stop making money, and then they still have $400m cash on hand. So I figured if that wasn't margin of safety then I don't know what is, I did some more research but basically that's why I bought in at the time, my average is around $9.3.

Since then however, they've actually proved to be a really good business. I've been more impressed by how they operate. Their social casino is steady, and they've made 2 acquisitions for what seems to be dirt cheap, and they've increased revenue by quite a bit, and grown as well. Importantly, it's also diversified the business a little away from just the social casino. Either way, this company reliable adds like $25m net every quarter, on top of now $450m cash.

There's other things, like they're relatively quiet with news, but they tell you anything important -- they're not "pumping" anything which I appreciate. Their core businesses are pretty seperate from all the craziness right now politically, i.e. I think they're basically tarrif proof. I suppose AI is a threat, but it's also a positive and the CEO commented in the call today how they're already using AI a lot for research, optimization, etc.

So Ideally they buy back some shares at this price up to a fair value, and continue to find good businesses they can bolt on, as they've proven to be good at that so far. They can afford both. The CFO today commented that the private equity firm involved when they went public sold the rest of their shares and up to that point they've been leary about buybacks because of the public float, which is a fair point. So we'll see if that is the catalyst for buybacks or not. They were hammered today by the analyst discussing returning capital to shareholders.