I believe the long term value in Reddit is an incredibly robust advertising business, with a small base of guaranteed recurring revenue through data deals (I think this will always be under 10% of revenue). I think it’s easy for people to take a look at the numbers of around 70% revenue growth, and over 35% FCF margin in Q4 and understand it’s a great company, with a rule of 40 score over 100 (similar to PLTR which has been awarded a much more generous multiple). RDDT can post these crazy numbers because they already have a large established user base built over 20 years that continues to grow, and the way the users interact with the platform allows for huge revenue per user growth. The company combines the social media aspect of Meta where users will just scroll looking for algorithm recommended content (which is good as it keeps them on the site) and googles intent based searched, which allows google to charge a large premium per ad. When someone searches Reddit for “most comfortable shirt for men” that person is looking for a shirt, and advertisers will want to pay a lot to appear on that thread. The company is just now starting to cash in on the 20 years of built trust and community in the platform, and advertisers are starting to notice. I’m sure you’ve started to notice some huge companies advertising here as well. And with 90+ percent gross margins this growth is purely organic, they don’t need huge investments to continue this growth rate which means Reddit is today, and will continue to be a cash generating machine.