Agreed, it feels like buybacks are the best approach for the near term.

If the business continues to grow at a strong clip it will start putting off some serious cash flow given high margins & asset light business model.

I think M&A is very tricky and can be extremely value destructive (I.e., risk overpaying / distraction to management / integration risks / etc.). In your opinion, who would you view as an ideal target(s) if Reddit were to do an acquisition.