Forensic look at RDDT quality of earnings - why the $1.6B cash isn't enough

Did a deep dive into the 10-K and the latest audit. Reddit has a structural premium right now but the SBC refresh cycle is a major pain trade if the stock stays under 150. Even with zero debt, the 69% revenue growth is the only thing keeping this from a total re-rating given the 50x P/E. If you're long, you need to pray the UK/EU internet safety laws don't kill the data-deal leverage. Audit made with Marketbone-Pro