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reddits S1 is kind of fun let's break it down everybody 2023 Revenue 84 million up 21% year-over-year they're still
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losing money net loss 91 million in 2023 free cash flows negative they're kind of
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bouncing along the break even Mark as you can see there in the chart their daily active unique 76 million up 27%
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year-over-year average revenue per user is incredibly low three bucks 42 this was a business that the last couple of
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years had flatlined because it was only growing 5% a year in terms of usage and then all of a sudden in the last two
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quarters the usage started to climb pretty significantly absent that growth story it's a really challenged business
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because a business without much growth gets value typically on a multiple of the cash flow that they're generating
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and there's less upside for you to make an investment at a 5 billion dollar valuation here you've really got to
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believe that the growth continues at this rate and it doesn't revert back to the mean growth rate of the last couple
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of years of basically 5% which is roughly Flatline