Reddit Q4: Unwavering Fundamentals; Change in User Reporting Metrics

Reddit reported revenue of $725.6M for 70% YoY growth and 24.1% QoQ growth, which reflects seasonality from the holiday quarter. When comparing to last year's Q4, the company reported 130 basis points higher growth on a QoQ basis – no small feat given the tough comps the company is lapping with six quarters of 60%+ growth. The bottom-line shines with this stock as adjusted EBITDA was 45.1%, up from 36.1% in the year ago quarter. The GAAP operating margin of 31.9% has expanded sizably from the 12.4% margin reported last year for operating income of $232M. The free cash flow margin is 36.3%, leading the company to announce $1 billion in share repurchases

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