It's time for $RBLX management and @DavidBaszucki to play some offense with their balance sheet. Putting the repurchase authorization in place and buying back ~$380m last quarter was a nice step, but now the stock is down another ~25% from their average cost. Just offsetting SBC dilution is the wrong mindset. If you truly believe that 20%+ annualized top line growth lies ahead for Roblox, it's time to step up to the plate and put a meaningful chunk of the excess cash to work. I don't think anybody can quibble with the DAU and bookings trajectory of this business over the past 8+ years, for which Dave and the team deserves a lot of credit. But there are other areas left to work on, and this would be a great place to start.
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