Good to see that there is no particular one off to explain this...

Good to see that there is no particular one off to explain this good level of free cash flow (just a confirmation that they had a free cash flow of around 5 m$ during the quarter).

Overall, I find this quarter really positive :
- confirmation of strong growth for their receipts (+ 70 % yoy after + 111 % yoy in Q3*),
- clear operating leverage, looking at ad and marketing (50.9 % of receipts vs 57.6 % in Q3) and product manufacturing and operating costs (21.7 % of receipts vs 26.7 % in Q3).

So, if we annualise this quarter, the company has a free cash flow yield of 21.4 %, while it is growing its receipts by 70 %.
I'd like to find other companies with such a profile.
Main risk in the short term remains their high exposure to China.

* boosted by delayed payment, so Q4 is probably a better reflection of the normalised growth of the company.