Jon Quast

I think it's a value.

I'm so glad you brought this to the table, Travis.

I don't normally look at Adobe, so I wasn't really familiar with the numbers at the moment.

But as you point out, it's down a lot.

Trading at 13X its free cash flow, and you look at some of the things going on with Adobe's business.

Gross margin is at an all-time high.

That's a strong signal.

We also have double-digit revenue growth.

Granted, it's just a hair north of 10%, but that's still double digits at this scale.

The share count is down because, as I mentioned, the free cash flow, and it does have things to reward shareholders.

I think this is a value stock right here today.

Yeah, I think that's a really good way to put it, Lou.

I would agree, I would lean value here, but I'm not screaming value necessarily because of the fact that its revenue growth has slowed down.

Its gross margin trend is down a little bit too.

Those are a couple of signals that I look at here from the competitive landscape point of view, that why isn't it growing as fast as it once was?

was.

Now, obviously, as it scales up, it's going to slow down some, but it seems a little extreme, especially considering that big players such as Amazon are ramping up.

You look at that and you say, is this a long-term fundamental risk?

I think that there's still a place for the trade desk, in which case, relatively speaking, it's a decent value.

but is it necessarily a no-brainer?