Speaker unverified: belief

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…Yeah. We’ve historically done sort of 4 to 10+ deals a year. I think actually the market strategies are sort of strategic umbrellas big enough to do meaningfully more than that, but we’ve kind of intentionally focused on strategy that says we’re going to make sure that the ones we do are going to work. We’ve had bankers come in and be like, “What are you guys doing? How do you do it?” Because everyone around the Valley is sort of saying that the ones you’re doing seem to be working and I think a lot of it is just the willingness to say no. That starts at the top and we have a CEO, Shantanu Narayen, who I describe as having founder level passion. He’s been here 19 years. He’s been CEO for 9. No different than a founder who just feels it in their bones and feels that level of passion for protecting the mission and the vision that we're going after. What that means is it's a very high bar on what makes it through the rubicon of strategy fit, tech fit, team fit, financial expectations, etc. So you have to be willing to say no and in order to make sure that you get the right ones. You have to be careful that that doesn’t make you risk averse and not moving quick enough and fast enough. But I wouldn’t even know how to put a percentage on it but I would probably say sub 10%. A lot of things have to align to make a deal happen on both seller and the buyer side. So you’re probably looking at that, but plus or minus a thousand inbounds a year. We probably get 2 to 5 emails a day with, “Hey, would you be interested in checking us out?” that sort of thing. There are a lot of those.…

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