Aaron Levie

I would say that we're in a period right now where basically the market is being treated roughly as a kind of indiscriminately, you know, kind of bucketed sector.

I would say that we're in a period right now where basically the market is being treated roughly as a kind of indiscriminately, you know, kind of bucketed sector.

And the next year, two years or whatnot,

And the next year, two years or whatnot,

You'll start to see some separation and parsing between the companies because, as I noted in the beginning, agents will be really good for some parts of software and agents will put pressure on other parts of software.

You'll start to see some separation and parsing between the companies because, as I noted in the beginning, agents will be really good for some parts of software and agents will put pressure on other parts of software.

And it'll mean some companies have to fully pivot and some companies can just sort of ride the wave.

And it'll mean some companies have to fully pivot and some companies can just sort of ride the wave.

And if they respond effectively, clearly 3x free cash flow, that seems like aggressively low territory.

And if they respond effectively, clearly 3x free cash flow, that seems like aggressively low territory.

But I also think that at times in software, things have been aggressively overvalued.

But I also think that at times in software, things have been aggressively overvalued.

beyond the realm of likely what the terminal value is of particular category or company as well.

beyond the realm of likely what the terminal value is of particular category or company as well.

So I think there's just a pendulum that needs to kind of find its equilibrium right now.

So I think there's just a pendulum that needs to kind of find its equilibrium right now.

And that'll play out over the next year.

And that'll play out over the next year.

This one's hard.

This one's hard.