Joe Liemandt

Generate more cash flow, guys.

All these software companies, you got to figure out how to be more capital light, which to their credit, I will give them a call out.

Bill Gurley, by the way, lives right next to our high school in the building right next to it.

But he said on his last one, I'd really love to see a private equity firm

that is taking advantage of the thousand dead unicorn.

And that very much is what- That's what you do.

That is what Trilogy and ESW, the team, is doing.

There's all these SaaS companies who loaded on a ton of debt in a growth play and they're gone.

And so basically their equities is zero.

And they're being handed back to the private credit guys.

And the private credit guys are like, what do you want me to do with this?

When I put the pressure on them of, I'm going to suck a ton of capital out of you guys and cash flow out of you guys.

They're like, how do we become capital light?

So they're actually, and they've signed a few of these deals already, and we'll see if it really takes off.

But they're going to all the private credit guys.

I say, we'll handle this offer.

We'll say, we'll take this whole company.

Give us this company for a dollar and we'll split the cash flows.

ESW and Trilogy is known as being like the best operators in the space.

They can generate more cash than anybody else.