Luca Ferrari

The obvious one is, of course, you get to negotiate with a vendor for cloud infrastructure, advertising partner, better.

So that adds probably a couple of percentage points in EBITDA margins.

It's good.

It's useful.

It's not transformative.

Or you can make an R&D investment in a general purpose technology that many businesses can then leverage.

And although that investment would be prohibitively expensive, irrational to make any one of those businesses individually, it's actually very appealing if you can deploy it across

The two more important ones are, or at least equally important, but I think more important ones are, one, we can move R&D and also marketing resources fluidly across businesses.

In my experience, the R&D opportunity when you run a business is quite fleeting.

It changes quite rapidly over time.

So maybe you're new to a certain field or that field evolves and there is an opening to expand the feature set, upgrade your technology.

In time, that's going to be table stakes.

There's a window that actually yields substantial returns.

But hiring people, coaching people, training people, organizing people is very slow.

So you really have two choices.

Either you make it happen in a few months, but you're going to do massive damage to your team, your culture, talent, it's going to be low.

If you're going to do it right, it's going to take years.

At the same time, as you go after an R&D opportunity, basically you build the features.

Every business has a kind of a saturation point where there's nothing more, at least nothing more very substantial to build

But then you are stuck with a larger team.