Patrick O'Shaughnessy

These bites at the apple are going to get bigger and bigger.

Price matters, of course.

You have the ability to do a lot after buying it, so maybe that allows you to pay a higher price.

But still, I'm sure you want to pay a good, fair, responsible price.

How do you think about it?

What's your walkaway rate?

Like for every AOL, Vimeo, Evernote that you buy, how many did you want to buy that you ultimately didn't?

Can we talk about the history of the financing of the business?

Because like you said, you've done very little direct equity capital raising before you've done some debt.

Has most of this just been buildup of free cash flow from earlier businesses until you have enough to buy the next thing and then just rinse and repeat?

I don't know if it was Evernote or some other one.

We talked about Evernote, so maybe pick a different one.

I'm curious for another acquisition, whether it's WeTransfer or Kamud or anything else, the AI photo sharing one, Remini, which I was just looking at out before we started this morning.

Are there other acquisitions that have taught you personally the most about...

your own process about doing this well that stand out in memory?

Can you talk about AOL a little bit?

Obviously, that's a name that literally everyone will have heard of.

And I'm fascinated to hear the story of you acquiring the business.

One of my mentors who's done a lot of investing and building software businesses over a long period of time said that one of the ways that he made the most money or was the most successful would be that he would enter in product situations where there were 12 things going on and there should only be three, that there was always just like too much stuff, too many features, too many products in the company.

Have you found that to be true at all?