The correction on SaaS Ave has been brutal. FCF multiples compression over the past two years: • $NOW from 41x to 26x FCF • $TEAM from 49x to 18x FCF • $PATH from 37x to 16x FCF • $DUOL from 51x to 14x FCF • $MNDY from 45x to 14x FCF • $ADBE from 36x to 12x FCF