00:00It's a good summary. We have spent the last 13 years building a platform, excellent talent, a culture of high
00:06performance, an operating system of over 50 proprietary technologies, with AI now being, of course, a great tailwind for that
00:15part.
00:15We buy data and we buy businesses that have some success, but we believe they could be so much better.
00:22And then we almost rethink them from the ground up, can rebuild big chunks of the organization, the technological layer.
00:29We launch a lot of new features, rethink monetization, to your point. And if we are successful with that, those
00:36businesses will see their earnings expand significantly and sustainably. And then we take those together with incremental debt and go
00:43after new, bigger acquisitions.
00:45It is a huge market. We have, yes, found a list of over a thousand digital businesses, most of which
00:50are pretty large. By revenue, they aggregate to roughly $400 billion. And approximately half of that addressable market is businesses
00:59with a billion dollars in revenue or more. So it's actually top heavy. And so in many ways, we feel
01:05we just got started. This is an exciting milestone for us to have even more firepower to do more, better
01:11work going forward.
01:11Right. $1.6 billion you might raise. I think that would value the company at somewhere between $18 and $19
01:16billion if you raise that today. The knock, if anybody is looking for one, would be that you are pretty
01:24debt heavy. And if interest rates go up, that could be an issue. What do you say to that?
01:28So I think there is a little bit of a misconception there. First of all, all of our debt is
01:35now hedged. So we're not exposed to interest rate fluctuations, literally 100% of our debt.
01:40Also, it's maturing in approximately five years. And we always try to be in a situation where we can pay
01:46back 100% of our debt within five years, even under pessimistic scenarios. Also, we're not as levered as some
01:53people think. Based on the definitions our lenders use, and that's disclosed in the prospectus, our leverage ratio was 2
02:02.19 at the end of March. So nothing shockingly high, pretty standard if not on the low side for a
02:08serial acquirer.
02:08So yes, we use that. That's not without risk. But we feel we've been prudent. And we continue going forward
02:14to use the same level of modest indebtedness to boost growth while keeping the risk profile under control.
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