Standard Capital Update

Dalton Caldwell 0:00 We don't wanna negotiate with people over valuation.

Michael Seibel 0:02 Yeah.

Dalton Caldwell 0:02 And you could talk to any of the nine companies that got in and ask them.

Michael Seibel 0:05 Yeah.

Dalton Caldwell 0:06 We didn't negotiate on valuation. We just gave them what they saw on the app. We never talked about it.

Michael Seibel 0:09 [laughs]

Dalton Caldwell 0:09 Like, it was, it was reading the application. We're like, "Great." Like, there was no discussion.

Michael Seibel 0:13 That was the deal. [laughs]

Dalton Caldwell 0:14 That was the deal. Isn't that awesome?

Michael Seibel 0:15 It's awesome.

Dalton Caldwell 0:15 'Cause, dude, I don't wanna... Dude, I, I don't negotiate valuation with founders. That's no fun.

Michael Seibel 0:20 [upbeat music]

Michael Seibel 0:23 All right. This is Dalton + Michael, and today we're gonna get an update from Standard Capital. So you funded a bunch of companies. You know stuff now that you didn't know before.

Dalton Caldwell 0:33 Yeah.

Michael Seibel 0:33 Why don't we just start with, like, remind people what the process was. Like, what, what was the process? What was the innovation for this thing?

Dalton Caldwell 0:42 Yeah. I mean, look, the, the idea for Standard was to take what we know worked well from Y Combinator-

Michael Seibel 0:48 Mm-hmm

Dalton Caldwell 0:48 ... and apply it to the next round. And so-

Michael Seibel 0:50 To Series As.

Dalton Caldwell 0:51 Yeah, to Series As.

Michael Seibel 0:52 Yes.

Dalton Caldwell 0:52 Because, look, we... How many companies have you and I funded at YC?

Michael Seibel 0:56 Oh, a lot. [laughs]

Dalton Caldwell 0:57 A thousand, uh, each.

Michael Seibel 0:58 Yeah. [laughs]

Dalton Caldwell 0:59 A lot of companies.

Michael Seibel 0:59 A lot of companies.

Dalton Caldwell 1:00 Part of the job at YC was to help founders raise the A.

Michael Seibel 1:03 Yes.

Dalton Caldwell 1:03 And so I had a pretty good mental model of what they were experiencing.

Michael Seibel 1:06 Yes.

Dalton Caldwell 1:06 And it was funny how-

Michael Seibel 1:07 And we also raised As ourselves.

Dalton Caldwell 1:09 That's... So there was that.

Michael Seibel 1:10 Yes.

Dalton Caldwell 1:10 Um, it was funny how little, uh, overlap there was on the process to get into YC with raising the next round. It was an entirely different skill, and the idea was to make it kinda the same thing.

Michael Seibel 1:20 So how many companies did y'all end up funding?

Dalton Caldwell 1:22 So far, we have funded nine companies.

Michael Seibel 1:24 Okay.

Dalton Caldwell 1:25 And that is not announced anywhere, in fact. Maybe by the time-

Michael Seibel 1:28 [laughs]

Dalton Caldwell 1:28 ... maybe by the time we, uh, release this video, that will be-

Michael Seibel 1:31 Nice. Breaking news. [laughs]

Dalton Caldwell 1:32 So far, two have been announced and are on our website as of the moment we're recording this.

Michael Seibel 1:37 And then biggest thing you learned, the biggest kind of headline takeaway now that you've run one cycle, either something that's been reconfirmed or something that's new that you didn't expect.

Dalton Caldwell 1:48 I think what really surprised, uh, PB and Brian and myself-

Michael Seibel 1:51 Yes

Dalton Caldwell 1:51 ... is the following: How many times have we coached founders on launching?

Michael Seibel 1:55 Mm-hmm.

Dalton Caldwell 1:55 What do we say? We say, "Look, founder, you're gonna have to launch and launch again and launch again, and no one will have heard of your thing."

Michael Seibel 2:02 Yep.

Dalton Caldwell 2:02 "So just, like, keep launching, and it'll take years. And then someday, maybe people will hear of it."

Michael Seibel 2:07 [laughs] Will know of... know the name of your company.

Dalton Caldwell 2:09 Will have heard of it, right? Like, that's-

Michael Seibel 2:11 Yeah.

Dalton Caldwell 2:11 And so this was kind of like my internal thing-

Michael Seibel 2:13 Yeah

Dalton Caldwell 2:13 ... which is, you know, uh, some folks would know about what we're doing-

Michael Seibel 2:15 Sure

Dalton Caldwell 2:15 ... but I didn't-

Michael Seibel 2:16 Sober expectation.

Dalton Caldwell 2:17 Yeah, precisely.

Michael Seibel 2:18 Yeah.

Dalton Caldwell 2:19 And the good news is we were surprised that, um, it seems like everyone heard about it. And we got way more applications than we expected, and I had to go read a lot of applications.

Michael Seibel 2:29 [laughs]

Dalton Caldwell 2:29 I basically... I scheduled a small amount of time to read applications, and I needed about three times as long as I had scheduled.

Michael Seibel 2:36 You were fucked by applications again, Dalton. [laughs]

Dalton Caldwell 2:38 Of course. Dude, I had to work through... You, you understand.

Michael Seibel 2:41 Just keep on doing this to yourself. [laughs]

Dalton Caldwell 2:42 I keep doing this to myself. I'm, I'm happy of doing this. Um, but again, I was, I had a smile on my face as I, as I ruined another family vacation on-

Michael Seibel 2:50 [laughs]

Dalton Caldwell 2:52 So that was great, and then we had to... Not had to. We were, we had the excitement of interviewing lots of companies, way more than we expected. So again, it kinda messed all of our schedules up in a very high-quality way.

Michael Seibel 3:01 That's cool.

Dalton Caldwell 3:02 And what was cool is we were like, "Wow, these are really good companies."

Michael Seibel 3:04 Yes.

Dalton Caldwell 3:05 And what I learned is this had good word of mouth.

Michael Seibel 3:08 Okay.

Dalton Caldwell 3:08 Like, founders heard about this and were pretty excited.

Michael Seibel 3:12 You know, it's funny 'cause I remember hearing the story of Standard Capital and kind of equating it to all the experiences we had and all the conversations we had with VCs who were like, "No, our process is great. Founders love our process," and just being like, "That's not what I'm hearing on the ground"

Dalton Caldwell 3:28 [laughs]

Michael Seibel 3:28 ... you know, [laughs] in the trenches. [laughs] And, um, to your point about kind of the word of mouth got out there, this was just a different process, right? So, like, give me a sense from the deadline-

Dalton Caldwell 3:43 Yep

Michael Seibel 3:43 ... of applying. Give me a bit of a timeline here-

Dalton Caldwell 3:46 Sure

Michael Seibel 3:46 ... from when I knew I was gonna have a Series A, and, like, walk me through that timeline.

Dalton Caldwell 3:50 Sure thing. So within, um, let's call it five days, seven days of the application deadline-

Michael Seibel 3:56 Yeah

Dalton Caldwell 3:56 ... everyone that we, uh, did a f- first round of interviews with-

Michael Seibel 4:01 Yep

Dalton Caldwell 4:01 ... we did the first round of interviews. So we're talking about a, about a week after the application deadline.

Michael Seibel 4:06 So you read the applications and did first interviews within a week.

Dalton Caldwell 4:09 Yeah. Or we got the invites out by then.

Michael Seibel 4:10 Oh, invites.

Dalton Caldwell 4:10 Again with invites.

Michael Seibel 4:11 Invites. Yeah, yeah, yeah. Yes. Great.

Dalton Caldwell 4:12 No, but we did them all immediately.

Michael Seibel 4:13 Great, great, great, great.

Dalton Caldwell 4:13 And then the way the Standard process works is there's two meetings.

Michael Seibel 4:17 Yes.

Dalton Caldwell 4:17 So then we had a second meeting-

Michael Seibel 4:18 Yeah

Dalton Caldwell 4:18 ... for the folks that were most promising from the first round.

Michael Seibel 4:21 Okay.

Dalton Caldwell 4:22 And that was in person.

Michael Seibel 4:23 Okay.

Dalton Caldwell 4:23 And so we met at, with everyone in person.

Michael Seibel 4:25 Great.

Dalton Caldwell 4:26 And then we made the final decision two days after that.

Michael Seibel 4:28 Okay.

Dalton Caldwell 4:29 And so the whole shebang was two weeks. The total amount of time that the founders spent was the amount of time they spent on the application-

Michael Seibel 4:35 Yeah

Dalton Caldwell 4:36 ... the first interview-

Michael Seibel 4:37 Yeah

Dalton Caldwell 4:37 ... which is longer than a YC interview.

Michael Seibel 4:39 Okay.

Dalton Caldwell 4:39 Um, it's 20 minutes.

Michael Seibel 4:40 Oh. [laughs]

Dalton Caldwell 4:40 [laughs]

Michael Seibel 4:41 Danger. [laughs] Clear my calendar.

Dalton Caldwell 4:43 Um, and then a second meeting, which was-

Michael Seibel 4:45 Yeah

Dalton Caldwell 4:45 ... in person-

Michael Seibel 4:46 Okay

Dalton Caldwell 4:46 ... and was 30 minutes.

Michael Seibel 4:47 Okay.

Dalton Caldwell 4:48 And so if you just think about how much time does the sp- the, the, the founders spend-

Michael Seibel 4:51 Well, they had to spend a lot of time backchanneling, right?

Dalton Caldwell 4:54 Yeah, true. [laughs]

Michael Seibel 4:56 [laughs]

Dalton Caldwell 4:56 Um, it was time efficient, and we got back to folks fast. And again, it's not everyone... You know, the vast majority of people did not get a yes.

Michael Seibel 5:03 Of course.

Dalton Caldwell 5:04 But in terms of how much time they spent-

Michael Seibel 5:06 Yeah

Dalton Caldwell 5:06 ... that's-

Michael Seibel 5:07 What is a good applica- You, after reading the applications, give me a sense of what you felt like a good application time-wise would've taken to writ- to write.

Dalton Caldwell 5:14 A couple hours. I actually asked a couple of founders.

Michael Seibel 5:16 Yeah.

Dalton Caldwell 5:16 There's one where it took a little bit more for her. When I talked to her about it-

Michael Seibel 5:18 Yeah

Dalton Caldwell 5:18 ... she, I think she said three. But I think similar to the YC application, it's kinda smart to fill it out and answer the questions for yourself. There's a lot of questions about how this gets really big-

Michael Seibel 5:27 Yeah

Dalton Caldwell 5:27 ... that I think every founder-

Michael Seibel 5:29 Yeah

Dalton Caldwell 5:29 ... should go fill out. And so it's actually a little different than a YC application in that sense-

Michael Seibel 5:33 Yeah

Dalton Caldwell 5:33 ... 'cause we're asking more product/market fit type questions.

Michael Seibel 5:35 Okay.

Dalton Caldwell 5:36 I would recommend going through the exercise.

Michael Seibel 5:37 So you're basically telling me in, let's call it a four hours of active time investment in a founder, I get a yes/no on a Series A.

Dalton Caldwell 5:49 Yep.

Michael Seibel 5:49 I'm just thinking about the number of times where you and I spent four hours talking to a found- just our time talking with the founder. Let alone the-

Dalton Caldwell 5:58 About the Series A

Michael Seibel 5:58 ... about the Series A, right? [laughs]

Dalton Caldwell 5:59 [laughs]

Michael Seibel 6:00 Not deck editing, not pitching, not back and forths. That's different.

Dalton Caldwell 6:05 Yeah. And again, a lot of these cases, like, we really... We did due diligence.

Michael Seibel 6:09 Yeah.

Dalton Caldwell 6:09 And so that meant people had to send us-

Michael Seibel 6:10 You guys like to do due diligence. [laughs]

Dalton Caldwell 6:11 Well, we were like, "Send us a bunch of stuff."

Michael Seibel 6:13 Oh, yeah. Yeah.

Dalton Caldwell 6:13 And if you-... are properly run, it should not be hard to send us some stuff.

Michael Seibel 6:18 Yes.

Dalton Caldwell 6:18 Does that make sense? And so it's our job to, like, dig through it to do all the diligence.

Michael Seibel 6:22 Yeah.

Dalton Caldwell 6:22 But from the founder's perspective, it was like, "Okay, cool. Here are the docs."

Michael Seibel 6:25 Yeah. You're gonna have a new application cycle.

Dalton Caldwell 6:28 Yep.

Michael Seibel 6:28 What is an interesting piece of advice you would give future applicants?

Dalton Caldwell 6:33 We are setting this up to really reward multiple-time applicants-

Michael Seibel 6:38 Okay

Dalton Caldwell 6:39 ... where once you apply once, if you wanna apply again, just use mostly the same application.

Michael Seibel 6:46 Yep, yep, yep.

Dalton Caldwell 6:46 [laughs] And then just change the things that are different.

Michael Seibel 6:48 That's very YC similar. [laughs]

Dalton Caldwell 6:50 Right, right? And we would actually encourage folks to apply earlier or if they're not even sure.

Michael Seibel 6:56 Sure.

Dalton Caldwell 6:56 Um-

Michael Seibel 6:57 No penalty for that.

Dalton Caldwell 6:57 No penalty for it. In fact, it's good.

Michael Seibel 6:59 That was a big YC one too, right? Two data points is so easy. Like, oh, what, what, what's changed in the last three months? That was just so much easier to get excited.

Dalton Caldwell 7:07 Exactly.

Michael Seibel 7:07 Yeah.

Dalton Caldwell 7:07 So that's, that's one, and then I think number two, we're doing something that no one had ever done before, which is have founders name their own price and state their valuation.

Michael Seibel 7:14 Yes.

Dalton Caldwell 7:15 And some folks had a really easy time with that-

Michael Seibel 7:18 Mm-hmm

Dalton Caldwell 7:19 ... and picked really good valuations, um, relative to their traction.

Michael Seibel 7:24 Mm-hmm.

Dalton Caldwell 7:24 Does that make sense? Like, some folks that had tons of traction picked higher valuations. Some folks with less traction picked lower, and so that's good.

Michael Seibel 7:31 Yes.

Dalton Caldwell 7:31 And those were the people that got in.

Michael Seibel 7:32 Yeah.

Dalton Caldwell 7:33 There were some folks that I think did not do themselves any favors around valuation, and I don't know, maybe they didn't get advice from people or-

Michael Seibel 7:40 Yeah

Dalton Caldwell 7:41 ... and again, just to be super clear, for the record here, we don't wanna negotiate with people over valuation.

Michael Seibel 7:46 Yeah.

Dalton Caldwell 7:46 And you could talk to any of the nine companies that got in and ask them.

Michael Seibel 7:49 Yeah.

Dalton Caldwell 7:50 We didn't negotiate on valuation. We just gave them what they said on the app. We never talked about it.

Michael Seibel 7:53 [laughs]

Dalton Caldwell 7:53 Like, it was, it was reading the application. We're like, "Great." Like, there was no discussion.

Michael Seibel 7:58 That's the deal. [laughs]

Dalton Caldwell 7:58 That was the deal. Isn't that awesome?

Michael Seibel 7:59 [laughs] It's really cool.

Dalton Caldwell 7:59 'Cause, dude, I don't wanna... Dude, I... I know. Negotiate valuation with founders? That's no fun. And so I do think there are some folks, maybe some feedback to have other folks that-

Michael Seibel 8:07 Hmm

Dalton Caldwell 8:09 ... might wanna think about that a little bit, and I, I tried to dig into it when I spoke with them.

Michael Seibel 8:13 Yeah.

Dalton Caldwell 8:13 And I think they would often admit they hadn't thought about it much, and they were just kinda basing it on other rounds that they had heard about.

Michael Seibel 8:20 It's a cool and different model to kind of ask the founder to make this question versus, like, theoretically the market-

Dalton Caldwell 8:27 Yep

Michael Seibel 8:27 ... in Series A land will make this determination. On the other hand, it's kind of, like, refreshing to be how much money do you want to accomplish what goal you want to accomplish, and how much of your company do you want to sell to do that?

Dalton Caldwell 8:40 Yep. [laughs]

Michael Seibel 8:41 In some ways-

Dalton Caldwell 8:42 Sounds kinda good, right?

Michael Seibel 8:42 Yeah. [laughs] In some ways pretty straightforward, but I could see, you know... And we love the Midwit meme, right? Like, I could see... Well, Dalton, right? Like, okay, I haven't gone and pitched VCs yet, and I know that if I had a competitive round that, like, I could raise at this crazy price, and, like, my competitor at this other company raised at this crazy price, so, like, shouldn't I be pricing this, like, the, the, the valuation I would need to not consider pitching other investors? Do you have an Excel spreadsheet I can use to fill this out? [laughs] Like, you know, I could see kind of a, a Midwit way of thinking about that, and, like, hey, it's my job as CEO to get the right price-

Dalton Caldwell 9:24 Yeah

Michael Seibel 9:24 ... for my company, right? So, like, where am I, where am I overthinking this?

Dalton Caldwell 9:29 I think it's folks were shocked that we'd just reject them instead of negotiate over price.

Michael Seibel 9:36 So it was just, like, a misunderstanding of what-

Dalton Caldwell 9:38 I think so. I think they-

Michael Seibel 9:39 Yeah, yeah

Dalton Caldwell 9:39 ... it's like, cool.

Michael Seibel 9:40 [laughs]

Dalton Caldwell 9:40 No.

Michael Seibel 9:40 [laughs]

Dalton Caldwell 9:42 Because again, we have so many applicants.

Michael Seibel 9:44 Yeah.

Dalton Caldwell 9:44 We're gonna spend our time-

Michael Seibel 9:45 Yeah

Dalton Caldwell 9:45 ... with folks where, again, some folks had higher prices but had crazy traction.

Michael Seibel 9:49 Yeah.

Dalton Caldwell 9:49 So we'd rather spend the time with the fastest growing startups that are growing, you know-

Michael Seibel 9:53 Yeah

Dalton Caldwell 9:53 ... 10X year over year-

Michael Seibel 9:55 Yeah

Dalton Caldwell 9:55 ... on the higher prices.

Michael Seibel 9:56 Yeah. Wow.

Dalton Caldwell 9:57 I think the missing information was like, yeah, we're not, we're not gonna counter. We'll just not.

Michael Seibel 10:01 It's almost funny 'cause from that perspective, it's kind of like read the manual. Like, we were serious.

Dalton Caldwell 10:06 A little bit.

Michael Seibel 10:06 Like, like, this is... We don't negotiate these deals.

Dalton Caldwell 10:11 Yeah. I mean, and you should think about it linearly, which is if someone was to choose a 120 post-

Michael Seibel 10:17 Yeah

Dalton Caldwell 10:17 ... their odds of acceptance, the bar is twice as high as 60 post.

Michael Seibel 10:22 Yeah.

Dalton Caldwell 10:22 It's not, like-

Michael Seibel 10:23 Yeah

Dalton Caldwell 10:23 ... equally likely to get in with the same company.

Michael Seibel 10:25 Yeah. So if you're growing twice as fast, you're twice as good of a market, blah, blah, blah, blah, sure.

Dalton Caldwell 10:29 Totally.

Michael Seibel 10:29 Yeah.

Dalton Caldwell 10:29 And there's 120 post companies that are great companies. We wanna fund them.

Michael Seibel 10:32 Of course.

Dalton Caldwell 10:32 But man, it's gotta look-

Michael Seibel 10:33 Yeah

Dalton Caldwell 10:33 ... very exciting.

Michael Seibel 10:35 Yeah. That's tricky. It's funny 'cause I think that I remember in YC days some group of people, you know, being like, "Oh, now that we're in, it's time for you to pitch us. Why would you do YC?" And it was kinda like, no, no, no, like, it's completely up to you. If you don't wanna do it, don't... Like, don't do it. [laughs]

Dalton Caldwell 10:50 Yeah.

Michael Seibel 10:51 And it was this, oh, this isn't like normal. Like, we purposely built this to not be like normal fundraising.

Dalton Caldwell 10:58 Yes.

Michael Seibel 10:59 Like, that was-

Dalton Caldwell 11:00 This is a way to opt out.

Michael Seibel 11:02 [laughs] It's-

Dalton Caldwell 11:02 This is like a opt out move.

Michael Seibel 11:04 Yes.

Dalton Caldwell 11:04 Which is you could do this or you could do that.

Michael Seibel 11:06 [laughs] It's not like a mush. It's like it's a different thing.

Dalton Caldwell 11:08 Like, this is a different... Yeah.

Michael Seibel 11:09 [laughs]

Dalton Caldwell 11:10 And those are the folks that did... that got in.

Michael Seibel 11:12 Yeah.

Dalton Caldwell 11:12 Again, like, the, the folks that were really successful with our process-

Michael Seibel 11:14 Yeah. They wanted that

Dalton Caldwell 11:16 ... they were like, "We haven't talked to any investors. We haven't built a deck."

Michael Seibel 11:19 Yeah.

Dalton Caldwell 11:19 "We just applied."

Michael Seibel 11:21 Yeah.

Dalton Caldwell 11:21 "And if we get in, we're gonna do it."

Michael Seibel 11:22 Yeah.

Dalton Caldwell 11:23 And that's exactly what happened.

Michael Seibel 11:25 Yeah. I did talk to a number of VCs who were like, "No, but people, you know, one, this is an important skill, pitching your company with a slide deck." And I'm like-

Dalton Caldwell 11:35 [laughs]

Michael Seibel 11:35 ... interesting. Okay. Sure. Um, I don't know that I'd put that on the top five most important skills- [laughs]

Dalton Caldwell 11:41 [laughs]

Michael Seibel 11:41 ... for building a great company, but fair, great, sure. Or two, this was a really common one. It's like we have complete knowledge of the good companies, and we are already actively scouting, communicating. And, like, we know everyone is good. Which I just remember that was how people felt-

Dalton Caldwell 12:01 Yeah

Michael Seibel 12:02 ... with YC. It's like, well, obviously it's gonna be full of shit companies 'cause we know all the good founders.

Dalton Caldwell 12:06 And again, think about the, the ramifications of that.

Michael Seibel 12:09 [laughs]

Dalton Caldwell 12:09 If you actually think you know all the good companies, shut down.

Michael Seibel 12:14 [laughs]

Dalton Caldwell 12:16 Like, shut down your fund, please.

Michael Seibel 12:19 [laughs]

Dalton Caldwell 12:20 'Cause you're admitting it's a zero-sum game with no margin.

Michael Seibel 12:23 Yes, yes.

Dalton Caldwell 12:25 [laughs] Like, if that's your mentality-

Michael Seibel 12:27 Yeah

Dalton Caldwell 12:27 ... leave the industry.

Michael Seibel 12:29 Yeah, yeah, yeah.

Dalton Caldwell 12:29 Because it means you're so, like-

Michael Seibel 12:31 Yeah

Dalton Caldwell 12:31 ... disillusioned-

Michael Seibel 12:32 Yes

Dalton Caldwell 12:33 ... with the work-

Michael Seibel 12:34 Yes. You're less than commodity dollars and-

Dalton Caldwell 12:35 ... you don't love the work.

Michael Seibel 12:36 Yes, yeah.

Dalton Caldwell 12:36 That's a sign-

Michael Seibel 12:38 Yes

Dalton Caldwell 12:38 ... you shouldn't do this anymore.

Michael Seibel 12:39 That's fair. So, uh, last but not least, when is the next time people can apply? And the question I always got, can I apply late?

Dalton Caldwell 12:48 Yep. The next deadline is going to be in early January.

Michael Seibel 12:53 Okay.

Dalton Caldwell 12:53 And so we're gonna open up applications in sort of, like, late December, so lots of time. It'll be kinda quiet, I presume, for a lot of folks in that time of the year.

Michael Seibel 13:00 Sure.

Dalton Caldwell 13:00 So good time to, to work on your a- application there.

Michael Seibel 13:02 Yeah.

Dalton Caldwell 13:03 And then, yes, you can totally apply late. We are... I read all the applications that come in, definitely looking at the late ones.

Michael Seibel 13:09 Yeah.

Dalton Caldwell 13:09 The advantage for us of folks all applying around the deadline is we can just, like, crank through these things super fast and do a ton of interviews in one day.

Michael Seibel 13:16 Yeah, yeah.

Dalton Caldwell 13:17 And it's, it's super efficient.

Michael Seibel 13:18 Yeah.

Dalton Caldwell 13:18 And so that is the, the benefit.

Michael Seibel 13:20 Yeah.

Dalton Caldwell 13:20 But yeah, I've been reading every application as they come in.

Michael Seibel 13:23 I always love when we got that question at YC. It's like, sure. Like, just, like, you know, like, let's not make this... The number of times we got, like, got the question, "Can I apply late?" And I'm like, there's a thing on there. Just do it.

Dalton Caldwell 13:34 [laughs]

Michael Seibel 13:34 Just do it, or don't do it. Anyways, this sounds like a great update. I look forward to learning what you guys learn after cycle two.

Dalton Caldwell 13:42 Sounds good. Thanks, Michael.

Michael Seibel 13:43 Cheers. [outro music]