FOUNDER ALL HANDS MAY 2022 Adapting to EndureROELOF BOTHA Why We’re Here ● Why we’re here: ○ I want to take you back to early 2000, when I was CFO at PayPal… ■ ■ It was March 2000. We had closed $100M at $500M. A month later, the Nasdaq experienced a sharp decline. It bounced back a little in mid-year, and then sank dramatically by year-end. ■ ■ Michael Moritz quickly provided the Sequoia perspective: recognize the moment, expand runway, become a business. It was a get-real moment for the team. We had 7 months of runway left. So we: ● ● Ran cost exercises in opex Turned product market fit into a business ○ ○ June 2000 introduced fees GM% - fraud, instant ACH innovation ■ ■ ■ Eventually reached nearly $250M revenue in 2002, profitable and generating cash. Market cap north of $1B, acquisition of $1.5B. Today PayPal is worth $90B, with $25B in annual revenue and $4B in pre-tax net income. Needed to survive, needed to focus, needed to innovate. ○ ○ Given the market tumult of the last week and ongoing macroeconomic pressures, we felt it would be valuable to bring our community of founders together to share insight into what is happening and why, and more impo