One of the primary values that Datto claims is that, while Microsoft and Google already have cloud backups for their applications, Datto fills in a lot of the functionality that is missing from their offerings. Could you see Microsoft or Google over time doing more in terms of data protection for their applications and therefore compete more strongly with Datto?

Is it a possibility? Absolutely. But if you look at the backup industry, it's been around for two decades. At any time during that time, Microsoft could have built an amazing piece of backup technology for Windows. But it didn't. I don't see how any of these other areas are dramatically different.