I think that number one, your assumption about search volume is very hard to ascertain: do they have 200mm DAU? MAU? Total users? What's the total search volume

I think that number one, your assumption about search volume is very hard to ascertain: do they have 200mm DAU? MAU? Total users? What's the total search volume per day? Is it ~450mm? Are all of those searches monetizable? Is the revenue per search on par with Google's? I think there are huge gaps to fill in before we can understand what the value of monetized search on Giphy is vis a vis Google.