Andy and Amit discuss the latest Q1 2023 Earnings season that is unfolding. Of particular highlight are the results of Microsoft, S&P Global, and Meta. The idea of ‘operating leverage’ – a concept that means revenues grow faster than costs, and profit margins expand as a result – is something that we are seeing across many of Montaka’s investee companies. S&P Global, for example, grew revenues by 4% per annum, while costs increased by only 1% per annum. Microsoft, while still growing +10% per annum in the most recent quarter, grew costs at only around 3% per annum. Meta is yet another example. As revenue growth resumes, Mark Zuckerberg is aggressively reducing costs.