By small exit, I believe the parent is referring to an acquihire with a multi-year earn out for the founders. The point of such exits is to return investor capital.
That's better than nothing. I've looked at these numbers before in other places. It's pretty obvious the average quality of either YC advice or founder is declining. I suspect SS (as a feeder) is an answer to this problem.
Ok, point made below, possibility is that environment has got more startups in general and more competitive.
Ok, point made below, possibility is that environment has got more startups in general and more competitive.