cloudedjudgement.substack.com · 2021-07-23 · 1777d

Clouded Judgement

Weekly cloud software industry update covering Zoom's $14.7B acquisition of Five9 to expand into contact center solutions, expanding TAM from $62B to $86B combined. Provides detailed SaaS valuation multiples, operating metrics benchmarks, and Rule of 40 analysis across public cloud software companies as of Q2 2021 earnings season.

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Metrics in this report

CAC Payback Period

25months

median

Public SaaS companies on fully burdened gross profit basis

EV / NTM Revenue Multiple (High Growth >30%)

27.8x

median

Public SaaS companies with >30% projected NTM growth

EV / NTM Revenue Multiple (Low Growth <15%)

5.7x

median

Public SaaS companies with <15% projected NTM growth

EV / NTM Revenue Multiple (Mid Growth 15-30%)

14.5x

median

Public SaaS companies with 15-30% projected NTM growth

EV / NTM Revenue Multiple (Overall)

16.1x

median

All public SaaS companies

EV / NTM Revenue Multiple (Top 5)

52.2x

median

Top 5 highest-valued public SaaS companies

Free Cash Flow Margin

9percent

median

Public SaaS companies

G&A as % of Revenue

18percent

median

Public SaaS companies

Gross Margin

74percent

median

Public SaaS companies

LTM Revenue Growth

31percent

median

Public SaaS companies

NTM Revenue Growth

23percent

median

Public SaaS companies

Net Revenue Retention

118percent

median

Public SaaS companies

Operating Margin

-14percent

median

Public SaaS companies

R&D as % of Revenue

25percent

median

Public SaaS companies

Sales & Marketing as % of Revenue

44percent

median

Public SaaS companies