cloudedjudgement.substack.com · 2023-08-04 · 1035d

Clouded Judgement: Cloud Giants Q2 Update

Analysis of Q2 2023 cloud infrastructure performance across AWS, Azure, and GCP, showing evidence that customer cost optimization headwinds are moderating while new workload adoption accelerates. Provides comprehensive SaaS valuation multiples benchmarking and operating metrics medians across the public cloud software universe, with Rule of 40 scoring and CAC payback analysis.

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Metrics in this report

AWS Growth Rate

12percent

null

Q2 2023, year-over-year

AWS YoY Growth Rate

12percent

median

Q2 2023, constant currency

Azure Growth Rate

27percent

null

Q2 2023, year-over-year

Azure YoY Growth Rate

27percent

median

Q2 2023

CAC Payback Period

48months

median

Public SaaS companies

CAC Payback Period

48months

median

Public SaaS companies on gross profit basis

EV / NTM Revenue Multiple

6.4multiple

median

Public SaaS companies

EV / NTM Revenue Multiple

16.1multiple

median

Top 10 SaaS companies by market cap

EV / NTM Revenue Multiple

9.4multiple

median

High-growth SaaS (>30% NTM growth)

EV / NTM Revenue Multiple

8.7multiple

median

Mid-growth SaaS (15-30% NTM growth)

EV / NTM Revenue Multiple

3.7multiple

median

Low-growth SaaS (<15% NTM growth)

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

9.4x

median

High-growth SaaS companies

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

3.7x

median

Low-growth SaaS companies

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

8.7x

median

Mid-growth SaaS companies

EV / NTM Revenue Multiple - Overall

6.4x

median

Public SaaS universe

EV / NTM Revenue Multiple - Top 5

16.1x

median

Top 5 SaaS companies by market cap

FCF Margin

6percent

median

Public SaaS companies

Free Cash Flow Margin

6percent

median

Public SaaS companies

G&A as % of Revenue

18percent

median

Public SaaS companies

G&A as % of Revenue

18percent

median

Public SaaS companies

Google Cloud Growth Rate

28percent

null

Q2 2023, year-over-year

Google Cloud YoY Growth Rate

28percent

median

Q2 2023

Gross Margin

75percent

median

Public SaaS companies

Gross Margin

75percent

median

Public SaaS companies

LTM Revenue Growth Rate

24percent

median

Public SaaS companies

NTM Revenue Growth Rate

15percent

median

Public SaaS companies

Net Revenue Retention

115percent

median

Public SaaS companies

Net Revenue Retention

115percent

median

Public SaaS companies

Operating Margin

-19percent

median

Public SaaS companies

Operating Margin

-19percent

median

Public SaaS companies

R&D as % of Revenue

27percent

median

Public SaaS companies

R&D as % of Revenue

27percent

median

Public SaaS companies

S&M as % of Revenue

46percent

median

Public SaaS companies

Sales & Marketing as % of Revenue

46percent

median

Public SaaS companies