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Thanks so much for taking the time to get this organized Jamie! Just one question, on the GM Adjusted Payback is calculated as: (Previous Q S&M) / (Net New ARR in Q x Gross Margin) x 12, isn't this supposed to be - (Previous Q S&M) / (Net New ARR in Q x Gross Margin) x 4 as the numbers being considered are quarterly?

Also, would be possible to point to a place where we could look at these numbers for Series A / B / C Stage SaaS start-ups? I understand that this is great for evaluating mature companies that have crossed a specific threshold and I was looking to deepen my understanding for earlier stage SaaS cos.

Huge fan of the work that you do, thank you!

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