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Jason ✨BeKind✨ Lemkin ⚫️

@jasonlk

30 Oct

Amplitude is the first pure-play analytics SaaS company to IPO in quite a while

It's growing a stunning 57% at $150m+ ARR ... and that's up from 50% just a year ago

It's a $7B leader so many of us rely on in our products

5 Interesting Learnings: 🔽🔽🔽🔽🔽

#1. 1,200 total paying customers, with 300 of them at $100k ARR and 22 at $1m+ ARR

Amplitude has consistently gone upmarket, but not radically. This is the sort of organic upmarket path a lot of us see, growing more enterprise each year:

#2. Customer count growing as fast as revenue — rare, & a great sign for future

New customers grew from +41% in 2020 to +51% in 2021! Most leaders at scale with high NRR get more & more revenue from existing base. Having that high a ratio is a strong sign of future growth.

Read 8 tweets

Jason ✨BeKind✨ Lemkin ⚫️

@jasonlk

27 Oct

Expensify was founded way back in 2008, in the dawn of mobile, and took 13 years to file to IPO

When Covid hit, the business was hit hard as travel stopped

But then ... it's roared back to 60% growth (!) at $140m ARR. And on to IPO shortly!

5 Interesting Learnings: 🔽🔽🔽🔽🔽

#1. Only 140 employees (!).

$1M in ARR per employee could be a new efficiency record at IPO for SaaS. Expensify kept it lean, maybe almost too lean. They raised little VC capital and became cash-flow positive.

As part of that, they learned to outsource anything they could (vs hiring internally), and maximized the PLG playbook … leading to a stunning $1m in ARR per employee. We can’t all do this. But it shows it can be done.

Read 13 tweets

Jason ✨BeKind✨ Lemkin ⚫️

@jasonlk

22 Oct

3 weeks after SaaStr Annual 2021, I think I've learned IRL events will be more important than ever before ... but with some significant caveats:

My learnings: 🔽🔽🔽🔽🔽

1/ Marketers + Sponsors really want to run the field events playbook

And ... channels are ever-more saturated, and marketers have ever bigger budgets that have to deploy

The >top< events have buyers attending

So if your prospects and customers are there, you want to be there

2/ Top speakers still want to connect with their audiences IRL

I wasn't actually sure this would be true post Covid

But top speakers want to connect with their customers, prospects, partners, potential hires (especially)

They now want do digital events AND the top IRL events

Read 7 tweets

Jason ✨BeKind✨ Lemkin ⚫️

@jasonlk

19 Oct

So GitLab just hit a $15B market cap

It's one that just ... always was growing at epic rates, from YC Demo Day to IPO

It's growing a stunning 69% a year at $250,000,000+ in ARR

5 Interesting Learnings: 🔽🔽🔽🔽🔽

#1. 152% NRR from $100k+ customers.

We’re getting used to seeing these super-high NRR numbers from the top developer-focused leaders, in many cases because utility pricing often encourages it (see also Datadog, Twilio, etc). Still, these are truly top-tier numbers:

#2. 97% GRR (Gross Retention Rate)

It’s great and helpful to see this broken out as well to compare yourself to. GitLab’s customers … stay. Almost all of them.

97% GRR is world-class. Service Now has 99% -- but their customers sign 3 year contracts!!

Read 10 tweets

Jason ✨BeKind✨ Lemkin ⚫️

@jasonlk

18 Oct

Expensify:

Founded in 2008 ... 13 years ago

A long, tenacious path to $100m ARR, and then ... Boom!!

* 60% growth in Year 13 at $140m+ ARR!!
* 119% NRR from SMBs!!
* Super Profitable (35% EBITDA!!)

#golong

$1M in ARR per employee could be a new efficiency record at IPO for SaaS:

An incredible 60% of their revenue comes from employees using the free version on their own, for their own expenses, and then socializing it to their "boss".

PLG before it was hot:

Read 4 tweets

Jason ✨BeKind✨ Lemkin ⚫️

@jasonlk

13 Oct

So Toast is now worth a stunning $27B!

And it's growing a stunning 118% at a $3B run rate

But the overall margins are low (21%), they lose money on services and hardware, and barely make money on payments

Is it SaaS?

5 Interesting Learnings: 🔽🔽🔽🔽🔽

#1. With gross margins of only 21%, is Toast really a software company? Not yet. Not today.

While its software has decent margins of 66%, software is only 10% of Toast’s total GAAP revenue.

It loses money on the hardware (gross margin negative) and payments have barely a 20%+ margin and constitute the vast majority of revenue today. It would take a lot of work for Toast to hit the 60% gross margin standard to be a true software company

Read 11 tweets

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