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Jan 16 • 4 tweets • 4 min read
TDM Quarterly Vol. 16 - Twitter Version

The Quarterly aims to provide a complete, clear, and easily accessible summary of our 'best of' content.

Receive it first by subscribing via email - bit.ly/tdmquarterly

Or read it here👇
1/ Rethinking the Impact of Stock Based Comp (SBC) in Falling Markets.

Read our POV on how SBC can both reward employees and avoid overly diluting investors.

#TDMTidbit

medium.com/tdm-tidbits/st…
2/ What Great Looks Like: margin expansion in high-growth software companies with >$300m rev.

Who's delivering margin expansion over time, the impact on stock price, and the main drivers for their unlocking of operating leverage.

1st prize, $HUBS

3/ 🎧 New episodes of #ScalingUp

e6. Democratising Investing ft. @vynokur

e7. The Great Australian Hustle ft. @ruslankogan $KGN

e8. IPOs, Takeovers, SPACs, and More ft.
@ReggieAggarwal of $CVT

e9. The 6-Star Entrepreneur ft. @lux_schwab

open.spotify.com/show/394xlIBAL…

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More from @TDM_Growth

TDM Growth Partners Profile picture
Dec 15, 2022
In a world where investors are increasingly valuing profitability over growth, we thought it would be worthwhile to do some work on 'what great looks like' as it relates to margin expansion for fast growing, software companies of scale (>$300m in revenue). A thread... (1/10)
We looked at the 23 SaaS companies that listed in the US between 2012 and 2016 and divided them into 3 cohorts based on actual operating margin progression over time. This provided a public market track record to analyse meaningfully. (2/10) Image
What emerged from this is a 'great' cohort of 8 that has consistently increased operating margins over 6+ years: Hubspot $HUBS, ServiceNow $NOW, Workday $WDAY, Veeva $VEE, Qualys $QLYS, Box $BOX, Zendesk and Workiva $WK (3/10) Image
Read 10 tweets
TDM Growth Partners Profile picture
Jun 8, 2022
1/ At TDM, as LT investors we often debate what our “through-the-cycle" exit multiples should be. While a few of the older, more experienced members of the team have a long history of investing in SaaS, Tim Le set out to see if the data does in fact support the multiples we use🧵
2/ We analysed 123 listed software companies over the last decade. In 2011, SaaS was still in its infancy with only a small sample of 12 listed companies - the Euro debt crises was in full swing and the business model was both misunderstood and underappreciated.
3/ By splitting the decade, it gives us a better view of this, particularly given the explosion of listed SaaS companies in the latter half. Arguments can be made for both a maturation of business model appreciation and low interest rate environment driving valuations.
Read 9 tweets

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