Clouded Judgement
JUNE 19, 2024
Through these interactions, I’ve built up mental benchmarks for metrics on which I place extra emphasis. My hope is that this analysis can provide startup entrepreneurs with a framework for how to manage their businesses around SaaS metrics (e.g., This metric is more self-explanatory, so I won’t go into detail.
Clouded Judgement
OCTOBER 11, 2024
The hyperscalers (AWS, Azure, GCP) are always some of the first companies to report earnings during earnings season (coming up in 2 weeks), and there’s always a read through for consumption names (meaning people believe there’s a correlation). I created this subset to show companies where FCF is a relevant valuation metric.
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Clouded Judgement
MAY 3, 2024
We now have results from the three hypersclaers (AWS / Azure / GCP). Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.
Clouded Judgement
SEPTEMBER 27, 2024
Microsoft launched Azure in 2010, and Google launched GCP to the public in 2011 (they launched a preview of Google App Engine in 2008, but made it publicly available in 2011). Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against.
Clouded Judgement
MAY 10, 2024
All 3 (AWS, Azure, GCP) saw positive reacceleration Quarterly Reports Summary Top 10 EV / NTM Revenue Multiples Top 10 Weekly Share Price Movement Update on Multiples SaaS businesses are generally valued on a multiple of their revenue - in most cases the projected revenue for the next 12 months.
Clouded Judgement
MAY 31, 2024
.” As growth starts to slow, it gets harder and harder to justify using revenue multiples as a primary valuation metric. And when this happens, growth companies transition to more of a value based valuation metric (FCF or PE). I created this subset to show companies where FCF is a relevant valuation metric.
Clouded Judgement
AUGUST 2, 2024
Cloud Giants Report Q2 We also got the Q2 quarters from AWS / Azure / GCP this week! Given most software companies are not profitable, or not generating meaningful FCF, it’s the only metric to compare the entire industry against. I created this subset to show companies where FCF is a relevant valuation metric.
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