Financials by @ttunguz

Venture Capitalist at Theory

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Financials

2024

The Post Election Surge is Unevenly Distributed	November 11
Why Lifetime Value is Relevant Again in Software	October 15
Where is the Budget for AI Coming From?	October 1
Is the Software Market in Trouble?	June 2
Are AI Companies Valued Differently Than Non-AI Companies?	May 13
When 1% Market Share Shifts Represent $5b of Market Cap	April 26
Are Software Companies Good Businesses?	April 22
AI SaaS Companies Will Be More Profitable	March 21
The First $100m ARR AI Security Company	February 21
The Fastest Growing Software Sectors in 2024	January 29
AI Drove the Largest New Bookings of Any New Product	January 26

2023

The Software Industry's Productivity Boom: Analyzing Revenue per Employee Trends	November 13
Only The Dogged Thrive : More Good News in Startupland	November 7
Cisco & Splunk Continue the Trend of SaaS Take Privates	September 21
Building a Generational Business Databrick by Databrick	September 17
Signs We've Touched the Bottom	July 26
How Markets Value Software Companies in 2023	July 5
How Much More Efficient Should a SaaS Startup Be When Using AI?	June 2
The Publicly Traded Company Worth 250x More in 10 Years	May 25
Microsoft's Billion Dollar AI Business	April 26
Economics in the Sometimes Strange World of Web3	April 9
The Change in Burn Multiple for Startups in 2023	April 3
When Will SaaS Budgets Increase Again?	March 17
Which Customer Segments are Healthiest During the Downturn?	February 21
A Flare Across the Clouds : Cloudflare's Earnings Report	February 14

2022

What the $6B Coupa Acquisition Means for Software Startups	December 12
Losing a Month of Runway to Inflation	November 6
Sales Efficiency through Covid : Reading the Tea Leaves for Startups	October 30
Would You Leave the Cloud to Improve Sales Efficiency by 11%?	October 23
How Much Should You Expect Your Startup to Slow in 2022? About 21%.	July 29
Defending a Startups Greatest Asset through Recession & Recovery	June 22
Office Hours with Lee Kirkpatrick, former Twilio CFO on Managing through Turbulence	June 14
So You Want to Improve Your Sales Efficiency	May 18
Cash Flow Shockwaves	May 5
Will Your Startup Borrow More in 2022?	February 14
The New Discipline Web3 Software Companies Must Develop	February 9

2021

Crypto Companies Insider Ownership is Approaching that of Classic Startups	October 3
How Will We Value a Crypto Token?	September 6
How Much Should You Bet To Maximize Your Investments, or Your Company's Odds of Success?	February 16
A Common and Critical Mistake When Forecasting Next Year's Bookings	February 1
The Five Flavors of ARR - New Definition, Same Great Multiple	January 27
The Missing Insight Around Software Multiples for Valuing Companies	January 11

2020

The Mispricing of Software Companies	October 5
How to Predict the Forward Multiple of a Software Company	September 22
Why is the Stock Market Only Down 15%?	May 11
Why Margin Matters Now in Startupland	April 12
Six Startup Disciplines for Challenging Times	March 20
Estimating the Impact of the Coronavirus on Growth	March 16
The Impact of the Coronavirus on Software Valuation Multiples	March 2
One of the Most Frequent Errors in Sales Planning and Forecasting	February 17

2019

What a Valuation Implies About a Business	May 6
Viewing Valuation as a Discount of Future Value	April 4
Do SaaS Startups Still Require Less Capital than 10 Years Ago?	April 2
A Common Mistake in Hiring Plans	February 8
Why Share Repurchases Create Large Opportunity Costs for Early Stage Startups	January 7

2018

A New Way to Calculate a SaaS Company's Efficiency	December 1
Timing Cashflows of Your Sales Commissions and Your Customers	July 15
The Importance of Time Value of Money for Startups	April 1
The ROI of Cash Burn for SaaS Startups	February 20
Startup Best Practices 27 - How to Use Options to Retain Key Employees in Your Startup	February 16

2017

The False Confidence of the LTV/CAC Ratio for Early Stage SaaS Startups	November 9
The Implication of Secular Increases in SaaS CAC	November 1
Important Changes in Revenue and Profitability Definitions for SaaS Companies	October 29
How Much Should A SaaS Startup Invest in Sales & Marketing?	September 17
The Theory and Data Underpinning Sales Commission Plans	September 4
Why Cash Conversion Cycle Matters for Your Startup	August 15
The $100M ARR Customer	January 17

2016

When to Increase Your SaaS Startup's Burn	December 16
The Important SaaS Accounting Changes Coming in 2017	November 30
How Should You Allocate Your Startup's OpEx between Sales and Engineering?	November 17
How Should I Think About My SaaS Startup's Burn Rate	September 9
The Increasing Costs of Real Estate for Startups in San Francisco	July 13
SaaS Companies Are Changing their Growth Strategies	May 9
Land, Expand, Retain	April 29
Startup Best Practices 22 - Using Scenario Planning for Strategic Decisions	March 22
Not All Revenue Dollars Are Created Equal	February 28
Venture Debt for SaaS Startups	February 15
The Other Payback Period that Matters in SaaS	February 12
3 Questions for Startups to Answer for Themselves in a Volatile Fundraising Environment	January 21

2015

How Much Cash Should Your SaaS Startup Burn?	November 12
What is the Optimal Quick Ratio for Your SaaS Startup?	November 3
The Importance of Payback Period for SaaS Startups	September 21
Take Your Startup to the Limit	July 20
How an $11B SaaS Company Measures Churn	June 10
The Risk Sales Discounts Impose to Startup Burn Rates	May 26
Which is a More Efficient Way to Build a SaaS Startup - Bottoms Up or Top Down?	May 3
How Important Is It For a SaaS Startup to be Profitable?	April 27
Measuring Bookings, MRR, Revenue and Cash for Your SaaS Startup	April 23
Modeling Your SaaS Startup's Revenue Growth Effectively	February 25
The Rising Costs of Scaling a Startup	February 10

2014

How Important are Professional Services to Your Startup?	November 20
How Fast Must a SaaS Startup Grow to Raise a Series A?	March 17

2013

The 10 Most Important Metrics in a Startup's Financial Statements	December 16
The 10 Most Important Metrics in a Startup’s Financial Statements	December 6
A Startup's Rosetta Stone - How to Succinctly Communicate the Details of a Business	October 23