gpbullhound-2022年第1季度软件洞察（英）-2022-40页_1mb

报告摘要

The US IPO market experienced its worst quarter in six years, with only 18 companies raising $2.1bn, a 95% decrease from Q1 2021.
Companies are adjusting their valuations to maintain the attractiveness of ESOPs (Employee Stock Ownership Plans).
Major anticipated IPOs, such as Airtable, were postponed due to market conditions.

The US housing market saw unprecedented activity driven by low-cost financing, excess disposable income, and the desire for more space during lockdowns.
Real estate players are adopting digital technologies and SaaS tools to meet evolving customer demands.
SaaS platforms like Polly are providing specialized tools for various stakeholders in the real estate industry.

IT managers are moving away from point solutions to integrated bundles.
Enterprise platforms are expanding to integrate with other enterprise solutions.
Companies like Coda and Connecteam are building comprehensive platforms that address multiple business needs, reducing IT spend and tool duplication.

The Log4Jam incident increased the focus on integrating security into the software development lifecycle.
DevSecOps emphasizes security at every stage of development, promoting a culture of secure software development.
Microsoft provides tools and services to help companies adopt DevSecOps practices seamlessly.

The conflict has disrupted the global software and IT talent pool, particularly in Eastern Europe.
Many tech companies are relocating employees out of Ukraine, impacting the local tech ecosystem.
The global security software landscape is shifting due to geopolitical tensions, with Russia planning to stop using Western software by 2025 and the US flagging Kaspersky as a national security threat.

E-commerce brands are moving towards social commerce platforms like Bloomreach and Disco.
These platforms enable brands to collaborate, upsell, and build loyal audiences, improving CAC and CPA while maximizing AOV.
It is unclear if these platforms will fully replace traditional marketing channels, but they are a viable option for brands.

Salesforce: 73,541 employees, $212.32 share price, 21.1% CY revenue growth, 78.6% gross margin, 11.6% EBITDA margin
ServiceNow: 16,881 employees, $556.89 share price, 25.7% CY revenue growth, 80.9% gross margin, 12.4% EBITDA margin
Shopify: 10,000 employees, $675.96 share price, 31.2% CY revenue growth, 54.7% gross margin, 7.9% EBITDA margin
Atlassian: 7,388 employees, $293.83 share price, 28.9% CY revenue growth, 77.4% gross margin, 3.2% EBITDA margin
Workday: 15,200 employees, $239.46 share price, 20.7% CY revenue growth, 77.4% gross margin, 4.4% EBITDA margin
Zscaler: 3,153 employees, $241.28 share price, 42.5% CY revenue growth, 81.0% gross margin, 25.7% EBITDA margin

The SaaS Index is trading at 7.1x trailing 12-month revenues, which is 12.8% below the 5-year average.
It is also trading at 8.2x next 12-month revenues, a 11.8% drop from the 5-year average.
Retention is a key factor in valuation, with the 'GPB SaaS Score' combining revenue growth, FCF margin, and net dollar retention.

Revenue YoY Growth: Indicates the growth of revenue from the previous year.
Free Cash Flow Margin: Reflects the proportion of cash generated from operations after all expenses.
Payback Period: Lower is better, indicating faster return on investment.
Net Dollar Retention: Measures the percentage of revenue retained from existing customers, with higher retention leading to more attractive valuations.

The SaaS market is experiencing a sell-off, with valuations below the five-year mean.
Companies are focusing on integration and comprehensive platforms to reduce costs and improve efficiency.
DevSecOps is gaining traction as a result of heightened security concerns.
Geopolitical tensions and rising interest rates are affecting the IPO market, leading to a cautious approach.
The shift towards social commerce platforms is reshaping customer acquisition strategies.

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