2017私营SaaS公司调查结果（英文版）-2mb

2017 Private SaaS Company Survey Summary

Core Content

The 2017 Private SaaS Company Survey, conducted by KBCM Technology Group (formerly Pacific Crest Securities), provides comprehensive insights into the operational and financial performance of private SaaS companies. The survey includes responses from approximately 400 companies, focusing on growth rates, cost structures, distribution strategies, and the role of professional services in the SaaS industry.

Main Findings

Median Company Statistics

• Median 2016 Ending ARR: $8.5MM
• Over 85 companies with >$25MM in ARR
• Median Organic ARR Growth in 2016: 47%
• Median Employees (FTEs): 78
• Median Customer Count: 356
• 73% of companies are headquartered in the U.S.

Distribution Strategy

• Median Annual Contract Value (ACV): ~$21K
• Field Sales: 41% of respondents
• Inside Sales: 27% of respondents
• Channel Sales: 13% of respondents
• Internet Sales: 11% of respondents
• Mixed Distribution: 29% of respondents

Capital Efficiency

• Median ARR per FTE (excluding < $5MM ARR companies): $137K
• Median ARR per FTE (overall): $100K
• Median CAC Ratio for New Customers: $1.15
• Median CAC Ratio for Upsells: $0.57
• Median CAC Ratio for Expansions: $0.30
• Median CAC Ratio for Renewals: $0.15
• Median CAC Payback Period: ~18 months

Growth Rates

• Median ARR Growth for Companies > $25MM: 25%
• Only 20% of companies with >$25MM ARR experienced growth over 50%
• Median Organic ARR Growth for Companies > $5MM: 37%
• Median Organic ARR Growth for Companies > $25MM: 25%

Sales & Marketing Spend

• Median S&M Spend as % of Revenue: 30%
• Internet Sales-driven companies spend 75% on marketing
• Median S&M Spend for Field Sales: 37%
• Median S&M Spend for Inside Sales: 44%

Professional Services

• Median P.S. Revenue as % of First Year ARR: 14%
• Median P.S. Margins: ~26%
• Professional Services Margins increased from 22% in 2016

Subscription Gross Margin

• Median Subscription Gross Margin: 78%
• Median Total Gross Margin: 73%

Cost Structure

• Median Operating Expense Margins:
  • Sales & Marketing: 35%
  • Research & Development: 28%
  • General & Administrative: 19%
• Median EBITDA Margin: (14%)
• Median FCF Margin: (12%)
• Median YoY GAAP Revenue Growth Rate: 33%
• Median YoY Organic ARR Growth Rate: 36%

Application Delivery Methods

• Predominant Use of Third-Party Providers (AWS): 76%
• Self-Managed Servers: 24%
• Smaller companies more likely to use third-party delivery

Rule of 40%

• Median G+P Index for companies > $15MM ARR: 17%
• Companies exceeding the Rule of 40%:
  • Median 2016 Ending ARR: $29MM
  • Median Organic ARR Growth Rate: 62%
  • Median EBITDA Margin: (3%)
  • Median Net Dollar Retention Rate: 104%
  • Median CAC Ratio for New Customers: $1.11
  • Median CAC Ratio for Upsells: $0.46
  • Median CAC Ratio for Expansions: $0.28
  • Median % of New ARR from Existing Customers: 34%
  • More likely to be Inside Sales-driven and vertically-focused

Key Insights

• Inside Sales is more capital-efficient and leads to higher growth and better retention compared to Field Sales.
• Upsells and Expansions are increasingly important, with a notable increase in their contribution to ARR growth.
• Professional Services play a minor role in most companies, with higher margins observed in this year's survey.
• Third-party cloud delivery (primarily AWS) is becoming more prevalent, while self-managed servers are declining in usage.
• CAC Payback Period is around 18 months, with significant variations across companies.
• Companies with a vertical focus and those using Inside Sales strategies tend to outperform in terms of growth and efficiency.

Comparison with Previous Years

• Consistent trends in growth, capital efficiency, and distribution strategies.
• Increased focus on upsells and expansions across all company sizes.
• Higher CAC for upsell ARR compared to previous years, indicating a shift in strategies.
• Improved professional services margins compared to 2016.

Conclusion

The 2017 survey highlights a growing trend towards Inside Sales strategies and cloud-based delivery solutions, with a notable increase in the emphasis on upsells and expansions. Companies that align with the Rule of 40% demonstrate superior performance in terms of growth and profitability, underscoring the importance of balancing growth with profitability in the SaaS industry.