Welcome to Episode 27 of The SaaS Report!

In this episode, Matt breaks down Q2 numbers from Okta, CrowdStrike, MongoDB, and Snowflake - looking at growth rates, efficiency, ARR multiples, and what it all means for investors.

He also dives into Marc Benioff’s recent interview on the 20VC podcast, where he shared his perspective on generative AI, Salesforce’s internal use cases, and the future of enterprise software.

If you’re following the SaaS market closely, this one’s packed with insights you won’t want to miss.

Subscribe to the State of SaaS newsletter for the full Q2 breakdown when it drops: https://thesaasreport.beehiiv.com/subscribe

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Welcome to Episode 26 of The SaaS Report!

In this episode, Matt Aird breaks down the latest quarterly results from Palo Alto Networks, Sprout Social, and SimilarWeb, before diving into why he believes Monday.com is significantly undervalued after its 40%+ share price decline.

We’ll look at key SaaS metrics - ARR growth, CAC payback, Rule of 40, operating margins - and compare Monday.com’s performance against other leading SaaS companies like Procore, GitLab, MongoDB, and HubSpot.

If you’re an operator, investor, or just curious about where SaaS is heading, this episode has the insights you need.

📌 Chapters:
00:00 – Intro
00:58 – Episode overview
01:29 – Palo Alto Networks Q2 breakdown
02:26 – Palo Alto efficiency & SaaS metrics
02:58 – Sprout Social Q2 results
03:32 – Growth challenges & CAC payback
04:07 – Sprout Social margins & valuation
04:23 – SimilarWeb introduction
05:00 – SimilarWeb growth & challenges
05:38 – Business efficiency concerns
06:09 – Monday.com share price decline explained
07:03 – Google search & AI impacts
08:10 – Revenue guidance concerns
09:04 – Competing with AI-native SaaS for investor attention
09:57 – Why Monday.com is undervalued
10:31 – Comparing Monday to Procore
10:54 – Comparing Monday to GitLab
11:10 – Comparing Monday to MongoDB
11:33 – Comparing Monday to HubSpot
12:07 – SaaS metrics comparison (growth, CAC, FCF margins)
12:22 – Why Monday looks oversold
12:40 – Figma IPO fun fact & wrap-up

Imagine spending just 4% of revenue on sales and marketing and pulling off 77% revenue growth. That’s exactly what AppLovin did this quarter - and they weren’t the only standout in Q2.

In Episode 25 of the SaaS Report, we break down the latest Q2 earnings from some of the biggest names in SaaS - HubSpot, Atlassian, Appian, Datadog, Klaviyo, Semrush - plus a closer look at AppLovin’s staggering numbers. We’ll talk growth rates, margins, CAC paybacks, net revenue retention, and the market trends that are shaping the rest of 2025.

Whether you’re a founder, investor, or SaaS operator, these are the metrics and insights you need to know to benchmark performance and spot where the market is headed.

📊 Want the raw data?
Grab the Q2 State of SaaS data sheet (the exact master spreadsheet I use to compile this report) here: https://www.send.co/a/-state-of-saas-data-sheet-IxBVvL6Y

📍 Chapters
00:00 – AppLovin’s 77% growth on 4% S&M spend
01:48 – AppLovin sells mobile apps business
02:37 – Appian’s growth challenges & efficiency gains
04:23 – HubSpot adds 9,724 customers in Q2
06:20 – Atlassian’s ARR growth slowdown
08:21 – Klaviyo holds steady at 32% ARR growth
09:36 – Semrush’s CAC payback problem
11:03 – Datadog’s consistent 28% growth at $3B ARR
12:27 – How to access the Q2 State of SaaS spreadsheet

#SaaS #Earnings #HubSpot #Atlassian #AppLovin #Datadog #Klaviyo #Appian #Semrush #SaaSmetrics #Investing #TechStocks

In this episode of the SaaS Report, we dive into Q2 results from ServiceNow and Pegasystems, then unpack the incredible story behind Palantir’s 100x ARR multiple. From IPO struggles to explosive valuation, we compare Palantir’s performance to its 2020 IPO cohort - including Snowflake, ZoomInfo, Asana, and BigCommerce - to see how they pulled off one of the most dramatic SaaS turnarounds in recent memory.

This episode is packed with charts, cohort analysis, and growth efficiency breakdowns. We look at everything from CAC payback, FCF margins, Rule of 40, Rule of X, and ARR per employee.

Subscribe for weekly SaaS breakdowns, benchmarks, and operator-grade insights.

Interested in a company breakdown? Drop your requests in the comments.

#SaaS #Palantir #ServiceNow #StartupValuations #SaaSBenchmarking #ARR #VentureCapital #SaaSReport

In this episode of The SaaS Report, we dive deep into a side-by-side comparison of HubSpot (2014–2024) and Salesforce (2004–2014) during their first 11 years as public companies. From R&D and sales investment to ARR growth, CAC payback, and efficiency metrics - this breakdown reveals which company executed better, scaled faster, and delivered more with less.

Spoiler: One of them added 47% more into product, and still came up short.

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Get the full report with bonus charts → https://thesaasreport.beehiiv.com/subscribe

In this episode of The SaaS Report, we break down:

Figma going public 
Adobe's Q2 earnings 
SaaS performance by category

Click here for the full State of SaaS Report - https://thesaasreport.beehiiv.com/subscribe

Whether you're an operator, investor, or just a SaaS nerd, this episode is packed with insights that help you track where software is headed.

Subscribe for weekly breakdowns of public SaaS trends.

Got a topic or company you want us to cover? Drop it in the comments.

#SaaS #FigmaIPO #AdobeEarnings #StartupNews #SoftwareTrends #TheSaaSReport

The Q1 State of SaaS is now live. We've analysed results from 35 publicly traded SaaS companies, breaking things down by CAC Payback, ARR growth rates, GTM efficiency, and more.

What’s inside this episode:

PLG vs Sales-led performance
High-growth vs low-growth comparisons
CAC payback, Magic Number & GTM efficiency breakdowns
Growth rate trends and S&M spend patterns
Who’s still growing? Who’s in decline?

Spoiler: CAC payback has blown out for most companies, GTM efficiency is still falling, and growth is slowing faster than spend is.

We’re in a weird spot - growth is down, spend is down, but results are not up. So what’s next for SaaS? Matt breaks it all down.

Grab your copy of the full Q1 State of SaaS report here - https://thesaasreport.beehiiv.com/subscribe

It took Matt 50+ hours to put together - so if you get value from this, hit that Subscribe button before you download. It really helps.

Thanks for tuning in.

#saas #b2bsales #outboundsales #arr #freecashflow #salesandmarketing 

In this episode we break down Q1 earnings from GitLab, Nutanix, Pure Storage, and Paylocity — plus, we demo our in-house voice AI agent and discuss Marc Andreessen’s bold AI thesis.

Here’s what we cover:

• GitLab: Slower ARR growth, CAC payback blows out to 109 months
• Nutanix: 3rd straight quarter of positive operating income
• Pure Storage: 7-year recurring revenue growth, but tricky SaaS comps
• Paylocity: Strong margins, fast CAC payback, and consistent earnings
• Voice AI Agent: Real-world pilot results + use cases for outbound
• Marc Andreessen: “All incumbents get nuked by AI” — why he might be right

Subscribe for more SaaS, AI, and go-to-market insights.

Drop a comment if you want a demo of the AI calling agent.

#SaaS #AI #TechEarnings #VoiceAI #GitLab #Paylocity #Nutanix #PureStorage

In this week’s episode, we break down the latest performance from four major SaaS players - Rubrik, Asana, MongoDB, and CrowdStrike - and dig into what’s really going on under the hood.

We cover:

Rubrik’s wild growth (54% YoY!) and eye-watering 61% S&M spend
Asana’s GTM efficiency collapse and the uphill battle to cut costs
MongoDB’s consistent ARR gains and tighter OpEx discipline
CrowdStrike’s standout GRR and the implications of surging OPEX

Plus, two major topics impacting sales and AI:

Apple’s iOS 26 Call Screening - Is this the end of cold calling as we know it? We unpack how this default feature could derail outbound teams and change the GTM playbook for good.

Apple’s AI Paper: “The Illusion of Thinking” - A must-know for anyone building in AI. We explore how Apple challenges the current hype around large reasoning models (LRMs) and what this means for the road to AGI.

If you're deep in SaaS, sales strategy, or AI innovation, this is an episode you won’t want to miss.

#SaaS #ARR #Rubrik #Apple #LLM #MongDB #Asana

In this episode, we dive deep into Q1 earnings across some of the most talked-about SaaS names—UiPath, Salesforce, Box, and PagerDuty—and what the data is telling us about the broader SaaS market in 2025.

Klarna’s AI U-turn: After touting an AI assistant that replaced 700 agents, Klarna is hiring humans again. We unpack what this means and whether this is a genuine shift or a PR move ahead of IPO.

This is a preview of our Q1 State of SaaS report—coming soon.

https://thesaasreport.beehiiv.com/subscribe

Subscribe for weekly insights on SaaS earnings, startup funding, AI in go-to-market, and more.

#SaaS #Salesforce #UiPath #Klarna #Startups #CACPayback #SaaSEarnings #AI #AgenticAI #Startups2025 #GoToMarket