Iconiq recently published its State of Software 2025: Rethinking the Playbook. Whenever a new industry benchmark report is published, Dave "CAC" Kellogg and Ray "Growth" Rike try to quickly read, analyze and decide if the report should be discussed on an episode of the Metrics Brothers. The Iconiq State of Software 2025 is a solid industry report that includes several key findings that Dave and Ray discuss during this episode including:

• Ai-Native vs AI-Enabled vs non-AI segmentation
• Growth's impact on Enterprise Value to Revenue multiples
• Revenue growth trends by company size
• Net Revenue Retention Benchmarks
• CAC Payback Period Benchmarks
• Adoption vs Engagement vs Outcomes for AI software companies
• Funnel Conversion metrics for AI vs non-AI companies

If you are interested in how the top tier, maybe I should say top quartile of SaaS companies are performing, in context of SaaS companies leveraging AI, those not leveraging AI and AI-Native software companies - this episode has something for everyone!

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