[SaaS 筆記 41] ARR 1B 的公司 (part 2)

很少人聽過 palantir,他們也不完全是 SaaS,但絕對是 enterprise 公司,因為平均客單價是五百萬美金顆顆。是 Peter Thiel 投資的喔。

66% of Palantir’s revenue come from its Top 20 Customers.  These top 20 customers alone average $15,000,000 a year.  Remember when Twilio IPO’d and there was a lot of worry they’d lose Uber, and were too concentrated in top customers?  Well, they did lose Uber.  And Twilio has done just fine since then, growing more than 10x in market cap.

So the lesson perhaps is Be Who You Are.  Palantir really did start off as a services business.  But it knew it needed to grow into a software business to command the multiples it asked — its market cap is a very healthy 23x ARR today.  So it did get there, to the 50%+ margins of a software company.

But it took its time.  17 years.

To $23 Billion.



4. Customer Lifetime Value is 81 months, from SMBs. That’s impressive.  This is a critical metric.  Inclusive of upsells and churn, their ARPU is $29.25 and LTV is $2,398.  That means an effective 81 month customer lifetime value from SMBs.  Not bad!  This is also how they can still afford to invest in a sales-driven sales process with such a low ACV.

 Their CAC isn’t small/short at 15 months.  It takes them over a year to go profitable on an SMB customer.  They have a sales-assisted SMB sales process, which isn’t easy to make efficient.  But they’ve done it.  A LTV/CAC of 6.0 still makes for an efficient model.


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