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STATE OFTHE
CLOUD REPORT 2017Byron Deeter, Kristina Shen,Anna Khan
w w w . b v p . c o m / c l o u d
2016
WOWZA
WHAT A YEAR
3
Source: Uber
4
Source: New York Stock Exchange
5
Source: Make A GIF
6
Source: Dean DeLisle, Blog Post
Source: 43 companies in BVP Cloud Index as of 02/01/2017. CapIQ
A ROCKY STARTTO 2016
BVP Cloud Index (1/1/2016 – 2/12/2016)
43 Publicly Traded Cloud Companies Indexed as of Jan. 2016 | @
02/01/2017
50%
60%
70%
80%
90%
100%
110%
120%
1/1/2016
1/3/2016
1/5/2016
1/7/2016
1/9/2016
1/11/2016
1/13/2016
1/15/2016
1/17/2016
1/19/2016
1/21/2016
1/23/2016
1/25/2016
1/27/2016
1/29/2016
1/31/2016
2/2/2016
2/4/2016
2/6/2016
2/8/2016
2/10/2016
2/12/2016
BVP Index Nasdaq S&P Dow Jones
BVP Cloud Index (2/12/2016-2/3/2017)
43 Publicly Traded Cloud Companies Indexed as of Jan. 2016 | @
02/03/2017
Source: 43 companies in BVP Cloud Index as of 02/03/2017. CapIQ
...BUTTHE MARKET COMPLETELY REBOUNDED
IN 2H 2016
BVP Cloud Index (1/1/2016 – 2/12/2016)
43 Publicly Traded Cloud Companies Indexed as of Jan. 2016 | @
02/03/2017
50%
60%
70%
80%
90%
100%
110%
120%
1/1/2016
1/3/2016
1/5/2016
1/7/2016
1/9/2016
1/11/2016
1/13/2016
1/15/2016
1/17/2016
1/19/2016
1/21/2016
1/23/2016
1/25/2016
1/27/2016
1/29/2016
1/31/2016
2/2/2016
2/4/2016
2/6/2016
2/8/2016
2/10/2016
2/12/2016
BVP Index Nasdaq S&P Dow Jones
50%
60%
70%
80%
90%
100%
110%
120%
BVP Index Nasdaq S&P Dow Jones
BVP Cloud Index
43 Publicly Traded Cloud Companies Indexed as of Jan. 2011 | @ 02/03/2017
JUSTA SMALL BUMP INA CRAZY RIDE UP!
50%
100%
150%
200%
250%
300%
350%
1/1/2011
3/1/2011
5/1/2011
7/1/2011
9/1/2011
11/1/2011
1/1/2012
3/1/2012
5/1/2012
7/1/2012
9/1/2012
11/1/2012
1/1/2013
3/1/2013
5/1/2013
7/1/2013
9/1/2013
11/1/2013
1/1/2014
3/1/2014
5/1/2014
7/1/2014
9/1/2014
11/1/2014
1/1/2015
3/1/2015
5/1/2015
7/1/2015
9/1/2015
11/1/2015
1/1/2016
3/1/2016
5/1/2016
7/1/2016
9/1/2016
11/1/2016
1/1/2017
BVP Index Nasdaq S&P Dow Jones
Source: 43 companies in BVP Cloud Index as of 02/03/2017. CapIQ
0
5
10
15
20
25
30
35
40
45
50
2008 2009 2010 2011 2012 2013 2014 2015 2016
Number of tech
IPOs on U.S. Stock
exchanges
Source: Bloomberg
*Tech IPOs less than $5MM are not included | *Listings for this year are through Nov 15
FEWESTTECH IPOS SINCE FINANCIAL CRISIS
company 2016-2017
$2.9B
$1.4B
$1.3B
$592M
$492M
company2015
$6.2B
$4.3B
$2.3B
$989M
$826M
$694M
$331M
$6.7B$15.6BTotal
Source: CapIQ
Total
TOTAL CLOUD
IPOS IN 2015-2017
company 2016-2017
$2.9B
$1.4B
$1.3B
$592M
$492M
company2015
$6.2B
$4.3B
$2.3B
$989M
$826M
$694M
$331M
$6.7B$15.6BTotal
5 OF 12 CLOUD
IPOSARE
BVP-FUNDED
Source: CapIQ
Total
M&A From 2009 to Today
4X MORE M&A 2016THANANY OTHER YEAR
$1,676 $2,279
$5,627
$13,708
$8,889
$14,921
$17,655
$60,713
$3,700
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: CapIQ
PUBLIC CLOUD COMPANIES 2009 – 2017
Source: CapIQ and public fillings.
Note: >$300BN market cap also includes 25 companies that are either public companies that are <$1bn market cap or large private acquisitions >$500m market cap.
Salesforce
LinkedIn
Workday
ServiceNow
Netsuite
Concur
Veeva
Atlassian
Ultimate Software
Athenahealth
Shopify
Ariba
Dealertrack
Successfactors
Appdynamics
Tableau
$59.9
$29.0
$21.1
$16.0
$9.3
$8.3
$6.2
$6.2
$5.9
$5.4
$5.2
$4.6
$4.0
$3.9
$3.7
$3.9
Xero
Taleo
LogMeIn
Marketo
Rightnow
New Relic
RingCentral
Omniture
Blackboard
Digital Insights
Cvent
2U
Responsys
Qualys
Blackline
Kenexa
$1.9
$1.9
$1.8
$1.8
$1.8
$1.8
$1.8
$1.7
$1.7
$1.7
$1.7
$1.6
$1.6
$1.6
$1.4
$1.4
>$300BN Market Cap
Proofpoint
Medidata Solutions
LogMeIn
RealPage
Demandware
Twilio
ExactTarget
Wix
Fleetmatics
Lifelock
CornerstoneOnDemand
Box
Skillsoft
Zendesk
Hubspot
$3.7
$3.3
$3.2
$2.9
$2.8
$2.7
$2.6
$2.6
$2.4
$2.4
$2.4
$2.3
$2.3
$2.3
$2.0
Coupa Software
Broadsoft
SPS Commerce
Constant Contact
Mindbody
Eloqua
$1.3
$1.3
$1.2
$1.1
$1.0
$1.0
40% OF MARKET CAPACQUIRED
Source: CapIQ and public fillings.
Note: >$300BN market cap also includes 25 companies that are either public acquisitions <$1bn market cap or large private acquisitions >$500m market cap.
Salesforce
LinkedIn
Workday
ServiceNow
Netsuite
Concur
Veeva
Atlassian
Ultimate Software
Athenahealth
Shopify
Ariba
Dealertrack
Successfactors
Appdynamics
Tableau
$59.9
$29.0
$21.1
$16.0
$9.3
$8.3
$6.2
$6.2
$5.9
$5.4
$5.2
$4.6
$4.0
$3.9
$3.7
$3.9
Xero
Taleo
LogMeIn
Marketo
Rightnow
New Relic
RingCentral
Omniture
Blackboard
Digital Insights
Cvent
2U
Responsys
Qualys
Blackline
Kenexa
$1.9
$1.9
$1.8
$1.8
$1.8
$1.8
$1.8
$1.7
$1.7
$1.7
$1.7
$1.6
$1.6
$1.6
$1.4
$1.4
>$300BN Market Cap
Proofpoint
Medidata Solutions
LogMeIn
RealPage
Demandware
Twilio
ExactTarget
Wix
Fleetmatics
Lifelock
CornerstoneOnDemand
Box
Skillsoft
Zendesk
Hubspot
$3.7
$3.3
$3.2
$2.9
$2.8
$2.7
$2.6
$2.6
$2.4
$2.4
$2.4
$2.3
$2.3
$2.3
$2.0
Coupa Software
Broadsoft
SPS Commerce
Constant Contact
Mindbody
Eloqua
$1.3
$1.3
$1.2
$1.1
$1.0
$1.0
MORETHAN
MEETSTHE EYE
$400B Market Cap
Creation in Just the
Top 200 Companies
$180BN
Public
$129BN
Major Acquisitions
$104BN
Top 100 Private
Cloud Companies
~$400B
MARKET
CAP
Top 200 companies
1,000s of Private
Cloud Companies
Source: SLWA Blog
HUGE BACKLOG OF PRIVATE COMPANIES
>$100BN MARKET CAP IN CLOUD 100
HOW DO I
SCALE?
HOW MUCH
SHOULD I
BURN?
HOW FAST
SHOULD I BE
GROWING?
KEY QUESTIONS FROMTOP PRIVATE
CEOS
HOW FAST
SHOULD I
BE
GROWING?
To Kristina Shen
THE NEW
GROWTH
STANDARD?
8 YEARS TO $1B
Dropbox is the Fastest SaaS Company to
$1 Billion Revenue Run Rate
Years from $1M to $10M ARR
HOW DOTHETOP CLOUD COMPANIES PERFORM?
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
0.5 Yr 1 Yr 1.5 Yr 2 Yrs 2.5 Yrs
ARR(in$M)
Source: CapIQ, internal sources and company announcements..
Note: Use quarterly revenue times four as a proxy for ARR.
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
0.5 Yr 1 Yr 1.5 Yr 2 Yrs 2.5 Yrs
ARR(in$M)
Years from $1M to $10M ARR
HOW DOTHETOP CLOUD COMPANIES PERFORM?
Source: CapIQ internal sources and company announcements..
Note: Use quarterly revenue times four as a proxy for ARR.
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
1 2 3 4 5 6 7 8 9 10 11 12 13 14
$ARR(inM)
Years
YEARS FROM $1MTO $100MARR
Source: CapIQ, internal sources and company announcements..
Note: Use quarterly revenue times four as a proxy for ARR. Note: Assuming it takes 24 months from founding to $1M ARR if do not have actual data.
YEARS FROM $1MTO $100MARR
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
1 2 3 4 5 6 7 8 9 10 11 12 13 14
$ARR(inM)
Years
5.3 yrs
Top 25%
Source: CapIQ and internal sources. Includes 46 public or recently acquired public companies from the BVP Cloud Index. Excludes companies who reached $100M ARR prior to public reported periods.
Note: Assuming it takes 24 months from founding to $1M ARR if do not have actual data. Use quarterly revenue times four as a proxy for ARR.
Public Cloud Companies
7.3 yrs
Median
10.6 yrs
Bottom 25%
From $1mm ARR
BVP GROWTH BENCHMARK
BEST
GOOD
BETTER
Yearsto$10MARR
Yearsto$100MARR
3Years
7Years
4Years
10Years
2Years
5Years
HOW MUCH
SHOULD I
BURN?
DEFININGTHE EFFICIENCY SCORE
% Annual
Revenue
Growth
Rule
of 40 +=
% Profit
Margins
DEFININGTHE EFFICIENCY SCORE
% Annual
Revenue
Growth
Rule
of 40 +=
% Profit
Margins
* Burn defined as FCF for this analysis
% Annual
CARR
Growth
Efficiency
Score += % Burn*
SHOPIFY 2013
GROWTH-DRIVEN
EFFICIENCY SCORE
Power
112% -4% 108%
% Burn*% Revenue
Growth
=
VEEVA 2013
FCF-DRIVEN
EFFICIENCY SCORE
Power
62% 19%
% Burn*% Revenue
Growth
+ =
MULTIPLE
SUCCESSFUL
MODELS OF
EFFICIENT
GROWTH
81%
+
* Burn defined as FCF for this analysis
DIFFERENT EFFICIENCY SCORESAT DIFFERENT STAGES
Source: 43 companies in the BVP Cloud Index, CapIQ
Note: Average efficiency score of the 43 public cloud companies. Efficiency score defined as % annual CARR growth + % FCF margin.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Prior IPO – 3Y IPO – 2Y IPO – 1Y IPO IPO + 1Y IPO + 2Y IPO + 3Y
73%
TIME
56% 53%
45%
38% 35% 32%
THE BVP EFFICIENCY RULE (>$30MARR)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
EXPANSION
($30-60M ARR)
%CARRGrowth+%FCFMargin
70%
50%
30%
IPO
(~$100M ARR)
PUBLIC
($150M+ ARR)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
%Rev.Growth+%FCFMargin
70%
50%
30%
EXPANSION
($30-60M ARR)
IPO
($60-100M ARR)
PUBLIC
($100M+ ARR)
?
THE BVP EFFICIENCY RULE
THE BVP EFFICIENCY RULE (<$30MARR)
BVP Efficiency Score
Net New
ARR
Net Cash
Burn
>
1
For Example:
$10
$25
($10)
Ending ARR Net Burn
($ in M)
$15M
(= $25- $10)
$10M
= 1.5
BVP Efficiency Score
2016 2017
HOW DO I
SCALE?
CUSTOMERACQUISITION COST
CAC PAYBACK
CAC
PAYBACK
PERIOD
(months)
TOTAL S&M COSTS
LAST QUARTER
= NEW CMRR ADDED
LAST QUARTER
X
% GROSS MARGIN
CAC COCKTAIL
CAC
COCKTAIL
FORMULA SALES
# of AEs
Quota
Inside sales
Field /enterprise sales
Ramp time
Inside sales
Field sales
Attainment rate
$400k-$800k
$1-1.5m
1-3mo
6-9mo
70-90%
LEAD/OPPORTUNITY
GENERATION
# of SDRs
Opportunities/SDR/month
Close rate
Marketing Spend
(% of Total S&M)
Inside/field sales model
Freemium/internet sales
15-25
15-30%
25-33%
33-67%
Find the model that works for you
UNDERSTANDING YOUR SALES MODEL
SMB EnterpriseMidmarket
12 Mos 18-24 Mos3-6 Mos
AVG ACV
CHURN /
UPSELL
CAC
PAYBACK
$12 - $50K<$12k $50K+
1% Monthly<3% Monthly
<1% Monthly,
Upsell
MULTIPLEWAYSTO BE SUCCESSFUL: UPSELL
MAJOR DRIVER
12 Mo CAC Payback, 100% Retention 24 Mo CAC Payback, 115% Retention
Note: Assumed 80% gross margin, and no other expenses.
Revenue
Cash Flows (Gross Profit – S&M)
S&M Costs
Year 1 Year 2 Year 3 Year 4Year 1 Year 2 Year 3 Year 4
$10
$8
$0
$10 $10 $10
$8
$16
$24
$10
$8
$16
$12
$1
$13
$12
$15
$24Result in same cash
flow after 4 years
2017 PREDICTIONS
ADVANCES INAIAREAWESOME
...BUT STILL
DEPENDENT
ON HUMANS.
THE YEAR OF HUMANASSISTEDAI
SECURITY
Estimated 1mm unfilled
cybersecurity jobs available
SALES & MARKETINGCUSTOMER SUPPORT
50% of customer service
agents failed to answer a
consumers questions
HEALTHCARE
#1
$12.8B per year on sales
acceleration technology
40% of healthcare providers
are expanding IT budgets
Mapping
Payments
Communication
(Messaging/Voice)
Email
SSO
Customer
Engagement
Storage
Enterprise Search
Files
Background Check
Collaboration
IaaS
User Management
Identification
Social
AI
Banking
Location
HealthcareSecurity/Fraud
Test/Monitor
APIS WILL SERVE AS THE BACKBONE FOR A
MAJORITY OF SOFTWARE INFRASTRUCTURE#2
COST OPTIMIZE
YOUR PUBLIC
CLOUD
INFRASTRUCTURE
ASYOU GROW
ELECTRONIC CALCULATOR
4
7
GT
7
5
8
+ - MRC M- M+
-6 ×
9 %
BASE INSTANCE
+ STORAGE COST
+ PROVISIONED IOPS FOR
DATABASES
+ LOCAL SSD
+10% FOR PREMIUM SUPPORT
+10% FOR DEDICATED
INSTANCES OR HOSTS
=
TOO EXPENSIVE
ARCHITECT
FOR SUCCESS
INAN
INFINITE
COMPUTE
WORLD
#3
FIELD SERVICES
VERTICALHORIZONTAL
CONSTRUCTION RETAIL SALES
EDUCATIONHEALTHCARE SAFETY / COMPLIANCE
AGRICULTUREEVENTS SMBS
COMMUNICATION
PAPER REPLACEMENT
(FORMS/INVOICING)
MOBILE
UNLOCKS
NON-DESK
WORKER
PRODUCTIVITY
#4
NPS EVERYTHING
#5
CUSTOMERS EMPLOYEES
U.S. Labor Force by
Generation, 1995-2015
Source of Graph: Pew Research Center tabulations of monthly 1995-2015. Current Population Surveys, Integrated Public Use Microdata Series (IPUMS)
Source of Data: Fast Company, Rob Hernandez, Future of Work; Forbes, Jeanne Meister, Future Workplace “Multiple Generations @ Work” Survey; PwC, Millennials at Work.
MILLENNIALSAREA MAJORITY OFTHE US
WORKFORCE
think the performance review
process is flawed69%
“feel in the dark” about how their
managers think they are performing74%
expect to stay in job for less than
3 years91%
ranked personal development as
#1 reason for accepting a job65%
In millions
Boomers
Gen
Xers
Silents
Millennials
DIVERSETEAMSWIN#6
of companies funded by American
VCs had “one core foreign born
team member such as CEO or
CTO.”
75%
of U.S. Billion-Dollar startups
were founded by immigrant.s
51%
of top 10 companies in silicon
valley by NASDAQ market cap
are run by women.
20%
profitability increase when
adding 30% more female talent
to a company.
15%
THE SCREENLESS
SOFTWARE
MOVEMENT
#7
7K
Alexa/
Echo has
skills
THE MARKET
HAS FALLEN IN
LOVEWITH
VOICE
8.2MM
Alexa/Echo‘s sold
since late 2014 intro
Source: Consumer Intelligence Research Partners
11.30%
9.50%
18.70% 19.00%
41.60%
When did you first start using
voice search/commands?
Source: MindMeld, SEL Blog by Greg Sterling 2016
Within the last 6 monthsBetween 6 months and 1 year agoBetween 1 to 2 years agoBetween 2 to 3 years agoMore than 3 years ago
20%…of queries on the Google
mobile app and android
devices are voice
searches
Sundar Pichai
Google I/O Keynote
May 2016
VOICE
BVP’S 7 PREDICTIONS FOR 2017
1
APIs will serve as the backbone for
a majority of software infrastructure
The screenless software movement
Mobile unlocks non-desk worker productivity
NPS everything
Architect for infinite scale without
infinite spend
The year of human assisted AI
Diverse teams win
2
3
4
5
6
7

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State of the Cloud 2017

  • 1. STATE OFTHE CLOUD REPORT 2017Byron Deeter, Kristina Shen,Anna Khan w w w . b v p . c o m / c l o u d
  • 4. 4 Source: New York Stock Exchange
  • 7. Source: 43 companies in BVP Cloud Index as of 02/01/2017. CapIQ A ROCKY STARTTO 2016 BVP Cloud Index (1/1/2016 – 2/12/2016) 43 Publicly Traded Cloud Companies Indexed as of Jan. 2016 | @ 02/01/2017 50% 60% 70% 80% 90% 100% 110% 120% 1/1/2016 1/3/2016 1/5/2016 1/7/2016 1/9/2016 1/11/2016 1/13/2016 1/15/2016 1/17/2016 1/19/2016 1/21/2016 1/23/2016 1/25/2016 1/27/2016 1/29/2016 1/31/2016 2/2/2016 2/4/2016 2/6/2016 2/8/2016 2/10/2016 2/12/2016 BVP Index Nasdaq S&P Dow Jones
  • 8. BVP Cloud Index (2/12/2016-2/3/2017) 43 Publicly Traded Cloud Companies Indexed as of Jan. 2016 | @ 02/03/2017 Source: 43 companies in BVP Cloud Index as of 02/03/2017. CapIQ ...BUTTHE MARKET COMPLETELY REBOUNDED IN 2H 2016 BVP Cloud Index (1/1/2016 – 2/12/2016) 43 Publicly Traded Cloud Companies Indexed as of Jan. 2016 | @ 02/03/2017 50% 60% 70% 80% 90% 100% 110% 120% 1/1/2016 1/3/2016 1/5/2016 1/7/2016 1/9/2016 1/11/2016 1/13/2016 1/15/2016 1/17/2016 1/19/2016 1/21/2016 1/23/2016 1/25/2016 1/27/2016 1/29/2016 1/31/2016 2/2/2016 2/4/2016 2/6/2016 2/8/2016 2/10/2016 2/12/2016 BVP Index Nasdaq S&P Dow Jones 50% 60% 70% 80% 90% 100% 110% 120% BVP Index Nasdaq S&P Dow Jones
  • 9. BVP Cloud Index 43 Publicly Traded Cloud Companies Indexed as of Jan. 2011 | @ 02/03/2017 JUSTA SMALL BUMP INA CRAZY RIDE UP! 50% 100% 150% 200% 250% 300% 350% 1/1/2011 3/1/2011 5/1/2011 7/1/2011 9/1/2011 11/1/2011 1/1/2012 3/1/2012 5/1/2012 7/1/2012 9/1/2012 11/1/2012 1/1/2013 3/1/2013 5/1/2013 7/1/2013 9/1/2013 11/1/2013 1/1/2014 3/1/2014 5/1/2014 7/1/2014 9/1/2014 11/1/2014 1/1/2015 3/1/2015 5/1/2015 7/1/2015 9/1/2015 11/1/2015 1/1/2016 3/1/2016 5/1/2016 7/1/2016 9/1/2016 11/1/2016 1/1/2017 BVP Index Nasdaq S&P Dow Jones Source: 43 companies in BVP Cloud Index as of 02/03/2017. CapIQ
  • 10. 0 5 10 15 20 25 30 35 40 45 50 2008 2009 2010 2011 2012 2013 2014 2015 2016 Number of tech IPOs on U.S. Stock exchanges Source: Bloomberg *Tech IPOs less than $5MM are not included | *Listings for this year are through Nov 15 FEWESTTECH IPOS SINCE FINANCIAL CRISIS
  • 13. M&A From 2009 to Today 4X MORE M&A 2016THANANY OTHER YEAR $1,676 $2,279 $5,627 $13,708 $8,889 $14,921 $17,655 $60,713 $3,700 $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: CapIQ
  • 14. PUBLIC CLOUD COMPANIES 2009 – 2017 Source: CapIQ and public fillings. Note: >$300BN market cap also includes 25 companies that are either public companies that are <$1bn market cap or large private acquisitions >$500m market cap. Salesforce LinkedIn Workday ServiceNow Netsuite Concur Veeva Atlassian Ultimate Software Athenahealth Shopify Ariba Dealertrack Successfactors Appdynamics Tableau $59.9 $29.0 $21.1 $16.0 $9.3 $8.3 $6.2 $6.2 $5.9 $5.4 $5.2 $4.6 $4.0 $3.9 $3.7 $3.9 Xero Taleo LogMeIn Marketo Rightnow New Relic RingCentral Omniture Blackboard Digital Insights Cvent 2U Responsys Qualys Blackline Kenexa $1.9 $1.9 $1.8 $1.8 $1.8 $1.8 $1.8 $1.7 $1.7 $1.7 $1.7 $1.6 $1.6 $1.6 $1.4 $1.4 >$300BN Market Cap Proofpoint Medidata Solutions LogMeIn RealPage Demandware Twilio ExactTarget Wix Fleetmatics Lifelock CornerstoneOnDemand Box Skillsoft Zendesk Hubspot $3.7 $3.3 $3.2 $2.9 $2.8 $2.7 $2.6 $2.6 $2.4 $2.4 $2.4 $2.3 $2.3 $2.3 $2.0 Coupa Software Broadsoft SPS Commerce Constant Contact Mindbody Eloqua $1.3 $1.3 $1.2 $1.1 $1.0 $1.0
  • 15. 40% OF MARKET CAPACQUIRED Source: CapIQ and public fillings. Note: >$300BN market cap also includes 25 companies that are either public acquisitions <$1bn market cap or large private acquisitions >$500m market cap. Salesforce LinkedIn Workday ServiceNow Netsuite Concur Veeva Atlassian Ultimate Software Athenahealth Shopify Ariba Dealertrack Successfactors Appdynamics Tableau $59.9 $29.0 $21.1 $16.0 $9.3 $8.3 $6.2 $6.2 $5.9 $5.4 $5.2 $4.6 $4.0 $3.9 $3.7 $3.9 Xero Taleo LogMeIn Marketo Rightnow New Relic RingCentral Omniture Blackboard Digital Insights Cvent 2U Responsys Qualys Blackline Kenexa $1.9 $1.9 $1.8 $1.8 $1.8 $1.8 $1.8 $1.7 $1.7 $1.7 $1.7 $1.6 $1.6 $1.6 $1.4 $1.4 >$300BN Market Cap Proofpoint Medidata Solutions LogMeIn RealPage Demandware Twilio ExactTarget Wix Fleetmatics Lifelock CornerstoneOnDemand Box Skillsoft Zendesk Hubspot $3.7 $3.3 $3.2 $2.9 $2.8 $2.7 $2.6 $2.6 $2.4 $2.4 $2.4 $2.3 $2.3 $2.3 $2.0 Coupa Software Broadsoft SPS Commerce Constant Contact Mindbody Eloqua $1.3 $1.3 $1.2 $1.1 $1.0 $1.0
  • 16. MORETHAN MEETSTHE EYE $400B Market Cap Creation in Just the Top 200 Companies $180BN Public $129BN Major Acquisitions $104BN Top 100 Private Cloud Companies ~$400B MARKET CAP Top 200 companies 1,000s of Private Cloud Companies Source: SLWA Blog
  • 17.
  • 18. HUGE BACKLOG OF PRIVATE COMPANIES >$100BN MARKET CAP IN CLOUD 100
  • 19. HOW DO I SCALE? HOW MUCH SHOULD I BURN? HOW FAST SHOULD I BE GROWING? KEY QUESTIONS FROMTOP PRIVATE CEOS
  • 22. THE NEW GROWTH STANDARD? 8 YEARS TO $1B Dropbox is the Fastest SaaS Company to $1 Billion Revenue Run Rate
  • 23. Years from $1M to $10M ARR HOW DOTHETOP CLOUD COMPANIES PERFORM? $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 0.5 Yr 1 Yr 1.5 Yr 2 Yrs 2.5 Yrs ARR(in$M) Source: CapIQ, internal sources and company announcements.. Note: Use quarterly revenue times four as a proxy for ARR.
  • 24. $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 0.5 Yr 1 Yr 1.5 Yr 2 Yrs 2.5 Yrs ARR(in$M) Years from $1M to $10M ARR HOW DOTHETOP CLOUD COMPANIES PERFORM? Source: CapIQ internal sources and company announcements.. Note: Use quarterly revenue times four as a proxy for ARR.
  • 25. $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 1 2 3 4 5 6 7 8 9 10 11 12 13 14 $ARR(inM) Years YEARS FROM $1MTO $100MARR Source: CapIQ, internal sources and company announcements.. Note: Use quarterly revenue times four as a proxy for ARR. Note: Assuming it takes 24 months from founding to $1M ARR if do not have actual data.
  • 26. YEARS FROM $1MTO $100MARR $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 1 2 3 4 5 6 7 8 9 10 11 12 13 14 $ARR(inM) Years 5.3 yrs Top 25% Source: CapIQ and internal sources. Includes 46 public or recently acquired public companies from the BVP Cloud Index. Excludes companies who reached $100M ARR prior to public reported periods. Note: Assuming it takes 24 months from founding to $1M ARR if do not have actual data. Use quarterly revenue times four as a proxy for ARR. Public Cloud Companies 7.3 yrs Median 10.6 yrs Bottom 25%
  • 27. From $1mm ARR BVP GROWTH BENCHMARK BEST GOOD BETTER Yearsto$10MARR Yearsto$100MARR 3Years 7Years 4Years 10Years 2Years 5Years
  • 29. DEFININGTHE EFFICIENCY SCORE % Annual Revenue Growth Rule of 40 += % Profit Margins
  • 30. DEFININGTHE EFFICIENCY SCORE % Annual Revenue Growth Rule of 40 += % Profit Margins * Burn defined as FCF for this analysis % Annual CARR Growth Efficiency Score += % Burn*
  • 31. SHOPIFY 2013 GROWTH-DRIVEN EFFICIENCY SCORE Power 112% -4% 108% % Burn*% Revenue Growth = VEEVA 2013 FCF-DRIVEN EFFICIENCY SCORE Power 62% 19% % Burn*% Revenue Growth + = MULTIPLE SUCCESSFUL MODELS OF EFFICIENT GROWTH 81% + * Burn defined as FCF for this analysis
  • 32. DIFFERENT EFFICIENCY SCORESAT DIFFERENT STAGES Source: 43 companies in the BVP Cloud Index, CapIQ Note: Average efficiency score of the 43 public cloud companies. Efficiency score defined as % annual CARR growth + % FCF margin. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Prior IPO – 3Y IPO – 2Y IPO – 1Y IPO IPO + 1Y IPO + 2Y IPO + 3Y 73% TIME 56% 53% 45% 38% 35% 32%
  • 33. THE BVP EFFICIENCY RULE (>$30MARR) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% EXPANSION ($30-60M ARR) %CARRGrowth+%FCFMargin 70% 50% 30% IPO (~$100M ARR) PUBLIC ($150M+ ARR)
  • 35. THE BVP EFFICIENCY RULE (<$30MARR) BVP Efficiency Score Net New ARR Net Cash Burn > 1 For Example: $10 $25 ($10) Ending ARR Net Burn ($ in M) $15M (= $25- $10) $10M = 1.5 BVP Efficiency Score 2016 2017
  • 37. CUSTOMERACQUISITION COST CAC PAYBACK CAC PAYBACK PERIOD (months) TOTAL S&M COSTS LAST QUARTER = NEW CMRR ADDED LAST QUARTER X % GROSS MARGIN
  • 38. CAC COCKTAIL CAC COCKTAIL FORMULA SALES # of AEs Quota Inside sales Field /enterprise sales Ramp time Inside sales Field sales Attainment rate $400k-$800k $1-1.5m 1-3mo 6-9mo 70-90% LEAD/OPPORTUNITY GENERATION # of SDRs Opportunities/SDR/month Close rate Marketing Spend (% of Total S&M) Inside/field sales model Freemium/internet sales 15-25 15-30% 25-33% 33-67%
  • 39. Find the model that works for you UNDERSTANDING YOUR SALES MODEL SMB EnterpriseMidmarket 12 Mos 18-24 Mos3-6 Mos AVG ACV CHURN / UPSELL CAC PAYBACK $12 - $50K<$12k $50K+ 1% Monthly<3% Monthly <1% Monthly, Upsell
  • 40. MULTIPLEWAYSTO BE SUCCESSFUL: UPSELL MAJOR DRIVER 12 Mo CAC Payback, 100% Retention 24 Mo CAC Payback, 115% Retention Note: Assumed 80% gross margin, and no other expenses. Revenue Cash Flows (Gross Profit – S&M) S&M Costs Year 1 Year 2 Year 3 Year 4Year 1 Year 2 Year 3 Year 4 $10 $8 $0 $10 $10 $10 $8 $16 $24 $10 $8 $16 $12 $1 $13 $12 $15 $24Result in same cash flow after 4 years
  • 44. THE YEAR OF HUMANASSISTEDAI SECURITY Estimated 1mm unfilled cybersecurity jobs available SALES & MARKETINGCUSTOMER SUPPORT 50% of customer service agents failed to answer a consumers questions HEALTHCARE #1 $12.8B per year on sales acceleration technology 40% of healthcare providers are expanding IT budgets
  • 45. Mapping Payments Communication (Messaging/Voice) Email SSO Customer Engagement Storage Enterprise Search Files Background Check Collaboration IaaS User Management Identification Social AI Banking Location HealthcareSecurity/Fraud Test/Monitor APIS WILL SERVE AS THE BACKBONE FOR A MAJORITY OF SOFTWARE INFRASTRUCTURE#2
  • 46. COST OPTIMIZE YOUR PUBLIC CLOUD INFRASTRUCTURE ASYOU GROW ELECTRONIC CALCULATOR 4 7 GT 7 5 8 + - MRC M- M+ -6 × 9 % BASE INSTANCE + STORAGE COST + PROVISIONED IOPS FOR DATABASES + LOCAL SSD +10% FOR PREMIUM SUPPORT +10% FOR DEDICATED INSTANCES OR HOSTS = TOO EXPENSIVE ARCHITECT FOR SUCCESS INAN INFINITE COMPUTE WORLD #3
  • 47. FIELD SERVICES VERTICALHORIZONTAL CONSTRUCTION RETAIL SALES EDUCATIONHEALTHCARE SAFETY / COMPLIANCE AGRICULTUREEVENTS SMBS COMMUNICATION PAPER REPLACEMENT (FORMS/INVOICING) MOBILE UNLOCKS NON-DESK WORKER PRODUCTIVITY #4
  • 49. U.S. Labor Force by Generation, 1995-2015 Source of Graph: Pew Research Center tabulations of monthly 1995-2015. Current Population Surveys, Integrated Public Use Microdata Series (IPUMS) Source of Data: Fast Company, Rob Hernandez, Future of Work; Forbes, Jeanne Meister, Future Workplace “Multiple Generations @ Work” Survey; PwC, Millennials at Work. MILLENNIALSAREA MAJORITY OFTHE US WORKFORCE think the performance review process is flawed69% “feel in the dark” about how their managers think they are performing74% expect to stay in job for less than 3 years91% ranked personal development as #1 reason for accepting a job65% In millions Boomers Gen Xers Silents Millennials
  • 50. DIVERSETEAMSWIN#6 of companies funded by American VCs had “one core foreign born team member such as CEO or CTO.” 75% of U.S. Billion-Dollar startups were founded by immigrant.s 51% of top 10 companies in silicon valley by NASDAQ market cap are run by women. 20% profitability increase when adding 30% more female talent to a company. 15%
  • 52. 7K Alexa/ Echo has skills THE MARKET HAS FALLEN IN LOVEWITH VOICE 8.2MM Alexa/Echo‘s sold since late 2014 intro Source: Consumer Intelligence Research Partners
  • 53. 11.30% 9.50% 18.70% 19.00% 41.60% When did you first start using voice search/commands? Source: MindMeld, SEL Blog by Greg Sterling 2016 Within the last 6 monthsBetween 6 months and 1 year agoBetween 1 to 2 years agoBetween 2 to 3 years agoMore than 3 years ago 20%…of queries on the Google mobile app and android devices are voice searches Sundar Pichai Google I/O Keynote May 2016 VOICE
  • 54. BVP’S 7 PREDICTIONS FOR 2017 1 APIs will serve as the backbone for a majority of software infrastructure The screenless software movement Mobile unlocks non-desk worker productivity NPS everything Architect for infinite scale without infinite spend The year of human assisted AI Diverse teams win 2 3 4 5 6 7