A Look Back at Q1 '25 Public Cloud Software Earnings
Clouded Judgement
JUNE 17, 2025
Here’s the data: Sales Efficiency: Gross Margin Adjusted CAC Payback Demonstrating the ability to efficiently acquire customers is the fifth aspect of a successful quarter. In theory, any growth rate is possible with an unlimited budget to hire AEs. I consider >120% best in class for companies selling to SMBs (like Bill.com).
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