Theme
The software multiple reset separated companies that grow into their valuation from companies that grew into their marketing. This theme follows the platforms whose margins survived and asks which ones still compound.
What the theme is made of.
Calls on its names, and commentary on them with no call.
Who publishes here most. No ranking, no score.
List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.
Total seats keep rising while the first enterprise cohort renews below plan. The blended number conceals that for roughly two more quarters.
Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.
Both things are true: the new product works, and there are no more people to sell it to at the current rate.
The AI SKUs are attaching to existing accounts without the discounting that usually accompanies a new module. That is unusual and it is not in the model.
List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.