Great post. I'm reminded of back to when the bottom was in public SaaS multiples (Q3/Q4 of 2022). At that moment, *all* that anybody was talking about was FCF margins, in defiance of Byron's point about how margins should be weighed against compounded growth. That seemed like something that wouldn't last (and it didn't).
This was a really good post
Thanks, Dave! Means a lot
Really valuable insights, thanks for sharing!
Great post. I'm reminded of back to when the bottom was in public SaaS multiples (Q3/Q4 of 2022). At that moment, *all* that anybody was talking about was FCF margins, in defiance of Byron's point about how margins should be weighed against compounded growth. That seemed like something that wouldn't last (and it didn't).
for a while many over rotated focus on FCF margins. Certainly important, but growth matters a low to potential value