earnings are a vibe check for unicorns –

For SaaS companiesgrowth may no longer be enough.

Venture capitalist and SaaS sage Jason Lemkin shared notes yesterday on’s recent earnings report. Lemkin highlighted the positives he saw in the team productivity service Q1 results, noting that the company announced strong growth in its most recent quarter and a 125% net revenue retention.

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Read it every morning on or get The Exchange’s newsletter every Saturday.’s rapid growth, according to Lemkin, is an indication that in business terms, “times are still very, very good in SaaS,” regardless of whether the stock market agrees. The point about the market is a good one. The change in the value of public tech companies has taken six months to reach its current point, and ripples are still working through the start-up market in the wake of last year’s capital gains.

Lemkin believes that SaaS fundamentals are still strong, despite the industry being just as far out of investor favor this year as it was in their hearts in 2021. It’s not hard to understand why.’s first quarter had a lot to love, and yet the company’s value has fallen from an all-time high of $450 a share to a few bucks over $100 this morning is therefore a prime example of how companies in the SaaS market are rated along a much steeper curve than they once were. So let’s pit the actual results against Q1 expectations, the company’s guidance against analysts’ forecasts, and how to read the market’s view of its current health.

The resulting photo is one that unicorns should pay close attention to. After all, how many unicorns wouldn’t love to post the following results?

Monday Q1 results, 2022 guidance

In the company’s first quarter of fiscal 2022, reported revenue of $108.5 million, up 84% from the same period a year ago. According to the company’s release, total dollar retention was 125%, a figure that rose to 135% “for customers with more than 10 users” and to 150% for “customers [worth] over $50,000 in annual recurring revenue.”

In terms of growth, had a great first quarter.

Shreya Christina
Shreya has been with for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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