神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技术、新观点、新风向。 编者按：市场趋稳只是表象。AI原生公司增速快了3倍，却也在吞噬毛利与研发岗。SaaS旧逻辑失效，一场残酷的效率战争已至。文章来自编 译。 2025 年 SaaS 基准报告 在过去九年（！）的时间里，我调研了 5000 家私营 B2B 软件公司，试图通过这些数据通过这些数据弄清楚这个行业到底在发生什么。《SaaS 基 准报告》现已成为行业的一项年度"体检"，用于把脉增长率、人员规模、定价策略和运营效率的最新动态。 我非常高兴能继续与我的朋友们——B2B SaaS 风险投资公司 High Alpha——共同发布这份报告。本次共有超过 800 家公司参与调研，创下了我们 的新纪录。 要点 1：你的表现如何？核心 SaaS 指标基准对比。 首先：我们总结了在增长率、净收入留存率 (NRR)、毛利率以及每全职员工 (FTE) 贡献 ARR 方面的"良好"（第 50 百分位）和"优秀"（第 75 百分 位）标准。 1. 高效增长矩阵。忘掉 LTV:CAC（客户终身价值与获客成本比率）吧，看看这个。 2. AI 增长故事。 ...

Group 1: Executive Changes in Companies - ExxonMobil CFO Kathryn Mikells will retire on February 1, 2026, to focus on recovery after medical procedures; Neil Hansen will succeed her [2] - Barbara Larson has been appointed CFO of Workiva, effective January 20, 2026, succeeding Jill Klindt, who will leave on December 26 [3] - Timothy Regan, CFO of Dropbox, is stepping down after five years; Ross Tennenbaum will take over on December 16 [4] - Crusoe appointed Michael Gordon as CFO and COO, succeeding Matthew DeNezza, who will leave after an advisory role through 2026 [5] - Lambda appointed Heather Planishek as finance chief, who previously held roles at Tines and Palantir Technologies [6]

This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: Dropbox has appointed Ross Tennenbaum, president of tax compliance software firm Avalara, to become its new CFO, effective Dec. 16, according to a Wednesday announcement. Tennenbaum will succeed Tim Regan who has decided to resign after more than five years as CFO and nine years with the company overall, the cloud-based file hosting service provider said in a ...

Core Viewpoint - Dropbox's CFO Timothy Regan will resign after five years, with Ross Tennenbaum appointed as his successor, indicating a leadership transition within the company [1] Company Summary - Timothy Regan has served as CFO of Dropbox for five years [1] - Ross Tennenbaum, a senior executive, will take over the CFO role [1]

Group 1 - The difficulty in obtaining funding for B2C businesses compared to B2B companies is a well-known fact in the VC and startup world [1] - Dropbox is highlighted as a mature, public software company, illustrating the contrast between B2C and B2B funding challenges [1] - Gary Alexander's extensive experience in both Wall Street and Silicon Valley provides insights into current industry themes and trends [1]

Core Insights - The article emphasizes the importance of investing in high-quality stocks and businesses that are managed by disciplined capital allocators, which can generate exceptional returns on capital and compound invested capital over long periods of time [1] Group 1 - The investment philosophy focuses on acquiring stocks of companies that demonstrate strong management and capital allocation skills [1] - The preferred businesses are those that can sustain high returns on capital over time, indicating a robust business model [1]

Core Insights - The article emphasizes the importance of investing in high-quality stocks and businesses that are managed by disciplined capital allocators, which can generate exceptional returns on capital and compound invested capital over long periods of time [1] Group 1 - The investment philosophy focuses on acquiring stocks of companies that demonstrate strong management and capital allocation skills [1] - The preferred businesses are those that can sustain high returns on capital over time, indicating a robust business model [1]

Core Insights - The Zacks Premium service provides tools for investors to enhance their stock market strategies and confidence in investing [1] - Zacks Style Scores are indicators that help investors select stocks likely to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score identifies undervalued stocks using financial ratios [3] - Growth Score assesses a company's financial health and future growth potential [4] - Momentum Score evaluates stocks based on price trends and earnings outlook [5] - VGM Score combines all three styles to provide a comprehensive assessment of stocks [6] Zacks Rank and Style Scores Interaction - The Zacks Rank is a proprietary model that uses earnings estimate revisions to help investors build successful portfolios [7] - Stocks rated 1 (Strong Buy) have historically outperformed the S&P 500, with an average annual return of +23.93% since 1988 [7] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] - Stocks with lower ranks, even with good Style Scores, may still face declining earnings forecasts [10] Company Spotlight: Dropbox (DBX) - Dropbox operates a cloud-based platform with over 700 million registered users in approximately 180 countries [11] - Currently rated 3 (Hold) by Zacks, Dropbox has a VGM Score of A and a Growth Style Score of A, indicating potential for growth [11] - The company is projected to achieve a year-over-year earnings growth of 9.6% for the current fiscal year [11] - Recent earnings estimates for fiscal 2025 have been revised upward, with the Zacks Consensus Estimate increasing by $0.04 to $2.73 per share [12] - Dropbox has an average earnings surprise of +14.7%, making it a noteworthy option for investors [12]

Financial Performance - Dropbox reported third-quarter revenue of $634.4 million, flat year-over-year but exceeding analyst expectations [1] - Adjusted earnings per share were $0.74, beating Wall Street's expectations by 14.1% [1] - Operating margins improved to 27.5%, up from 20% in the same quarter last year [1] - The company generated free cash flow of $293.7 million [1] Stock Performance - Shares of Dropbox increased by 9.7% during the afternoon session, closing at $30.86, a 7.5% rise from the previous close [1][2] - The stock is up 4.4% since the beginning of the year and is trading close to its 52-week high of $33.27 [5] - The stock has shown low volatility, with only four moves greater than 5% in the past year, indicating that the market views the recent news as significant [3] User Metrics - There was a slight sequential decline in total paying users, but the focus remained on strong profitability metrics [1]

Revenue and User Metrics - Total annual recurring revenue (Total ARR) as of September 30, 2025, was $2,536 million, a decrease from $2,574 million as of December 31, 2024, and $2,579 million as of September 30, 2024[219]. - The number of paying users as of September 30, 2025, was 18.07 million, down from 18.22 million as of December 31, 2024, and 18.24 million as of September 30, 2024[225]. - Average revenue per paying user (ARPU) for the three months ended September 30, 2025, was $139.07, slightly up from $139.05 for the same period in 2024[229]. - Revenue for the three months ended September 30, 2025, was $634.4 million, a slight decrease from $638.8 million in the same period of 2024; revenue for the nine months ended September 30, 2025, was $1,884.8 million, down from $1,904.6 million in 2024[253]. - Revenue for the nine months ended September 30, 2025, was $1,884.8 million, a decrease of $19.8 million or 1.0% compared to $1,904.6 million in 2024[264]. Financial Performance - The overall performance exceeded expectations amid ongoing macroeconomic uncertainty, with DocSend delivering strong growth while Dropbox Sign and FormSwift modestly exceeded expectations[211]. - Free cash flow (FCF) for the nine months ended September 30, 2025, was $705.9 million, an increase from $661.1 million in the same period of 2024, primarily due to higher cash from operating activities and lower capital expenditures[234]. - The net income for the three months ended September 30, 2025, was $123.8 million, an increase from $106.7 million in 2024; for the nine months, net income rose to $399.7 million from $349.5 million[253]. - The company expects free cash flow to generally increase in the near term due to operating efficiencies, despite anticipated increases in capital expenditures in the last quarter of 2025[233]. Expenses and Cost Management - The cost of revenue for the three months ended September 30, 2025, was $128.3 million, compared to $111.5 million in 2024; for the nine months, it increased to $368.7 million from $324.3 million[253]. - Gross profit for the three months ended September 30, 2025, was $506.1 million, down from $527.3 million in 2024; for the nine months, gross profit was $1,516.1 million, compared to $1,580.3 million in 2024[253]. - Operating expenses for the three months ended September 30, 2025, totaled $331.4 million, a decrease from $399.5 million in 2024; for the nine months, operating expenses were $989.2 million, down from $1,182.0 million[253]. - Research and development expenses for the three months ended September 30, 2025, were $182.3 million, compared to $225.7 million in 2024; for the nine months, these expenses decreased to $545.1 million from $671.9 million[253]. - Sales and marketing expenses for the three months ended September 30, 2025, were $91.5 million, down from $110.5 million in 2024; for the nine months, these expenses decreased to $271.3 million from $331.8 million[253]. - General and administrative expenses for the three months ended September 30, 2025, were $57.6 million, compared to $63.3 million in 2024; for the nine months, these expenses decreased to $170.2 million from $178.3 million[253]. Strategic Decisions and Investments - A strategic decision to significantly reduce investments in FormSwift at the beginning of 2025 negatively impacted annual recurring revenue (ARR), revenue, and paying users[202]. - The company incurred $3.7 million in expenses related to workforce reduction during the three and nine months ended September 30, 2025[213]. - The company primarily generates over 90% of its revenue from self-serve channels, encouraging registered users to convert to paid plans through various marketing tactics[208]. - The company’s business model includes a range of subscription plans tailored for individuals, families, teams, and organizations, with a focus on increasing conversion rates and expanding existing customers[200]. Macroeconomic Factors - Macroeconomic factors such as inflation and geopolitical issues may adversely impact the company's results of operations and financial performance[210]. Cash Flow and Financing Activities - For the nine months ended September 30, 2025, net cash provided by operating activities was $716.4 million, an increase of $36.1 million compared to the same period in 2024, primarily due to a $65.7 million increase in net income[284][287]. - Net cash used in financing activities for the nine months ended September 30, 2025, was $1,389.9 million, which included $1,298.9 million for the repurchase of common stock[293][294]. - The company completed three separate $1.2 billion Class A common stock repurchase programs since February 2022, with a new authorization for an additional $1.5 billion in August 2025[282]. - The company had $1,142.1 million outstanding under the term loan facility as of September 30, 2025, with $1,550.0 million available to draw[279][299]. - The company entered into a secured five-year term loan facility in December 2024 for up to $2.0 billion, with additional secured delayed draw term loan commitments of up to $700.0 million added in September 2025[278]. Foreign Currency Risks - 27% of the company's sales were denominated in currencies other than U.S. dollars during the nine months ended September 30, 2025[302]. - The company's expenses are primarily denominated in U.S. dollars, leading to potential margin declines if the U.S. dollar strengthens against foreign currencies[302]. - Foreign currency transaction gains or losses were immaterial for the nine months ended September 30, 2025 and 2024[303]. - A hypothetical 10% change in foreign currency rates would not have resulted in material gains or losses for the nine months ended September 30, 2025 and 2024[303]. - The company has not engaged in any hedging activities to manage foreign currency risks to date[303]. - The company's international operations are subject to fluctuations in foreign currency exchange rates, particularly the U.S. dollar-Euro and U.S. dollar-British pounds sterling exchange rates[302]. - The company will continue to reassess its approach to managing risks related to currency rate fluctuations as its international operations grow[303]. - Most of the company's revenue is generated in U.S. dollars, with the remainder in Euros, British pounds sterling, Australian dollars, Canadian dollars, and Japanese yen[300]. - The functional currency of the company's international headquarters is denominated in U.S. dollars[301]. - The company's results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates unrelated to operating performance[301].