{"id":145,"date":"2022-10-24T10:00:00","date_gmt":"2022-10-24T02:00:00","guid":{"rendered":"http:\/\/blog.cloud500.net\/?p=145"},"modified":"2023-09-14T08:02:53","modified_gmt":"2023-09-14T00:02:53","slug":"%e4%ba%91%e8%ae%a1%e7%ae%97%e8%a1%8c%e4%b8%9a%e6%95%b0%e6%8d%ae%e6%9b%b4%e6%96%b0","status":"publish","type":"post","link":"http:\/\/blog.cloud500.ai\/?p=145","title":{"rendered":"\u4e91\u8ba1\u7b97\u884c\u4e1a\u6570\u636e\u66f4\u65b0"},"content":{"rendered":"\n\n
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1<\/span> <\/p>\n

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\n \n <\/section>\n
\n \n <\/section>\n
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\n \n EV\/NTM \u6536\u5165\u500d\u6570\u524d 10 \u540d<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

\n \n <\/section>\n
\n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
\n \n <\/section>\n
\n \n \n \n
\n <\/span>\n <\/strong>\n <\/span>\n <\/section>\n
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1<\/span> <\/section>\n
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\n \n <\/section>\n
\n \n <\/section>\n
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\n \n \u524d\u00a010\u00a0\u516c\u53f8\u6bcf\u5468\u80a1\u4ef7\u8d70\u52bf<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

\n \n <\/section>\n
\n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
\n \n <\/section>\n
\n \n <\/section>\n
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1<\/span> <\/section>\n
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\n \n <\/section>\n
\n \n <\/section>\n
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\n \n \u4f30\u503c\u500d\u6570\u66f4\u65b0<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

\n \n <\/section>\n
\n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
\n SaaS <\/span>\n \u4f01\u4e1a\u7684\u4f30\u503c<\/span>\n \u4f9d\u636e\u662f<\/span>\n \u5176<\/span>\n \u8425\u6536\u7684\u500d\u6570<\/span>\n <\/span>\n \u2014\u2014 \u5728\u5927\u591a\u6570\u60c5\u51b5\u4e0b\u662f\u672a\u6765 <\/span>\n 12 <\/span>\n \u4e2a\u6708\u7684\u9884\u671f\u6536\u5165\u3002<\/span>\n \u4ee5\u4e0b\u7684\u4f30\u503c\u500d\u6570\u662f\u6839\u636e\u4f01\u4e1a\u4ef7\u503c\uff08\u5e02\u503c <\/span>\n + <\/span>\n \u503a\u52a1 <\/span>\n – <\/span>\n \u73b0\u91d1\uff09<\/span>\n \/ NT<\/span>\n M <\/span>\n \u6536\u5165\u6765\u8ba1\u7b97\u7684\u3002<\/span>\n <\/section>\n
\n \u603b\u4f53\u6570\u636e\uff1a<\/span>\n <\/section>\n
    \n
  • \n
    \n \u6574\u4f53\u4e2d\u4f4d\u6570\uff1a<\/span>\n 5.0 \u500d\uff1b<\/span>\n <\/section>\n <\/li>\n
  • \n
    \n \u524d\u4e94\u540d\u4f01\u4e1a\u4e2d\u4f4d\u6570\uff1a<\/span>\n 15.4 \u500d\uff1b<\/span>\n <\/section>\n <\/li>\n
  • \n
    \n 10 \u5e74\u671f\u5229\u7387\uff1a<\/span>\n 4.2%\uff1b<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
    \n \n <\/section>\n
    \n \n <\/section>\n
    \n \u6309\u589e\u957f\u60c5\u51b5\u5206\u7c7b\uff1a\u589e\u957f\u7387\u5927\u4e8e 30% \u7684\u4f01\u4e1a\u5f52\u4e3a\u9ad8\u589e\u957f\u4f01\u4e1a\uff1b15-30% \u7684\u4f01\u4e1a\u5f52\u4e3a\u4e2d\u589e\u957f\u4f01\u4e1a\uff1b\u5c0f\u4e8e 15% \u7684\u4f01\u4e1a\u5f52\u4e3a\u4f4e\u589e\u957f\u4f01\u4e1a\uff1a<\/span>\n <\/section>\n
      \n
    • \n
      \n \u9ad8\u589e\u957f\u4e2d\u4f4d\u6570\uff1a10.4 \u500d\uff1b<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u4e2d\u589e\u957f\u4e2d\u4f4d\u6570\uff1a5.1 \u500d\uff1b<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u4f4e\u589e\u957f\u4e2d\u4f4d\u6570\uff1a2.8 \u500d\uff1b<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
      \n \n <\/section>\n
      \n \n <\/section>\n
      \n \n \n \n
      \n <\/span>\n <\/strong>\n <\/span>\n <\/section>\n
      \n
      \n
      1<\/span> <\/section>\n
      \n
      \n
      \n
      \n
      \n \n <\/section>\n
      \n \n <\/section>\n
      \n
      \n
      \n

      \n \n EV\/NTM\u00a0\u6536\u5165\u500d\u6570\u00a0vs NTM\u00a0\u6536\u5165\u589e\u957f\u7684\u6563\u70b9\u56fe<\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

      \n \n <\/section>\n
      \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
      \n \n \n \n <\/strong>\n <\/span>\n \u589e\u957f\u4e0e\u4f30\u503c\u500d\u6570\u6709\u4f55\u76f8\u5173\u6027\uff1f<\/span>\n \n <\/section>\n
      \n \n <\/section>\n
      \n \u4e0b\u56fe\u663e\u793a\u7684\u662f EV\/NTM \u6536\u5165\u500d\u6570\u9664\u4ee5 NTM \u4e00\u81f4\u9884\u671f\u7684\u7ed3\u679c\u3002<\/span>\n \n <\/section>\n
      \n \n <\/section>\n
      \n \n \n \n
      \n <\/span>\n <\/strong>\n <\/span>\n <\/section>\n
      \n
      \n
      1<\/span> <\/section>\n
      \n
      \n
      \n
      \n
      \n \n <\/section>\n
      \n \n <\/section>\n
      \n
      \n
      \n

      \n \n \n \u8fd0\u8425\u6570\u636e<\/span>\n <\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

      \n \n <\/section>\n
      \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
        \n
      • \n
        \n NTM \u589e\u957f\u7387\u4e2d\u4f4d\u6570\uff1a21%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n LTM \u589e\u957f\u7387\u4e2d\u4f4d\u6570\uff1a30%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u5229\u6da6\u7387\u4e2d\u4f4d\u6570\uff1a74%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u8425\u4e1a\u5229\u6da6\u7387\u4e2d\u4f4d\u6570\uff1a-25%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n FCF \u5229\u6da6\u7387\u4e2d\u4f4d\u6570\uff1a0%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u51c0\u7559\u5b58\u7387\u4e2d\u4f4d\u6570\uff1a120%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u83b7\u5ba2\u6210\u672c\u56de\u62a5\u4e2d\u4f4d\u6570\uff1a33 \u4e2a\u6708\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n S&M \u6536\u5165\u767e\u5206\u6bd4\u4e2d\u4f4d\u6570\uff1a48%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n R&D \u6536\u5165\u767e\u5206\u6bd4\u4e2d\u4f4d\u6570\uff1a28%\uff1b<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n G&A \u6536\u5165\u767e\u5206\u6bd4\u4e2d\u4f4d\u6570\uff1a20%\uff1b<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
        \n \n <\/section>\n
        \n
        \n
        \n \n <\/section>\n
        \n
        \n
        \n
        \n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n
        \n
        \n

        \n \n \n \u7efc\u5408\u6392\u5e8f<\/span>\n <\/strong>\n <\/span>\n <\/p>\n <\/section>\n <\/section>\n <\/section>\n

        \n \n <\/section>\n
        \n \n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n <\/section>\n
        \n \n \n \n <\/strong>\n <\/span>\n 40 <\/span>\n \u6cd5\u5219\u7684\u8ba1\u7b97\u516c\u5f0f\u4e3a <\/span>\n LTM <\/span>\n \u589e\u957f\u7387 <\/span>\n + LTM FCF <\/span>\n \u5229\u6da6\u7387\u3002<\/span>\n FCF <\/span>\n \u7684\u8ba1\u7b97\u65b9\u5f0f\u4e3a\u7ecf\u8425\u73b0\u91d1\u6d41 <\/span>\n – <\/span>\n \u8d44\u672c\u652f\u51fa\u3002<\/span>\n \n <\/section>\n
        \n \u7ecf\u8c03\u6574\u540e\u7684\u56de\u62a5\u5468\u671f\u8ba1\u7b97\u65b9\u5f0f\u4e3a\uff1a\uff08\u4e0a\u5b63\u5ea6 S&M\uff09\/\uff08\u5f53\u5b63\u5ea6\u51c0\u65b0 ARR * \u6bdb\u5229\u7387\uff09*12\u3002\u5b83\u663e\u793a\u4e86\u4e00\u5bb6 SaaS \u4f01\u4e1a\u4ee5\u6bdb\u5229\u4e3a\u57fa\u7840\u6536\u56de\u5176\u5168\u90e8\u83b7\u5ba2\u6210\u672c\u6240\u9700\u7684\u6708\u6570\u3002\u00a0\u5927\u591a\u6570\u4e0a\u5e02\u516c\u53f8\u4e0d\u4f1a\u62ab\u9732\u51c0\u65b0\u589e ARR\uff0c\u56e0\u6b64\u91c7\u7528\u9690\u542b ARR \u6307\u6807\uff08\u5b63\u5ea6\u8ba2\u9605\u6536\u5165 * 4\uff09\u3002\u51c0\u65b0\u589e ARR \u7b49\u4e8e\u672c\u5b63\u5ea6 ARR \u51cf\u53bb\u4e0a\u4e00\u5b63\u5ea6 ARR\uff0c\u6ca1\u6709\u62ab\u9732\u8ba2\u9605\u6536\u5165\u7684\u516c\u53f8\u88ab\u6392\u9664\u5728\u5206\u6790\u4e4b\u5916\uff0c\u5e76\u6807\u4e3a NA\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \n *\u4ee5\u4e0a\u5185\u5bb9\u7ffb\u8bd1\u81ea\uff1a<\/span>\n <\/em>\n \n https:\/\/cloudedjudgement.substack.com<\/span>\n <\/em>\n \n \uff0c<\/span>\n <\/em>\n \n \u5982\u9700\u539f\u6587\u8bf7\u4e0e\u6211\u4eec\u8054\u7cfb\u3002<\/span>\n <\/em>\n <\/span>\n <\/section>\n
        \n \u6211\u4eec\u662f\u4ee5\u7b2c\u4e00\u6027\u539f\u7406\u7814\u7a76\u4e3a\u57fa\u7840\u7684\u4e13\u4e1a\u673a\u6784,\u6b22\u8fce\u5173\u6ce8\u548c\u7559\u8a00\u3002<\/span>\n <\/section>\n
        \n \u5fae\u4fe1\u53f7: Alexqjl<\/span>\n <\/section>\n
        \n
        \n \n <\/section>\n <\/section>\n
        \n
        \n \n <\/section>\n <\/section>\n

        \n \n <\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

        1 EV\/NTM \u6536\u5165\u500d\u6570\u524d 10 \u540d 1 \u524d\u00a010\u00a0\u516c\u53f8\u6bcf\u5468\u80a1\u4ef7\u8d70\u52bf 1 \u4f30\u503c\u500d\u6570\u66f4\u65b0 SaaS \u4f01\u4e1a\u7684\u4f30\u503c […]<\/p>\n","protected":false},"author":1,"featured_media":831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23,18,8],"tags":[],"_links":{"self":[{"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/posts\/145"}],"collection":[{"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=145"}],"version-history":[{"count":1,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/posts\/145\/revisions"}],"predecessor-version":[{"id":315,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/posts\/145\/revisions\/315"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=\/wp\/v2\/media\/831"}],"wp:attachment":[{"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=145"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.cloud500.ai\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}