{"id":148,"date":"2022-09-26T11:00:00","date_gmt":"2022-09-26T03:00:00","guid":{"rendered":"http:\/\/blog.cloud500.net\/?p=148"},"modified":"2023-09-13T18:06:02","modified_gmt":"2023-09-13T10:06:02","slug":"saas-%e5%85%ac%e5%8f%b8%e7%9a%84%e5%8f%af%e6%8c%81%e7%bb%ad%e6%80%a7%e5%a2%9e%e9%95%bf%e8%a6%81%e7%b4%a0","status":"publish","type":"post","link":"http:\/\/blog.cloud500.ai\/?p=148","title":{"rendered":"SaaS \u516c\u53f8\u7684\u53ef\u6301\u7eed\u6027\u589e\u957f\u8981\u7d20"},"content":{"rendered":"\n\n
\n
\n \n <\/section>\n
\n \u6574\u4e2a SaaS \u5e02\u573a\u6b63\u5728\u91cd\u7f6e\u3002\u5e02\u573a\u5df2\u7ecf\u4ece\u201c\u4e0d\u987e\u4e00\u5207\u5730\u589e\u957f\u4ee5\u83b7\u5f97\u5ec9\u4ef7\u8d44\u672c\u201d\u7684\u65f6\u4ee3\u8fc7\u6e21\u5230\u6bcf\u4e00\u4e2a\u8463\u4e8b\u4f1a\u90fd\u5173\u5fc3\u7684\u201c\u5728\u8d44\u91d1\u6709\u9650\u7684\u524d\u63d0\u4e0b\u8003\u8651\u6548\u7387\u548c\u4ef7\u503c\uff0c\u4e14\u5982\u4f55\u6301\u7eed\u4fdd\u6301\u589e\u957f\u201d\u7684\u65f6\u4ee3\u3002\u56de\u7b54\u8fd9\u4e2a\u95ee\u9898\u65f6\uff0c\u9700\u8981\u56de\u5230\u201c\u7b2c\u4e00\u6027\u539f\u7406\u201d\uff1a\u6700\u201c\u6210\u529f\u201d\u7684 SaaS \u516c\u53f8\uff08\u57fa\u4e8e\u80a1\u4e1c\u56de\u62a5\uff09\u662f\u5982\u4f55\u521b\u9020\u4ef7\u503c\u7684\uff1f\u54ea\u4e9b\u56e0\u7d20\u4e0e\u80a1\u4ef7\u957f\u671f\u4e0a\u6da8\u6709\u5173\uff1f\u672c\u6587\u8bd5\u56fe\u56de\u7b54\u8fd9\u4e9b\u95ee\u9898\uff0c\u5e76\u5f97\u51fa\u4ee5\u4e0b\u7ed3\u8bba\uff1a\u6301\u7eed\u6027\u589e\u957f\uff0c\u5373\u6536\u5165\u589e\u957f\u7684\u6301\u7eed\u6027\uff0c\u6bd4\u6536\u5165\u589e\u957f\u7684\u7edd\u5bf9\u901f\u5ea6\u6216<\/strong>\u4e8c\u7ea7<\/strong>\u5e02\u573a\u5f15\u8d77\u7684\u4f30\u503c\u53d8\u5316\u66f4\u4e3a\u91cd\u8981\u3002<\/strong>\u5373\u4f7f\u662f\u5728\u8fd1\u671f SaaS \u4e0a\u5e02\u516c\u53f8\u80a1\u4ef7\u5927\u5e45\u56de\u8c03\u7684\u60c5\u51b5\u4e0b\u4ea6\u662f\u5982\u6b64\u3002<\/span>\n <\/section>\n
\n \n \u672c\u6587\u7684\u6570\u636e\u622a\u6b62\u81f3 2022 \u5e74 8 \u6708 15 \u65e5\uff0c\u5206\u4e3a<\/span><\/span>\n \u4ee5\u4e0b\u4e94\u4e2a\u90e8\u5206\uff1a\uff08<\/strong><\/span>\n 1\uff09SaaS\u00a0\u4e0a\u5e02\u516c\u53f8\u7684\u56de\u62a5<\/strong>\n \u7edf\u8ba1<\/strong>\n \uff1b\uff082\uff09\u4ef7\u503c\u521b\u9020\u7684\u90e8\u5206\u6848\u4f8b\uff1b\uff083\uff09\u4ef7\u503c\u521b\u9020\u7684\u56de\u5f52\u6027\u5206\u6790\uff1b\uff084\uff09\u7cbe\u9009\u6848\u4f8b\u7814\u7a76\uff1b\uff085\uff09<\/strong>\n \u7ed3\u8bba<\/strong>\n \u3002<\/span>\n <\/span>\n <\/section>\n
\n \u6458\u8981\u5982\u4e0b\uff1a<\/span>\n <\/section>\n
    \n
  • \n
    \n \n \n \u6536\u5165\u7684\u6301\u7eed\u6027\u589e\u957f\u662f\u83b7\u5f97\u56de\u62a5\u7684\u6700\u91cd\u8981\u56e0\u7d20<\/span>\n <\/strong>\n \uff08\u81ea IPO \u5f00\u59cb\u65f6\u80a1\u4ef7\u589e\u957f\uff0c\u6295\u8d44\u8d44\u91d1\u00a0\/ MOIC \u7684\u500d\u6570\uff09\u3002<\/span>\n <\/span>\n <\/section>\n <\/li>\n
  • \n
    \n \n \n \u4e8c\u7ea7\u201c\u5e02\u573a<\/strong>\u201d\u4e0d\u662f\u516c\u53f8\u4e1a\u52a1\u6240\u5728\u7684\u201c\u5e02\u573a\u201d\uff1a<\/span>\n <\/strong>\n \u5982\u679c\u516c\u53f8\u80fd\u5728\u957f\u65f6\u95f4\u5185\u4fdd\u6301\u4e0a\u5e02\u5e76\u5b9e\u73b0\u8425\u6536\u590d\u5408\u589e\u957f\uff0c\u90a3\u4e48\u4e0d\u8003\u8651\u5e02\u573a\u6ce2\u52a8\u5bf9\u4e2d\u77ed\u671f\u4f30\u503c\u7684\u5f71\u54cd\uff0cSaaS \u4e0a\u5e02\u516c\u53f8\u5c06\u521b\u9020\u5927\u91cf\u4ef7\u503c\u3002<\/span>\n <\/span>\n <\/section>\n <\/li>\n
  • \n
    \n \u672c\u6587\u5c06\u6536\u5165\u589e\u957f\u7684\u901f\u5ea6\u5b9a\u4e49\u4e3a\u81ea\u516c\u53f8 IPO \u4ee5\u6765\u7684\u6536\u5165\u590d\u5408\u589e\u957f\u7387\uff0c\u4e0e\u80a1\u4ef7\u56de\u62a5\u6ca1\u6709\u4efb\u4f55\u5173\u7cfb\u3002\u516c\u53f8 IPO \u65f6\u7684 LTM\uff08\u6700\u8fd1 12 \u4e2a\u6708\uff09\u6536\u5165\u89c4\u6a21\u4e0e\u56de\u62a5\u65e0\u5173\u3002<\/span>\n <\/section>\n <\/li>\n
  • \n
    \n \u90e8\u5206\u4f01\u4e1a\u7684\u5e74\u590d\u5408\u589e\u957f\u7387\u5f88\u9ad8\uff0c\u4e00\u4e9b\u4f01\u4e1a\u7684\u5e74\u590d\u5408\u589e\u957f\u7387\u8fbe\u4e09\u4f4d\u6570\uff1b\u53e6\u4e00\u4e9b\u4f01\u4e1a\u7684\u5e74\u590d\u5408\u589e\u91cf\u4ece\u672a\u8d85\u8fc7 45%\uff0c\u4f46\u8fd9\u4e24\u7c7b\u516c\u53f8\u90fd\u83b7\u5f97\u4e86\u60ca\u4eba\u7684\u56de\u62a5\u3002<\/span>\n <\/section>\n <\/li>\n
  • \n
    \n \u8d44\u672c\u6548\u7387\u662f\u8861\u91cf\u516c\u53f8\u662f\u5426\u80fd\u7ef4\u6301\u4e0a\u5e02\u5730\u4f4d\u6216\u8005\u4e00\u76f4\u70e7\u94b1\u76f4\u81f3\u9000\u5e02\u7684\u6807\u51c6\u3002\u5982\u679c\u516c\u53f8\u88ab\u8feb\u5927\u5e45\u653e\u7f13\uff0c\u90a3\u4e48\u5c06\u4e0d\u5f97\u4e0d\u88ab\u5e76\u8d2d\u6216\u7834\u4ea7\uff0c\u8fd9\u4e9b\u516c\u53f8\u5f80\u5f80\u4ea7\u751f\u8f83\u4f4e\u7684\u56de\u62a5\u3002\uff08\u7531\u4e8e\u6b64\u6b21\u5206\u6790\u53ea\u5305\u62ec\u73b0\u5728\u8fd8\u5728\u4e0a\u5e02\u7684\u516c\u53f8\uff0c\u53ef\u80fd\u4f1a\u5b58\u5728\u5e78\u5b58\u8005\u504f\u5dee\u6548\u5e94\u3002\uff09<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
    \n \n
    \n <\/span>\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 SaaS \u4e0a\u5e02\u516c\u53f8\u56de\u62a5\u7387<\/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 \u5c3d\u7ba1\u6700\u8fd1 SaaS \u51fa\u73b0\u4e86\u5927\u5e45\u5ea6\u8c03\u6574\uff0c\u4f46\u81ea\u4ece Salesforce \u5728 2004 \u5e74 6 \u6708 IPO \u4ee5\u6765\uff0cSaaS \u4e0a\u5e02\u516c\u53f8\u5728\u8fc7\u53bb 20\u00a0\u5e74\u95f4\u8fd8\u662f\u83b7\u5f97\u4e86\u60ca\u4eba\u7684\u56de\u62a5\u3002<\/span>\n <\/section>\n
    \n \n \n <\/span>\n <\/section>\n
    \n \n MOIC \u6392\u540d\u524d\u00a025\u00a0\u7684\u00a0SaaS\u00a0\u4e0a\u5e02\u516c\u53f8<\/strong>\n <\/span>\n <\/section>\n
    \n \u4e0b\u56fe\u662f MOIC \u6392\u540d\u524d 25 \u7684 SaaS \u4e0a\u5e02\u516c\u53f8\uff0c\u5e73\u5747\u503c\u4e3a 13.7 \u500d\uff0c\u4e2d\u4f4d\u6570\u4e3a 9.4 \u500d\u3002\u5728\u8fd1 100\u00a0\u5bb6\u7684\u516c\u53f8\u6837\u672c\u4e2d\uff0cSaaS \u516c\u53f8\u7684\u5e73\u5747\u56de\u62a5\u500d\u6570\u4e3a 5.3 \u500d\uff0c\u4e2d\u4f4d\u6570\u4e3a 1.8 \u500d\u3002\u8fd9\u610f\u5473\u7740\uff1a\u5047\u8bbe\u5728\u6bcf\u5bb6 SaaS \u516c\u53f8 IPO \u65f6\u6295\u5165 1 \u7f8e\u5143\uff0c\u90a3\u4e48\u4eca\u5929\u4f1a\u83b7\u5f97 5.3 \u7f8e\u5143\uff08\u5305\u62ec\u4e86\u6700\u8fd1 IPO \u548c\u80a1\u4ef7\u5927\u5e45\u4f4e\u4e8e IPO \u65f6\u4ef7\u683c\u7684\u516c\u53f8\uff09\u3002<\/span>\n <\/section>\n
    \n \n <\/section>\n
    \n \n \n \n <\/strong>\n <\/span>\n <\/section>\n
    \n \n MOIC \u6392\u540d\u524d\u00a025\u00a0\u7684 SaaS\u00a0\u4e0a\u5e02\u516c\u53f8\u7684\u5185\u90e8\u6536\u76ca\u7387<\/strong>\n <\/span>\n <\/section>\n
    \n \u4e0b\u56fe\u662f\u8fd9\u4e9b\u516c\u53f8\u7684\u67f1\u72b6\u56fe\uff08\u6309 MOCI \u6392\u5e8f\uff09\uff0c\u663e\u793a IRR \u5e73\u5747\u503c\u4e3a 46%\uff0c\u4e2d\u4f4d\u6570\u4e3a 39%\u3002\uff08IRR \u4e0e\u4e0a\u56fe\u7684\u56de\u62a5\u7387\u4e0d\u540c\u662f\u56e0\u4e3a\u8003\u8651\u4e86\u516c\u53f8 IPO \u7684\u65f6\u95f4\uff09<\/span>\n <\/section>\n
    \n \n <\/section>\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 \u4ef7\u503c\u521b\u9020\u7684\u6784\u6210<\/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 SaaS \u4e0a\u5e02\u516c\u53f8\u7684\u80a1\u4ef7\u4e3b\u8981\u7531\u4e09\u4e2a\u56e0\u7d20\u9a71\u52a8\uff1a\u6536\u5165\u3001\u5e02\u573a\u4f30\u503c\u4ee5\u53ca\u7a00\u91ca\u7387\uff08\u201c\u4ef7\u503c\u521b\u9020\u201d\u5b9a\u4e49\u4e3a\u81ea\u516c\u53f8 IPO \u4ee5\u6765\u7684\u80a1\u4ef7\u589e\u957f\uff08MOIC\uff09\uff09\u3002\u901a\u8fc7\u7edf\u8ba1\u516c\u53f8\u4ece\u4e0a\u5e02\u5230\u6700\u8fd1 LTM \u6536\u5165\u7684\u589e\u957f\u60c5\u51b5\uff0c\u5c31\u53ef\u4ee5\u7c97\u7565\u5730\u77e5\u9053\u6709\u591a\u5c11\u4ef7\u503c\u521b\u9020\u6765\u81ea\u6536\u5165\u589e\u957f\u3002\u80a1\u4ef7\u589e\u957f\u548c\u6536\u5165\u589e\u957f\u4e4b\u95f4\u7684\u5dee\u5f02\uff0c\u53ef\u4ee5\u7b80\u5355\u5730\u7edf\u8ba1\u4e3a\u201c\u4f30\u503c\u500d\u6570\u53d8\u5316\u548c\u7a00\u91ca\u201d\u3002\u5f53\u4f30\u503c\u500d\u6570\u4e0a\u6da8\u65f6\uff0c\u6536\u5165\u589e\u957f\u548c\u500d\u6570\u589e\u957f\u90fd\u5bf9\u516c\u53f8\u80a1\u4ef7\u521b\u9020\u7684\u8d21\u732e\u4ea7\u751f\u79ef\u6781\u4f5c\u7528\u3002\u76f8\u53cd\uff0c\u5f53\u4f30\u503c\u500d\u6570\u51cf\u5c0f\u65f6\uff0c\u6536\u5165\u589e\u957f\u5bf9\u4ef7\u503c\u521b\u9020\u4ecd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\uff0c\u4f46\u7531\u4e8e\u500d\u6570\u51cf\u5c0f\u4ea7\u751f\u7684\u8d1f\u9762\u5f71\u54cd\u4f1a\u7834\u574f\u603b\u4f53\u56de\u62a5\uff0c\u56e0\u6b64\u6536\u5165\u589e\u957f\u8fd8\u662f\u4f1a\u4ea7\u751f\u51c0\u589e\u4ef7\u503c\u3002\u80a1\u7968\u7684\u53d1\u884c\uff08\u539f\u59cb\u8d44\u672c\u7b79\u96c6\u3001\u5458\u5de5\u671f\u6743\u6216\u5e76\u8d2d\uff09\u4f1a\u4ea7\u751f\u7a00\u91ca\uff0c\u5728\u5176\u4ed6\u6761\u4ef6\u76f8\u540c\u7684\u60c5\u51b5\u4e0b\uff0c\u516c\u53f8\u4f1a\u901a\u8fc7\u63d0\u9ad8\u53d1\u884c\u80a1\u6570\u6765\u964d\u4f4e\u80a1\u4ef7\u3002\u5f53\u4e00\u5bb6\u81ea\u7531\u51c0\u73b0\u91d1\u6d41\u7684\u516c\u53f8\u8fdb\u884c\u4e86\u80a1\u7968\u56de\u8d2d\uff0c\u5728\u5176\u4ed6\u6761\u4ef6\u76f8\u7b49\u7684\u60c5\u51b5\u4e0b\uff0c\u53ef\u4ee5\u521b\u9020\u6bcf\u80a1\u4ef7\u503c\u3002<\/span>\n <\/section>\n
    \n \u672c\u8282\u5c06\u5148\u901a\u8fc7\u4e24\u4e2a\u6848\u4f8b\u6765\u8bf4\u660e\uff1aAtlassian \u548c ServiceNow\u3002<\/span>\n <\/section>\n
    \n \n \n <\/span>\n <\/section>\n
    \n \n Atlassian<\/strong>\n \uff08<\/strong>\n NasdaqGS<\/strong>\n \uff1a<\/strong>\n TEAM<\/strong>\n \uff09<\/strong>\n \u7684\u80a1\u4ef7<\/strong>\n \u6784\u6210<\/strong>\n \u8981\u7d20<\/strong>\n <\/span>\n <\/section>\n
    \n Atlassian \u4e8e 2015 \u5e74\u5e95\u4ee5\u6bcf\u80a1 21 \u7f8e\u5143\u7684\u4ef7\u683c\u4e0a\u5e02\uff0c\u76ee\u524d\u6bcf\u80a1\u4ef7\u683c\u4e3a 288 \u7f8e\u5143\u3002Atlassian \u662f\u5c11\u6709\u7684 NTM \u6536\u5165\u500d\u6570\uff08\u6263\u9664\u7a00\u91ca\u56e0\u7d20\uff09\u4f1a\u968f\u65f6\u95f4\u663e\u8457\u589e\u957f\u7684\u516c\u53f8\u4e4b\u4e00\u3002<\/span>\n <\/section>\n
    \n \u6570\u636e\u5982\u4e0b\uff1a<\/span>\n <\/section>\n
      \n
    • \n
      \n Atlassian \u4e8e 2015 \u5e74 12 \u6708\u4ee5\u6bcf\u80a1 21 \u7f8e\u5143\u7684\u4ef7\u683c\u4e0a\u5e02\u3002<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u76ee\u524d\u7684\u80a1\u4ef7\u4e3a 288 \u7f8e\u5143\uff0c\u76f8\u8f83\u4e8e IPO \u65f6\u7684\u4ef7\u683c\u4e0a\u6da8\u4e86 13.7 \u500d\uff0c\u6da8\u5e45\u8fbe 1270%\u3002<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u516c\u53f8 IPO \u65f6\u7684 LTM \u6536\u5165\u4e3a 3.53 \u4ebf\u7f8e\u5143\uff0c\u4e0a\u4e00\u5b63\u5ea6\u7684\u6536\u5165\u4e3a 28 \u4ebf\u7f8e\u5143\uff0c\u81ea IPO \u4ee5\u6765\u7684\u590d\u5408\u589e\u957f\u7387\u4e3a 36%\u3002<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u5728 Atlassian \u4e0a\u5e02\u540e\u7684 30\u00a0\u5929\u5185\uff0c\u8be5\u516c\u53f8\u7684\u5e73\u5747\u4ea4\u6613\u4ef7\u683c\u662f NTM \u6536\u5165\u7684 11.6 \u500d\uff0c\u76ee\u524d\u8fd9\u4e00\u6570\u5b57\u5df2\u8fbe 20.3 \u500d\uff0c\u589e\u957f\u8fd1 75%\u3002<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \u81ea Atlassian IPO \u4ee5\u6765\uff0c\u80a1\u4e1c\u6743\u76ca\u5e73\u5747\u6bcf\u5e74\u88ab\u7a00\u91ca 3%\u3002<\/span>\n <\/section>\n <\/li>\n
    • \n
      \n \n \n Atlassian \u7684\u6536\u5165\u589e\u957f\u5360\u80a1\u4ef7\u4e0a\u6da8\u56e0\u7d20\u7684 54%\uff0c\u9690\u542b\u7684\u500d\u6570\u53d8\u5316\uff08\u6263\u9664\u7a00\u91ca\u540e\uff09\u5360\u80a1\u4ef7\u4e0a\u6da8\u56e0\u7d20\u7684 46%\u3002<\/span>\n <\/strong>\n <\/span>\n <\/section>\n <\/li>\n <\/ul>\n
      \n \n <\/section>\n
      \n \n Atlassian MOIC Bridge<\/strong>\n <\/span>\n <\/section>\n
      \n \n <\/section>\n
      \n \n \n <\/span>\n <\/section>\n
      \n \u4e0b\u56fe\u662f\u53e6\u4e00\u4e2a\u89c6\u89d2\uff1a\u5c06 13.7 \u500d\u7684\u6536\u76ca\u62c6\u89e3\u3002<\/span>\n <\/section>\n
      \n \n \n <\/span>\n <\/section>\n
      \n \n Atlassian Share Price Bridge<\/strong>\n <\/span>\n <\/section>\n
      \n \n <\/section>\n
      \n \n <\/section>\n
      \n \n ServiceNow<\/strong>\n \uff08<\/strong>\n NYSE\uff1aNOW<\/strong>\n \uff09\u80a1\u4ef7<\/strong>\n \u6784\u6210\u8981\u7d20<\/strong>\n <\/span>\n <\/section>\n
      \n ServiceNow \u5728 2012 \u5e74\u5e74\u4e2d\u4ee5\u6bcf\u80a1 18 \u7f8e\u5143\u7684\u4ef7\u683c\u4e0a\u5e02\uff0c\u76ee\u524d\u7684\u6bcf\u80a1\u4ef7\u683c\u4e3a 504 \u7f8e\u5143\u3002ServiceNow \u4e0e\u8bb8\u591a\u516c\u53f8\u4e00\u6837\uff0c\u5176 NTM \u7684\u6536\u5165\u500d\u6570\u76f8\u8f83\u4e8e 2012 \u5e74\u521a\u5f00\u59cb\u4ea4\u6613\u65f6\u6709\u6240\u4e0b\u964d\u3002<\/span>\n <\/section>\n
      \n \u6570\u636e\u5982\u4e0b\uff1a<\/span>\n <\/section>\n
        \n
      • \n
        \n ServiceNow \u4e8e 2012 \u5e74 6 \u6708\u4ee5\u6bcf\u80a1 18 \u7f8e\u5143\u7684\u4ef7\u683c\u4e0a\u5e02\u3002<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u76ee\u524d\u7684\u6bcf\u80a1\u80a1\u4ef7\u4e3a 504 \u7f8e\u5143\uff0c\u76f8\u8f83\u4e8e IPO \u65f6\u7684\u4ef7\u683c\u4e0a\u6da8\u4e86 28 \u500d\uff0c\u6da8\u5e45\u8fbe 2700%\u3002<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n ServicNow \u5728 IPO \u65f6\u7684 LTM \u6536\u5165\u4e3a 1.5 \u4ebf\u7f8e\u5143\uff0c\u4e0a\u5b63\u5ea6\u4e3a 66 \u4ebf\u7f8e\u5143\uff0c\u81ea IPO \u4ee5\u6765\u7684\u590d\u5408\u589e\u957f\u7387\u4e3a 45%\u3002<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \u5728 ServiceNow \u4e0a\u5e02\u540e\u7684\u524d 30\u00a0\u5929\u4ea4\u6613\u65e5\u5185\uff0c\u5176\u5e73\u5747\u4ea4\u6613\u4ef7\u683c\u662f NTM \u6536\u5165\u7684 15.4 \u500d\uff0c\u76ee\u524d\u662f 12.3 \u500d\uff0c\u4e0b\u8dcc\u8fd1 20%\u3002\u81ea ServiceNow \u4e0a\u5e02\u4ee5\u6765\uff0c\u5176\u80a1\u4e1c\u6743\u76ca\u5e73\u5747\u6bcf\u5e74\u88ab\u7a00\u91ca 6%\u3002<\/span>\n <\/section>\n <\/li>\n
      • \n
        \n \n \n ServiceNow \u7684\u6536\u5165\u589e\u957f\u5360\u80a1\u4ef7\u589e\u957f\u56e0\u7d20\u7684 159%\uff0c\u9690\u542b\u7684\u500d\u6570\u53d8\u5316\uff08\u6263\u9664\u7a00\u91ca\u540e\uff09\u5360\u80a1\u4ef7\u4e0b\u8dcc\u56e0\u7d20\u7684 59%\u3002<\/span>\n <\/strong>\n <\/span>\n <\/section>\n <\/li>\n <\/ul>\n
        \n \n <\/section>\n
        \n \n \n ServiceNow MOIC Bridge<\/span>\n <\/strong>\n <\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n \n <\/span>\n <\/section>\n
        \n \u4e0b\u56fe\u662f\u53e6\u4e00\u4e2a\u89c6\u89d2\uff1a\u5c06 28 \u500d\u7684\u6536\u76ca\u62c6\u89e3\u3002<\/span>\n <\/section>\n
        \n \n \n <\/span>\n <\/section>\n
        \n \n \n ServiceNow Share Price Bridge<\/span>\n <\/strong>\n <\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n MOIC\u00a0<\/strong>\n \u6392\u540d<\/strong>\n \u524d\u00a025\u00a0<\/strong>\n \u7684<\/strong>\n \u00a0<\/strong>\n SaaS\u00a0\u4e0a\u5e02\u516c\u53f8\u9690\u542b\u4ef7\u503c<\/strong>\n \u6784\u6210<\/strong>\n <\/span>\n <\/section>\n
        \n \u4e0b\u6587\u5c06\u4f1a\u5bf9 MOIC \u524d 25 \u7684 SaaS \u516c\u53f8\u8fdb\u884c\u5206\u6790\uff0c\u5e76\u4ee5\u4e0a\u8ff0\u540c\u6837\u7684\u65b9\u6cd5\u7ed8\u5236\u5176\u4ef7\u503c\u521b\u9020\u7684\u7ec4\u6210\u00a0\u2014\u2014\u00a0\u6536\u5165\u589e\u957f\u3001\u4f30\u503c\u500d\u6570\u53d8\u5316\u548c\u7a00\u91ca\u7684\u5f71\u54cd\u3002\u84dd\u8272\u4ee3\u8868\u7684\u662f\u6536\u5165\u589e\u957f\u6240\u521b\u9020\u7684\u4ef7\u503c\uff0c\u7ea2\u8272\u4ee3\u8868\u7684\u662f\u7531\u4e8e\u500d\u6570\u53d8\u5316\u548c\u7a00\u91ca\u6240\u521b\u9020\u6216\u7834\u574f\u7684\u4ef7\u503c\u3002\u00a0\u5982\u679c\u6309\u4e2d\u4f4d\u6570\u8ba1\u7b97\uff0c\u8fd9\u6279\u6837\u672c\u516c\u53f8\u6709 105%\u00a0\u7684\u4ef7\u503c\u521b\u9020\u6765\u81ea\u4e8e\u6536\u5165\u7684\u589e\u957f\uff0c\u800c\u4e0d\u662f\u4f30\u503c\u500d\u6570\u7684\u589e\u52a0\u3002\u8fd9\u4e5f\u8bc1\u660e\u4e86\uff1a\u65e0\u8bba\u5e02\u573a\u73af\u5883\u5982\u4f55\uff0c\u6536\u5165\u7684\u6301\u7eed\u589e\u957f\u662f SaaS \u516c\u53f8\u6295\u8d44\u56de\u62a5\u6700\u91cd\u8981\u7684\u9a71\u52a8\u529b\u3002\u672c\u7ec4\u516c\u53f8\u7684\u5e73\u5747\u6295\u8d44\u56de\u62a5\u662f IPO \u65f6\u4ef7\u683c\u7684 13.7 \u500d\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\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 \u4ef7\u503c\u521b\u9020\u7684\u56de\u5f52\u6027\u5206\u6790<\/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 \u6536\u5165\u589e\u957f\u662f\u957f\u671f\u56de\u62a5\u4e0e\u4f30\u503c\u53d8\u5316\u7684\u91cd\u8981\u56e0\u7d20\uff0c\u4f46\u4ecd\u5b58\u5728\u4e00\u4e2a\u91cd\u8981\u95ee\u9898\uff1a\u9ad8\u56de\u62a5\u9700\u8981\u600e\u6837\u7684\u6536\u5165\u589e\u957f\u7387\uff1f\u901a\u8fc7\u5bf9\u8fd1 100\u00a0\u5bb6 SaaS \u4e0a\u5e02\u516c\u53f8\u7684\u56de\u5f52\u6027\u5206\u6790\uff0c\u4ee5\u786e\u5b9a\u76f8\u5173\u6027\u6307\u6807\u3002<\/span>\n <\/section>\n
        \n \n \n <\/span>\n <\/section>\n
        \n \n \u80a1\u4ef7 MOCI vs. IPO\u00a0\u5b63\u5ea6\u7684\u00a0LTM\u00a0 \u6536\u5165<\/strong>\n <\/span>\n <\/section>\n
        \n \u516c\u53f8\u4e0a\u5e02\u65f6\u7684\u6536\u5165\u89c4\u6a21\u662f\u5426\u4f1a\u5f71\u54cd\u516c\u53f8\u7684\u6295\u8d44\u56de\u62a5\uff1f\u7b54\u6848\u662f\uff1a\u4e0d\u4f1a\u3002<\/span>\n <\/section>\n
        \n IPO \u65f6\u7684 LTM \u6536\u5165\u4e0e\u516c\u53f8\u56de\u62a5\u6ca1\u6709\u5173\u7cfb\u3002\u4e00\u822c\u800c\u8a00\uff0c\u516c\u53f8\u5e94\u8be5\u5728\u6070\u5f53\u7684\u65f6\u5019\u8fdb\u884c IPO\uff0c\u800c\u4e0d\u662f\u5728\u67d0\u4e00\u7279\u5b9a\u89c4\u6a21\u65f6\u8fdb\u884c IPO\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \u80a1\u4ef7<\/strong>\n \u00a0<\/strong>\n MOIC<\/strong>\n \u00a0vs.\u00a0<\/strong>\n \u6536\u5165\u589e\u957f<\/strong>\n <\/span>\n <\/section>\n
        \n \u4ee5\u4e0b\u662f MOIC \u7684\u6700\u91cd\u8981\u9a71\u52a8\u56e0\u7d20\uff1a\u4ece\u4e0a\u5e02\u65f6\u7684 LTM \u6536\u5165\u6765\u770b\uff0c\u76ee\u524d\u7684 LTM \u6536\u5165\u5b9e\u9645\u589e\u957f\u4e86\u591a\u5c11\uff1f\u56e0\u6b64\uff0c\u516c\u53f8\u4f55\u65f6\u4e0a\u5e02\u5e76\u4e0d\u91cd\u8981\uff0c\u771f\u6b63\u91cd\u8981\u7684\u662f\u81ea\u4e0a\u5e02\u540e\uff0c\u6536\u5165\u589e\u957f\u4e86\u591a\u5c11\u3002\u8fd9\u662f\u4e00\u4e2a\u975e\u5e38\u76f4\u89c2\u7684\u6570\u636e\uff0c\u8fd9\u4e5f\u4e0e MOIC \u76f8\u5173\u5ea6\u6700\u9ad8\u7684\u56e0\u7d20\uff0c\u672c\u7ec4\u6837\u672c\u7684 R\u00a0<\/span><\/sup>2\u00a0<\/span><\/sup>\u4e3a\u00a00.57\u3002\u00a0\u5982\u679c\u628a Salesforce \u7edf\u8ba1\u8fdb\u6765\uff0c\u5219 R\u00a02\u00a0<\/span><\/sup>\u4e3a\u00a00.76\u3002\uff08\u56fe\u4e2d\u5927\u591a\u4e3a\u6700\u8fd1\u4e0a\u5e02\u7684\u516c\u53f8\uff09\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n \n \n <\/strong>\n <\/span>\n <\/section>\n
        \n \n \u80a1\u4ef7 MOIC<\/strong>\n \u00a0vs.\u00a0\u6536\u5165<\/strong>\n \u590d\u5408\u589e\u957f\u7387<\/strong>\n <\/span>\n <\/section>\n
        \n \u5f53\u5c06 MOIC \u4e0e\u6536\u5165\u590d\u5408\u589e\u957f\u7387\u6216\u81ea IPO \u4ee5\u6765\u7684\u6536\u5165\u589e\u957f\u7387\u8fdb\u884c\u5bf9\u6bd4\u65f6\uff0c\u5176\u76f8\u5173\u6027\u57fa\u672c\u4e3a\u00a00\u3002\u8fd9\u610f\u5473\u7740\uff1a\u5bf9\u4e8e\u8fd9\u7ec4\u516c\u53f8\uff0c\u6536\u5165\u7684\u7edd\u5bf9\u589e\u957f\u7387\u4ece\u957f\u671f\u6765\u770b\u5e76\u4e0d\u91cd\u8981\uff0c\u91cd\u8981\u7684\u662f\u81ea\u516c\u53f8 IPO \u4ee5\u540e\u6536\u5165\u89c4\u6a21\u589e\u957f\u4e86\u591a\u5c11\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \n \u80a1\u4ef7\u590d\u5408\u589e\u957f\u7387\u00a0vs.\u00a0\u6536\u5165\u590d\u5408\u589e\u957f\u7387<\/span>\n <\/strong>\n <\/span>\n <\/section>\n
        \n \u4e0b\u56fe\u663e\u793a\u80a1\u4ef7\u590d\u5408\u589e\u957f\u7387\u4e0e\u6536\u5165\u590d\u5408\u589e\u957f\u7387\u7684\u5173\u7cfb\uff0c\u7b54\u6848\u540c\u6837\u662f\u5426\u5b9a\u7684\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \u80a1\u4ef7 MOIC<\/strong>\n \u00a0vs.\u00a0<\/strong>\n \u4e0a\u5e02\u65f6\u95f4<\/strong>\n \uff08<\/strong>\n \u5e74<\/strong>\n \uff09<\/strong>\n <\/span>\n <\/section>\n
        \n \u81ea\u4e0a\u5e02\u4ee5\u540e\uff0c\u6536\u5165\u4ee5\u6210\u500d\u7684\u901f\u5ea6\u589e\u957f\u9700\u8981\u4e00\u5b9a\u7684\u65f6\u95f4\u3002\u672c\u6b21\u7684\u56de\u5f52\u6027\u5206\u6790\u5173\u6ce8\u7684\u662f\u80a1\u4ef7 MOIC \u4e0e\u4e0a\u5e02\u65f6\u95f4\u7684\u5173\u7cfb\uff08\u4ee5\u5e74\u4e3a\u5355\u4f4d\uff09\u3002\u663e\u7136\uff0c\u8fd9\u662f\u76f8\u5173\u5ea6\u7b2c\u4e8c\u9ad8\u7684\u4e00\u7ec4\u6570\u636e\uff08\u4ec5\u6b21\u4e8e\u6536\u5165\u589e\u957f\uff09\uff0c\u7ed3\u679c\u8868\u660e\uff0c\u4ec5\u4ec5\u662f\u7ef4\u6301\u516c\u53f8\u7684\u4e0a\u5e02\uff0c\u5c31\u4f1a\u5bf9\u6295\u8d44\u56de\u62a5\u4ea7\u751f\u5de8\u5927\u5f71\u54cd\u3002\u8bda\u7136\uff0c\u8981\u60f3\u83b7\u5f97\u6210\u529f\u5e76\u7ef4\u6301\u4e0a\u5e02\uff0c\u4e5f\u9700\u8981\u4fdd\u6301\u4e00\u5b9a\u7a0b\u5ea6\u7684\u589e\u957f\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \n <\/section>\n
        \n \n \u80a1\u4ef7 MOIC<\/strong>\n \u00a0vs.<\/strong>\n \u00a0<\/strong>\n IPO<\/strong>\n \u00a0<\/strong>\n \u65f6\u7684\u80a1\u4ef7<\/strong>\n <\/span>\n <\/section>\n
        \n \u4e0b\u56fe\u540c\u6837\u662f\u4e00\u4e2a\u201c\u6709\u8da3\u201d\u7684\u56fe\u8868\uff0c\u8bb8\u591a\u516c\u53f8\u5728 IPO \u4e4b\u524d\u4f1a\u8003\u8651\u662f\u5426\u5e94\u5148\u8fdb\u884c\u62c6\u80a1\uff0c\u4ee5\u4fbf\u80fd\u4ee5\u4e00\u4e2a\u201c\u8f83\u4f4e\u201d\u7684\u80a1\u4ef7\u53d1\u884c\u3002\u7ed3\u8bba\u8868\u660e\uff1a\u4ee5\u4f55\u79cd\u4ef7\u683c\u4e0a\u5e02\u5e76\u4e0d\u91cd\u8981\u3002<\/span>\n <\/section>\n
        \n \n <\/section>\n
        \n \u8bb8\u591a\u516c\u53f8\u4f1a\u907f\u514d\u4ee5\u201c\u9ad8\u4ef7\u201d\u4e0a\u5e02\uff0c\u4ee5\u4fbf\u8ba9\u201c\u66f4\u591a\u201d\u7684\u6563\u6237\u53c2\u4e0e\u8fdb\u6765\u3002\u4e0d\u8fc7\uff0c\u6570\u636e\u663e\u793a\uff0c\u5b9e\u9645\u7ed3\u679c\u5e76\u4e0d\u5f71\u54cd\u516c\u53f8\u7684\u957f\u671f\u56de\u62a5\u3002\u00a0\u8fd9\u4e9b\u516c\u53f8\u5728 IPO \u65f6\u7684\u80a1\u4ef7\u8303\u56f4\u4ece 7 \u7f8e\u5143\uff08FIVN\uff09\u81f3 155 \u7f8e\u5143\uff08MNDY\uff09\u4e0d\u7b49\u3002<\/span>\n <\/section>\n
        \n \u6570\u636e\u5982\u4e0b\uff1a<\/span>\n <\/section>\n
          \n
        • \n
          \n \u516c\u53f8\u4e0a\u5e02\u65f6\u7684\uff08\u6536\u5165\uff09\u89c4\u6a21\u5e76\u4e0d\u91cd\u8981\uff1aR<\/span>\u00a0<\/sup>2<\/sup> = 0.07<\/strong>\u3002<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u6700\u91cd\u8981\u7684\u56e0\u7d20\u662f\u6536\u5165\u81ea\u4e0a\u5e02\u4ee5\u540e\u7684\u5b9e\u9645\u589e\u52a0\uff1aR<\/span>\u00a0<\/sup>2\u00a0<\/sup>=\u00a0 0.57<\/strong>\uff08\u542b Salesforce \u5219\u4e3a 0.76<\/strong>\uff09\u3002<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u7edd\u5bf9\u6536\u5165\u7684\u589e\u957f\u5bf9\u80a1\u4ef7 MOIC \u6216\u80a1\u4ef7\u590d\u5408\u589e\u957f\u7387\u6ca1\u6709\u5f71\u54cd\uff1aR<\/span>\u00a0<\/sup>2\u00a0<\/sup>\u5206\u522b\u4e3a 0.002 \u548c 0.004<\/strong>\u3002<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u7ef4\u6301\u516c\u53f8\u4e0a\u5e02\u975e\u5e38\u91cd\u8981\u3002\u516c\u53f8\u4e0a\u5e02\u7684\u65f6\u95f4\u8d8a\u957f\uff0c\u5c31\u8d8a\u6709\u53ef\u80fd\u4ea7\u751f\u66f4\u591a\u7684\u56de\u62a5\uff1aR<\/span>\u00a0<\/sup>2\u00a0<\/sup>= 0.52<\/strong>\u3002\u00a0<\/span>\n <\/section>\n <\/li>\n
        • \n
          \n \u4e0a\u5e02\u65f6\u7684\u80a1\u4ef7\u5bf9\u516c\u53f8\u6295\u8d44\u56de\u62a5\u5e76\u4e0d\u91cd\u8981\uff1aR<\/span>\u00a0<\/sup>2<\/sup>\u00a0= 0.099<\/strong>\u3002<\/span>\n <\/section>\n <\/li>\n <\/ul>\n
          \n \n <\/section>\n
          \n
          \n
          \n
          \n
          \n
          \n
          \n \n <\/section>\n
          \n \n <\/section>\n
          \n
          \n
          \n

          \n \n \u90e8\u5206\u6848\u4f8b<\/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 \u672c\u8282\u5c06\u4f1a\u5bf9\u51e0\u5bb6\u516c\u53f8\u8fdb\u884c\u6df1\u5165\u7814\u7a76\uff0c\u5e76\u627e\u51fa\u4ed6\u4eec\u9690\u542b ARR\uff08\u5b63\u5ea6\u6536\u5165\u00a0*4\uff09\u3001\u540c\u6bd4\u589e\u957f\u7387\u3001\u80a1\u4ef7\u4ee5\u53ca\u4ece\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\u62ab\u9732\u81f3\u4eca\u7684\u4f30\u503c\u500d\u6570\u53d8\u5316\u60c5\u51b5\u3002<\/span>\n <\/section>\n
          \n \n \n <\/span>\n <\/section>\n
          \n \n Salesforce \u7684\u9690\u542b\u00a0ARR\u00a0\u548c\u589e\u957f\u60c5\u51b5\uff08\u767e\u4e07\u7f8e\u5143\uff09<\/strong>\n <\/span>\n <\/section>\n
          \n Salesforce\uff08NYSE\uff1aCRM\uff09\u5728\u8fc7\u53bb 20\u00a0\u591a\u5e74\u95f4\uff0c\u5176\u9690\u542b ARR \u4ece 2002 \u5e74 4 \u6708\u7684 3700\u00a0\u4e07\u7f8e\u5143\u589e\u957f\u81f3\u76ee\u524d\u7684 296 \u4ebf\u7f8e\u5143\uff0c\u589e\u957f\u8fd1 800\u00a0\u500d\u3002\u8fd9\u610f\u5473\u7740\u81ea Salesforce \u7684\u7b2c\u4e00\u5b63\u5ea6\u8d22\u62a5\u62ab\u9732\u4ee5\u6765\uff0c\u5176\u9690\u542b ARR \u7684\u5e74\u590d\u5408\u589e\u957f\u7387\u8fbe 40%\u3002\u8be5\u516c\u53f8\u8fd8\u8fdb\u884c\u4e86\u591a\u7b14\u6536\u8d2d\u4ee5\u7ef4\u6301\u8fd9\u4e00\u589e\u957f\u7387\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n \n \n <\/strong>\n <\/span>\n <\/section>\n
          \n \n Salesforce \u7684\u80a1\u4ef7\u548c\u00a0NTM\u00a0\u6536\u5165\u500d\u6570<\/strong>\n <\/span>\n <\/section>\n
          \n \u4e0b\u56fe\u662f Salesforce \u81ea 2004 \u5e74\u4e0a\u5e02\u4ee5\u6765\u7684\u80a1\u4ef7\u3001NTM \u6536\u5165\u500d\u6570\u548c\u5e73\u5747 NTM \u6536\u5165\u500d\u6570\u53d8\u5316\u60c5\u51b5\u3002\u867d\u7136\u516c\u53f8\u7684\u4ea4\u6613\u4ef7\u683c\u4ece 1.5 \u500d\u7684 NTM \u6536\u5165\u4e0a\u5347\u81f3 12 \u500d\uff0c\u4f46\u5728\u7edd\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u5176\u4ea4\u6613\u4ef7\u683c\u4e3a NTM \u6536\u5165\u7684 5-8 \u500d\uff08\u5e73\u5747\u4e3a 6.6 \u500d\uff09\u3002\u5728\u76f8\u5bf9\u7a33\u5b9a\u7684\u500d\u6570\u80cc\u666f\u4e0b\uff0c\u6301\u7eed\u6027\u7684\u6536\u5165\u589e\u957f\u4fc3\u4f7f\u4e86\u80a1\u4ef7\u7684\u5927\u5e45\u4e0a\u6da8\uff0c\u80a1\u4ef7\u76f8\u8f83\u4e8e IPO \u65f6\u7684\u4ef7\u683c\u4e0a\u6da8\u4e86 69.5 \u500d\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n \n \n <\/strong>\n <\/span>\n <\/section>\n
          \n \n ServiceNow<\/strong>\n \u00a0\u7684<\/strong>\n \u9690\u542b<\/strong>\n \u00a0ARR\u00a0\u548c\u589e\u957f\u60c5\u51b5\uff08\u767e\u4e07\u7f8e\u5143\uff09<\/strong>\n <\/span>\n <\/section>\n
          \n ServiceNow\uff08NYSE\uff1aNOW\uff09\u7684\u9690\u542b ARR \u4ece 2010\u00a0\u5e74 9 \u6708\u7684 6600\u00a0\u4e07\u7f8e\u5143\u4e0a\u5347\u81f3\u5f53\u524d\u7684 70\u00a0\u591a\u4ebf\u7f8e\u5143\uff0c\u51e0\u4e4e\u589e\u957f\u4e86 106 \u500d\uff0c\u610f\u5473\u7740\u81ea\u5176\u7b2c\u4e00\u5b63\u5ea6\u8d22\u62a5\u62ab\u9732\u4ee5\u6765\uff0cServiceNow \u7684\u9690\u542b ARR \u5e74\u590d\u5408\u589e\u957f\u7387\u8fbe 49%\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n <\/section>\n
          \n \n ServiceNow<\/strong>\n \u00a0\u7684<\/strong>\n \u80a1\u4ef7\u548c<\/strong>\n \u00a0<\/strong>\n NTM<\/strong>\n \u00a0<\/strong>\n \u6536\u5165\u500d\u6570<\/strong>\n <\/span>\n <\/section>\n
          \n \u4e0b\u56fe\u662f ServiceNow \u81ea 2012 \u5e74\u4e0a\u5e02\u4ee5\u6765\u7684\u80a1\u4ef7\u3001NTM \u6536\u5165\u500d\u6570\u548c\u5e73\u5747 NTM \u6536\u5165\u500d\u6570\u53d8\u5316\u60c5\u51b5\u3002ServiceNow \u7684\u4ea4\u6613\u4ef7\u683c\u5728 5.5-21.5 \u500d\uff08\u5e73\u5747\u4e3a 12.9 \u500d\uff09\uff0c\u5176\u80a1\u4ef7\u8f83 IPO \u65f6\u4e0a\u5347\u4e86 28 \u500d\u3002\u867d\u7136 ServiceNow \u7684 NTM \u6536\u5165\u500d\u6570\u76f8\u8f83\u4e8e\u4e0a\u5e02\u521d\u671f\u5df2\u6709\u6240\u4e0b\u964d\uff0c\u4f46\u6301\u7eed\u6027\u7684\u6536\u5165\u589e\u957f\uff08\u4e0e\u5f3a\u5927\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u5229\u6da6\u7387\uff09\u8fd8\u662f\u63a8\u52a8\u4e86\u516c\u53f8\u80a1\u4ef7\u7684\u4e0a\u6da8\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n \n \n <\/strong>\n <\/span>\n <\/section>\n
          \n \n Five9 \u7684\u9690\u542b<\/strong>\n \u00a0<\/strong>\n ARR<\/strong>\n \u00a0<\/strong>\n \u548c\u589e\u957f<\/strong>\n \u60c5\u51b5<\/strong>\n \uff08\u767e\u4e07\u7f8e\u5143\uff09<\/strong>\n <\/span>\n <\/section>\n
          \n Five9\uff08NasdaqGM\uff1aFIVN\uff09\u662f\u4e00\u4e2a\u7279\u4f8b\u3002\u8be5\u516c\u53f8\u7684\u6536\u5165\u4ece 2012 \u5e74 3 \u6708\u7684 5700\u00a0\u4e07\u7f8e\u5143\uff0c\u7ecf\u8fc7 11 \u5e74\u7684\u53d1\u5c55\uff0c\u589e\u957f\u81f3\u5982\u4eca\u7684 7.6 \u4ebf\u7f8e\u5143\uff0c\u9690\u542b ARR \u589e\u957f\u8d85 13 \u500d\uff0c\u81ea\u5176\u7b2c\u4e00\u5b63\u5ea6\u8d22\u62a5\u62ab\u9732\u4ee5\u6765\uff0c\u9690\u542b ARR \u5e74\u590d\u5408\u589e\u957f\u7387\u8fbe 29%\u3002\u867d\u7136\u75ab\u60c5\u52a0\u5feb\u4e86\u8be5\u516c\u53f8\u7684\u6536\u5165\u589e\u957f\uff0c\u4f46\u4e0e\u5176\u4ed6\u4e24\u5bb6\u516c\u53f8\u4e0d\u540c\u7684\u662f\uff0cFive9 \u5728\u89c4\u6a21\u8f83\u5c0f\u7684\u60c5\u51b5\u4e0b\u589e\u957f\u975e\u5e38\u5feb\uff0c\u5f53\u4ed6\u4eec\u7684\u9690\u542b ARR \u8d85\u8fc7 1 \u4ebf\u7f8e\u5143\u65f6\uff0c\u5e74\u589e\u957f\u7387\u8fbe 23%\uff0c\u5e76\u5728\u5f88\u957f\u7684\u65f6\u95f4\u91cc\u4fdd\u6301\u4f4f\u4e86\u8fd9\u79cd\u589e\u957f\u901f\u5ea6\u3002\u516c\u53f8\u901a\u8fc7\u81ea\u5df1\u7684\u65b9\u5f0f\u521b\u9020\u51fa\u4e86\u4ef7\u503c\uff0cFive9 \u7684\u6848\u4f8b\u8868\u660e\uff1a\u5e76\u4e0d\u662f\u9ad8\u901f\u589e\u957f\uff08\u5373\u4f7f\u89c4\u6a21\u8f83\u5c0f\uff09\u624d\u80fd\u521b\u9020\u51fa\u5de8\u5927\u7684\u4ef7\u503c\uff0c\u6301\u7eed\u6027\u589e\u957f\u624d\u662f\u6700\u91cd\u8981\u7684\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n <\/section>\n
          \n \n \n Five9<\/span>\n <\/strong>\n \n \u00a0\u7684<\/span>\n <\/strong>\n \n \u80a1\u4ef7\u4e0e<\/span>\n <\/strong>\n \n \u00a0<\/span>\n <\/strong>\n \n NTM<\/span>\n <\/strong>\n \n \u00a0\u6536\u5165<\/span>\n <\/strong>\n \n \u500d\u6570<\/span>\n <\/strong>\n <\/span>\n <\/section>\n
          \n Five9 \u7684\u589e\u957f\u7387\u4e00\u76f4\u5f88\u7a33\u5b9a\uff0c\u4f5c\u4e3a\u4e00\u5bb6\u4e0a\u5e02\u516c\u53f8\uff0c\u5b83\u7ecf\u5386\u8fc7\u591a\u6b21\u6269\u5f20\u3002\u5728\u6210\u4e3a\u4e0a\u5e02\u516c\u53f8\u540e\u7684\u524d 3 \u5e74\uff0c\u5b83\u7684\u4ea4\u6613\u4ef7\u683c\u4e00\u76f4\u4f4e\u4e8e 5 \u500d\u7684 NTM \u6536\u5165\uff0c\u867d\u7136\u5728\u75ab\u60c5\u671f\u95f4\u5b83\u6709\u8fc7\u4e00\u6b21\u9ad8\u901f\u589e\u957f\uff0c\u5f53\u4ed6\u4eec\u5728 LOI\uff08\u610f\u5411\u4e66\uff09\u62ab\u9732\u4f1a\u88ab Zoom \u6536\u8d2d\u65f6\uff0c\u8be5\u516c\u53f8\u7684\u4ea4\u6613\u4ef7\u683c\u4fbf\u5c0f\u4e8e 10\u00a0\u500d\u7684 NTM \u6536\u5165\u3002\u516c\u53f8\u76ee\u524d\u7684\u5e73\u5747\u7684\u4ef7\u683c\u662f 9.4 \u500d\u7684 NTM \u6536\u5165\u3002\u6301\u7eed\u7684\u589e\u957f\uff08\u4e0d\u65ad\u6269\u5927\u7684 NTM \u6536\u5165\u500d\u6570\uff09\u5e2e\u52a9 Five9 \u5b9e\u73b0\u4e86\u63a5\u8fd1 17 \u500d\u7684\u6295\u8d44\u56de\u62a5\u7387\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \u867d\u7136\u4ee5\u4e0a\u53ea\u662f 3 \u5bb6\u516c\u53f8\u7684\u6848\u4f8b\uff0c\u4f46\u5b83\u4eec\u4e0a\u5e02\u65f6\u95f4\u8f83\u957f\uff0c\u5e76\u6709\u6301\u7eed\u6027\u589e\u957f\u3002\u5f53\u6bd4\u8f83\u516c\u53f8\u81ea IPO \u4ee5\u6765\u80a1\u4ef7 MOIC \u548c\u9690\u542b ARR \u589e\u957f\u7684\u5173\u7cfb\u65f6\uff0c\u53ef\u4ee5\u53d1\u73b0\u5b83\u4eec\u57fa\u672c\u90fd\u5904\u4e8e\u540c\u4e00\u8d8b\u52bf\u7ebf\u4e0a\uff0cR\u00a02<\/span><\/sup>\u00a0=\u00a0\u00a00.99\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \u5f53\u6bd4\u8f83\u8fd9\u4e09\u5bb6\u516c\u53f8\u7684\u80a1\u4ef7 MOIC \u548c\u5404\u81ea\u6536\u5165\u7684\u590d\u5408\u589e\u957f\u7387\u65f6\uff0c\u53ef\u4ee5\u53d1\u73b0\u5b83\u4eec\u7684\u76f8\u5173\u6027\u4e3a\u00a00\uff08\u89c1\u4e0b\u56fe\uff09\u3002\u8fd9\u662f\u5341\u5206\u5408\u7406\u7684\uff0c\u5373\u6bcf\u5bb6\u516c\u53f8\u90fd\u6709\u4e0d\u540c\u7684\u7ec8\u7aef\u5e02\u573a\u3001\u8d77\u59cb\u70b9\u3001\u5229\u6da6\u7387\u3001\u589e\u957f\u7387\u7b49\u60c5\u51b5\uff0c\u6700\u7ec8\uff0c\u6301\u7eed\u6027\u589e\u957f\u4f1a\u8d85\u8d8a\u6240\u6709\u5176\u4ed6\u56e0\u7d20\uff0c\u5e76\u4e14\u968f\u7740\u516c\u53f8\u4e0a\u5e02\u65f6\u95f4\u7684\u8d8a\u6765\u8d8a\u957f\uff0c\u8fd9\u4e00\u7279\u5f81\u5c31\u5c24\u4e3a\u660e\u663e\u3002<\/span>\n <\/section>\n
          \n \n <\/section>\n
          \n \n
          \n <\/span>\n <\/section>\n
          \n
          \n
          \n 1<\/span>\n <\/section>\n
          \n
          \n
          \n
          \n
          \n \n <\/section>\n
          \n \n <\/section>\n
          \n
          \n
          \n

          \n \n \n \u7ed3\u8bba<\/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 \u5bf9\u4e8e SaaS \u4e0a\u5e02\u516c\u53f8\u800c\u8a00\uff0c\u6301\u7eed\u6027\u589e\u957f\u662f\u516c\u53f8\u521b\u9020\u957f\u671f\u4ef7\u503c\u7684\u6700\u91cd\u8981\u56e0\u7d20\u3002\u867d\u7136\u5e02\u573a\u7684\u77ed\u671f\u6ce2\u52a8\u53ef\u4ee5\u4e3a\u516c\u53f8\u521b\u9020\u6216\u6467\u6bc1\u5de8\u5927\u7684\u4ef7\u503c\uff0c\u4f46\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u6301\u7eed\u6027\u7684\u6536\u5165\u589e\u957f\u5c06\u8d85\u8fc7\u4f30\u503c\u500d\u6570\u548c\u80a1\u6743\u7a00\u91ca\u6240\u5e26\u6765\u7684\u8d1f\u9762\u5f71\u54cd\u3002SaaS \u516c\u53f8\u5728\u4e8c\u7ea7\u5e02\u573a\u7684\u6295\u8d44\u56de\u62a5\u662f\u8d44\u672c\u5e02\u573a\u7684\u201c\u65f6\u673a\u201d\u95ee\u9898\uff0c\u800c\u4e0d\u662f\u516c\u53f8\u6240\u5728\u5e02\u573a\u7684\u201c\u65f6\u673a\u201d\u95ee\u9898\u3002\u6b63\u5982\u6240\u6709\u5e02\u573a\u4e00\u6837\uff0c\u201c\u590d\u5229\u201d\u5bf9 SaaS \u516c\u53f8\u4ea7\u751f\u7684\u6295\u8d44\u56de\u62a5\u662f\u663e\u800c\u6613\u89c1\u7684\u3002<\/span>\n <\/section>\n
          \n \n *\u6587\u7ae0\u7ffb\u8bd1\u81ea\uff1a<\/span>https:\/\/www.meritechcapital.com\/insights\uff0c<\/span>\u5982\u9700\u539f\u6587\u8bf7\u4e0e\u6211\u4eec\u8054\u7cfb\u3002<\/span><\/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<\/div>\n\n","protected":false},"excerpt":{"rendered":"

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