Sounds like you're all over it. Be interested to hear what...

Sounds like you're all over it. Be interested to hear what you come up with.

50% is very impressive, did he say that privately or is that info available somewhere publicly? I'd suggest perhaps that has improved dramatically to 50% since they started landing bigger clients and reference clients in the same industry and those they're meeting with. Customer numbers may increase at a higher rate from here if your figures are accurate. 50% of 20 meetings a week means they'd add ~130 customers a quarter. Is it possible they are only signing up as freemium customers? If they are in addition to freemium conversions that indicates customer growth much higher than what they have been reporting.

I was not saying some of the 180 customers aren't paying, they are defined as "revenue generating customers." Just that they could be small companies with small ad spends contibuting as low as 1 or $2k in ARR. Certainly possible cash has not been received from some as you say, however they should all be included in the ARR figure, also relevant that they didn't report customer numbers in October.. could be around 200-300 by now but hard to know. I asked why they didnt report on this number and Mat said they presented revenue and cash reciept numbers only as it tied in with the narrative which I didn't find impressive, I'd far prefer consistent, transparent reporting of metrics.

I think 20% conversion rate is more aspirational, they reported 10% conversion rate in the most recent quarter having had a conversion rate as high as 15% in Q3FY21. Industry average is 4-5% (according to Mat) so 10-15% is already very high. I would guess as the free trials can continue indefinitely (for a capped $ ad spend with only detection, not prevention) the % is on a quarterly basis, although clarification on that would be helpful. I also cant correlate freemium customer numbers, conversion rate and growth in paying customers. I think I will ask Mat some more questions - how he calculates freemium conversion rate, how their reported conversion rates and freemium customer numbers correlate with customer numbers, and how they calculate ARR seeing as they earn a % of ad spend which isnt necessarily recurring seeing as a customer can reduce ad spend YoY and how do they estimate what a customer's ad spend will be to determine the ARR from that customer?

I think $10k ave revenue would be a good basis to run on, you might want to add some additional revenue growth to account for client wins of larger customers perhaps based on the rate they've won their bigger customers over the last 6 months.