Over the past 24 months, software companies have been hit with a myriad of economic circumstances which have caused a deceleration in growth through both decreased new bookings and, for most, higher churn levels. SaaS multiples have adjusted to this new reality: overall EV/LTM revenue multiples of public SaaS companies have seen a steep drop across the board from Jan.21, with high-growth unprofitable companies most penalized. However, some companies in the world of software have continued trading above 10x LTM revenues, considered as “best-in-class” valuations. What do these companies have in common in balancing growth and profitability? What lessons are to be learned? We explore the topic in this report based on Q2 figures and initially released to our clients on September 25th, 2023.