Brad Leeuwen

If they spent more on software, we give them a score of 200.

If they spend less, we give them a score of zero.

It's about the same.

We give them 100.

Then we run that algorithm across every single company that buys software through us and average all those zeros, 100s, and 200s.

That means that if the score finishes up above 100 in any given month, it means the average company is increasing their software spend.

Because below 100, it means they're decreasing.

What you're looking at here is that data segmented by the size of the buyer, right?

And segmented by the size of the buyer over time.

So you can see the light blue line are smaller businesses.

The bigger line are bigger buyers of software.

And you can see that until

Third quarter of 22, coincidentally, when we raised our series A, markets were pretty good, right?

The small buyers were buying software at a faster rate than bigger companies that were increasing their spend more aggressively.

And this feels intuitively right.

When markets are good, smaller buyers, which are more volatile, perform better.

Then markets got hard.

Markets got hard last year in 23.

And you see the dark line outperforming the light blue line.

What that meant was that bigger customers, bigger buyers of software were more reliable.