Nikos Moraitakis

However, it's a different type of term than normal enterprise software.

It's not people who are unhappy with the software.

It's actually people who got their job done and they're not hiring anymore.

And you see this because similarly, about 30% of our new business every month

is returning customers, people who hired with us before, they left, and now they're hiring again in the coming time.

Look, VCs who are savvy about the SMB space know that SMB customers very often are sporadic or episodic in their use.

So they have higher return characteristics or return and reactivation.

Net revenue retention is over 100%.

How much over 100%?

It's about 101, 102.

Yes, because it's also affected by larger customers who stay and upgrade a lot.

They grow a lot with us.

Very often you see someone starting at $50 and then they're paying, you know, $15,000 a year years later.

or the gross revenue return is negative.

The net is, the gross is something like 15%.

Exactly.

The most interesting thing with the SMBs is that you see large amount of churn in the beginning because the adoption is, they may be sporadic, they may be using it for a few months, but the ones who stay, stay for a long time and they grow with you.

So after year one, even for the smaller customers, retention is 100%.

Oh, minimum lifetime value is something like three and a half to $4,000.

Well, essentially for small companies, it's three and a half to $4,000 lifetime value.