Rasmus Areskoug

Co-founder & CEO of Paraglide || former CFO & VC

[Rasmus Areskoug @RAreskoug]

@OliverMolander This would be the single most important policy change for Swedish entrepreneurs to build and stay in Sweden

[Rasmus Areskoug @RAreskoug]

@BuschEbba Om du är seriös med detta, den enskild viktigaste saken du kan göra är att utöka omfattningen av kvalificerade personaloptioner

[Rasmus Areskoug @RAreskoug]

@paulbz Who are they ?

[Rasmus Areskoug @RAreskoug]

@Kellblog Can we just all agree to adjust FCF for SBC so that these multiples can make any sense ?

[Rasmus Areskoug @RAreskoug]

@rodriscoll @jasonlk It’s a good framework. But I wouldn’t say that giving away all FCF to employees instead of shareholders is noise… it fundamentally questions the business model

[Rasmus Areskoug @RAreskoug]

@OnlyCFO This adds to why it’s hard for CFOs to push down SBC

[Rasmus Areskoug @RAreskoug]

@HarryStebbings Start showing GAAP earnings and they��ll be fine.

[Rasmus Areskoug @RAreskoug]

@bdeeter Incredible

[Rasmus Areskoug @RAreskoug]

@buccocapital Why would they? It’s their own employee enrichment scheme

[Rasmus Areskoug @RAreskoug]

@OnlyCFO Shows the danger of using relative comps to justify valuations

[Rasmus Areskoug @RAreskoug]

@buccocapital @toddsaunders Most is the cumulation of all decisions you make to better serve a certain type of customer

[Rasmus Areskoug @RAreskoug]

@JayKapoorNYC Thank you @JayKapoorNYC, I will have a listen to it!

[Rasmus Areskoug @RAreskoug]

Is SaaS dead? Here are my takes on the main bear case narratives driving the so-called SaaSpocalypse

(1) Everyone will vibe code their own software.

This is a ridiculous argument. Anthropic just bought Workday. Businesses should focus on what makes their beer taste better.

[Rasmus Areskoug @RAreskoug]

@OnlyCFO Yep .

[Rasmus Areskoug @RAreskoug]

So, the way out of the SaaSpocalypse is to disrupt yourself. This all makes the @intercom story even more impressive. Great breakdown here from @OnlyCFO https://t.co/x0F19pYsyq

[Rasmus Areskoug @RAreskoug]

Pre-AI SaaS companies cannot start paying 25% of their revenue on tokens while they need to get GAAP profitable. Going from a revenue multiple to an PE/E (or rather EV/ (SBC adjusted maintainable free cash flow)) is rather painful. Meanwhile, startups' cost of capital is lower.

[Rasmus Areskoug @RAreskoug]

@OnlyCFO There are also real implications on ability to give out stock grants to employees, which I think is why may go for an entity earlier than 25 FTEs