Software companies have historically presented their business models to investors as recurring cash flows supported by high net retention and customer stickiness.

“And here's... This is a little bit of like a, a, a random rant. Um, but software companies have historically told the world and told investors, "Hey, we're an annuity of cash flows.”

“Once we acquire a customer, our net retention's high, and they, they'll, they'll stick with us."”