{
  "docId": "019dd923-5e88-73ef-bd5c-cd66aa158518",
  "docSlug": "4ffda804348b4274",
  "documentTitle": "2024 Accel AI eating software",
  "authorId": "Accel",
  "authorName": "Accel",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 12,
  "pageCount": 55,
  "prevPage": 11,
  "nextPage": 13,
  "slideType": "industry_trends",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The chart tracks valuation multiples from Dec-09 to Sep-24, with a dashed line indicating the 7.1x pre-Covid average.",
  "elementsJson": [
    "bar_chart_vertical"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5c-cd66aa158518/12",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5c-cd66aa158518",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5c-cd66aa158518.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5c-cd66aa158518#slide-12",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.08,
        "x": 0.41,
        "y": 0.56
      },
      "kind": "callout",
      "text": "7.1x Pre-Covid Avg",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88e98021-5bff-4078-9e97-b239edb96421",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Historical EV/NTM Revenue multiples",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56ea022c-8436-47d1-b9ad-47722e4b7750",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.05,
        "x": 0.92,
        "y": 0.56
      },
      "kind": "metric",
      "text": "5.9x Sep-24",
      "attrs": null,
      "subkind": "big-number",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdaa14f6-fb7f-4db1-85db-b234a75a138b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EV / NTM Rev: 5.9x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-41ab-72d9-bba2-20d9fce6ee29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.8,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Note: Selection of US, European and Israeli cloud companies (including previously public companies). Companies that comprise the Accel Euroscape Public Cloud Index are listed in the appendix. Data as of Sep-30 2024. Source: Accel Analysis, Capital IQ",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b9775aa9-d54f-4668-bea4-a05a715a53af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "subtitle",
      "text": "Euroscape Public Cloud Index - EV / NTM Rev",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af2d43e8-6cbf-4bf7-94e9-323c68c353c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.5,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Multiples hovering below the long-term average",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c18158d-5bf1-409c-bfc2-d7bffd1b7108",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Anchoring Bias",
      "slug": "anchoring-bias",
      "agent": "Architect",
      "layer": "block",
      "matchId": "019de0ca-64fd-727d-86d3-e4471078d41c",
      "evidence": "Dashed 7.1x pre-Covid average line as anchor",
      "confidence": 80
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019de0ca-64d5-764b-bbdd-9325a7d06877",
      "evidence": "Title: 'multiples hovering below long-term average'",
      "confidence": 85
    },
    {
      "name": "Chartjunk Elimination",
      "slug": "chartjunk-elimination",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "add15200-57ec-4150-9b63-f6a99e22a82f",
      "evidence": "chart/bar-vertical: Historical EV/NTM Revenue multiples",
      "confidence": 0.7
    },
    {
      "name": "Data-Ink Ratio",
      "slug": "data-ink-ratio",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "019de0ca-6525-758e-8f27-594d0cfab5ba",
      "evidence": "Clean bars with single benchmark line",
      "confidence": 65
    }
  ],
  "frameworks": [
    {
      "name": "EV/NTM Revenue Multiple",
      "slug": null,
      "matchId": "019de0ca-741f-749c-99e1-aed8be4244f7",
      "evidence": "Standard SaaS valuation metric used as the y-axis",
      "confidence": 78
    }
  ],
  "arcBeats": [
    {
      "to": 21,
      "from": 9,
      "beatId": "019de0ca-5d4e-74a4-974d-0f32bd1650fd",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": null,
      "evidence": "'Clouds are looming'; 39% below peak; software spend under pressure; IPO closed",
      "position": 2,
      "confidence": 82,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 12,
      "from": 9,
      "beatId": "019de0ca-5e44-747d-b898-d170382d0be2",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "What Could Be",
      "beatSlug": null,
      "evidence": "Cloud index 39% below peak; multiples below average — implicit better state",
      "position": 2,
      "confidence": 55,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 12,
      "from": 9,
      "name": "Tale Two Worlds",
      "slug": "04-tale-two-worlds",
      "bestFor": "Competitive analysis, benchmarking, case for change",
      "matchId": "019de0ca-5f0d-76b9-bdfd-565935dcb8a8",
      "evidence": "Index 39% below peak (p11) and 5.9x vs 7.1x pre-Covid average (p12) frame current vs. benchmark.",
      "position": 2,
      "objective": "Contrast current cloud index vs. its 2021 peak / pre-Covid average",
      "structure": "Current State -> Desired State / Benchmark -> The Gap & Implication",
      "confidence": 80,
      "description": "Show the gap between two states to drive urgency or highlight opportunity"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}