The Vault

Revenue Forensics.

Deep dives into public SaaS failures, forensic methodology, and the physics of recurring revenue.

Autopsy · Varonis Oct 2025

SaaS Was Growing. The Stock Dropped 44%.

Varonis was winning the transition. New ARR was up. So why did $3.6B evaporate in one day? The answer was in the renewals no one was watching.

Methodology Core Concept

Why Blended NRR is a Lie

High retention in legacy cohorts often masks catastrophic churn in new vintages. Here is how to decompose the metric.