什么是企业的高质量收益.docxVIP

What High-Quality Revenue Looks Like什么是企业的高质量收益？Growth. In my world of venture capital, we hear all the time that growth drives value. It is how some investors justify putting sky-high valuations on companies that are growing, but not yet making any money. Consider Zynga, which lost $209 million in 2012 — but is still valued at about $2 billion because of the cash it raised and because its revenue is still growing. On the other hand, theres Groupon, once lauded as the fastest-growing company ever. Its stock price peaked weeks after the company went public in 2011 and is down about 80% since. The market has come to question whether its growth can be sustained, and with what underlying earnings.增长。在风险资本世界里，我们总能听到增长驱动价值这样的话。这是一些投资者力争说明自己为什么对一些正在成长，却尚未盈利的公司，投以天价的估值。以Zynga公司为例，2012年损失2.09亿美元 - 但因为它所带动的现金及持续增长的财政收益，仍被视为价值约200亿美元的公司。另一案例，高朋集团，曾经一度被誉为“增长最快的公司。”在2011年公司上市几周后，其股价达到峰值，但随着其市场受到质疑，增长是否可以持续等疑问后，其股价下跌了近80%。Focus on growth and growth alone is always a temporary strategy. Over time, a companys value becomes a function of both growth and cash flow. Superior earnings eventually lead to superior value creation. 关注增长或把增长孤立来看，终究是一种临时战略。随着时间的推移，公司的价值将成为增长与现金流的双重表现。只有超额收益才能创造卓越的企业价值。Put another way, quality (i.e. sustainability) of revenue matters as much as quantity (i.e. growth) of revenue. High-quality revenue has three main characteristics: predictability, profitability and diversity. So in addition to looking at year-over-year growth, you should be looking to these three metrics to drive long-term value:换句话说，收益的质量（即可持续性），与收益的数量（即增长）同样重要。高品质的收益有三个主要特点：可预测性，盈利性和多样性。因此，除了关注企业逐年的增长情况外，还应该看这三个指标，以推动长期的企业价值：1. Predictability. What is your predictability metric? That is, how much of an annuity does your business model have? This is best measured by counting your customers from last year, and seeing what percent of them remain customers this year. For example, if you had 1,000 paying customers in 2011, how many of them were still with you as paying customers in 2012? At our v