Through early Q4, the 3 C-Suite Indices and the BVP SaaS Index outperformed the S&P Index as much as 5x as public investors rewarded revenue growth compared to the private markets which emphasized SaaS fundamentals. At the same time, the public trading multiples (20x+ ARR) towered over the private market multiples. Private market valuations have been and continue to be primarily driven off of SaaS fundamentals - revenue growth, Rule of 40, and Cash Flow Margin. While the S&P Index has remained flat over the last two months, SaaS stock prices have been hammered. Workforce Management (-22%), SaaS Index (-28%), Workflow Management (-29%),CFO Suite (-33%). As such, the revenue multiples of public SaaS stock have taken a significant hit. Workforce Management (26x to 17x), CFO Suite (24x to 14x), Workflow Management (25x to 16x), SaaS Index (19x to 13x). Public stocks exhibiting slowing revenue growth, weak efficiency (below or near 40 on the Rule of 40) and negative cash flow margins have substantially underperformed comparable SaaS companies and the general SaaS index. When C-Suite SaaS companies are grouped by revenue multiple ranges, those that are trading over 20x ARR have significantly better SaaS fundamentals.