SaaS Investor Reporting: Metrics and Format That Win
Great investor reporting does more than satisfy board requirements—it builds credibility, tells your growth story, and positions you for future fundraising. This guide covers the metrics, formats, and best practices that sophisticated SaaS investors expect.
SaaS investors have specific expectations for reporting. They evaluate you against other portfolio companies and industry benchmarks. Providing the right metrics in the right format demonstrates financial sophistication and makes it easier for investors to advocate for you internally.
This guide covers monthly investor updates, board reporting, and the metrics package that supports effective governance and future fundraising.
Core Metrics Package
Every SaaS investor expects these fundamental metrics. Define them clearly and track consistently.
Revenue Metrics
| Metric | Definition | Frequency |
|---|---|---|
| ARR / MRR | Annual/Monthly Recurring Revenue | Monthly |
| ARR Growth Rate | YoY or QoQ percentage growth | Monthly |
| Net New ARR | New + Expansion - Churn - Contraction | Monthly |
| Bookings | Total contract value signed | Monthly |
Retention Metrics
- Net Revenue Retention (NRR): Revenue from existing customers after churn + expansion
- Gross Revenue Retention (GRR): Revenue retained before expansion
- Logo Retention: Percentage of customers retained (count, not dollars)
- Churn Rate: Monthly and annual, by revenue and count
Unit Economics
- CAC: Fully-loaded customer acquisition cost
- LTV: Lifetime value (state your methodology)
- LTV:CAC Ratio: The core unit economics metric
- CAC Payback: Months to recover acquisition cost
Efficiency Metrics
- Magic Number: Net new ARR / prior period S&M spend
- Burn Multiple: Net burn / net new ARR
- Rule of 40: Growth rate + profit margin
- Gross Margin: Percentage and trend
Define Your Metrics
Document exactly how you calculate each metric. Investors will compare you to other companies—inconsistent definitions create confusion. Create a "metrics appendix" that defines each metric clearly, and stick to it.
Monthly Investor Updates
Most investors expect monthly updates—a concise summary of business performance, key developments, and how they can help.
Update Structure
1. Headline Summary (2-3 sentences)
Key takeaway from the month. What should investors remember?
2. Key Metrics Dashboard
ARR, growth, retention, cash position—the numbers that matter.
3. Wins
Key accomplishments, big deals, product launches, hires.
4. Challenges
What's not working, what you're concerned about. Be honest.
5. Priorities for Next Month
What you're focused on. Creates accountability.
6. Asks
How investors can help: intros, advice, connections.
Update Best Practices
- Consistent timing: Send within the first week of each month
- Consistent format: Same structure every month for easy comparison
- Honest: Don't hide problems—investors appreciate transparency
- Concise: One page is ideal, two max. Respect their time.
- Include specific asks: Give investors ways to help
Bad News Travels Better Early
If something's going wrong, tell investors sooner rather than later. They can often help, and they'll appreciate the honesty. Surprising the board with bad news at a quarterly meeting damages trust more than the problem itself.
Board Deck Best Practices
Quarterly board meetings require more comprehensive reporting. A well-structured board deck facilitates productive discussions.
Standard Board Deck Structure
- Executive Summary (1-2 slides): Key highlights, main discussion topics
- Financial Performance (3-5 slides): P&L, ARR, key metrics, cash position
- Go-to-Market (2-3 slides): Pipeline, sales efficiency, marketing performance
- Product (1-2 slides): Roadmap progress, key releases, customer feedback
- Team (1-2 slides): Org chart, key hires, culture/retention metrics
- Strategic Initiatives (2-3 slides): Major projects, decisions needed
- Appendix: Detailed data, supplementary information
Effective Board Slides
- One idea per slide: Don't cram too much information
- Headlines as takeaways: Slide titles should convey the key point
- Show trends: Current metrics plus directional arrows or graphs
- Actuals vs. plan: Show variance and explain significant differences
- Visual hierarchy: Most important information is most prominent
Pre-Read Strategy
Send materials 3-5 days in advance so board members can come prepared:
- Identify topics for discussion vs. FYI
- Flag decisions needed from the board
- Ask board members to review specific sections
- Expect (and welcome) pre-meeting questions
Use Board Time Wisely
Don't spend board meetings presenting information that could be read in advance. Use live time for discussion, debate, and decisions. "Any questions on the financials?" should suffice if your pre-read was comprehensive.
Visualizing SaaS Metrics
The right visualizations make metrics intuitive and tell a story.
Essential Charts
- ARR Waterfall: Beginning ARR → New → Expansion → Churn → Contraction → Ending ARR
- Cohort Retention Chart: Revenue by cohort over time, showing retention curves
- MRR/ARR Trend: Monthly progression with growth rates
- LTV:CAC and Payback Trend: Efficiency over time
- Cash and Runway: Cash balance and projected runway
ARR Waterfall Example
Beginning ARR: $5,000,000
+ New Logo ARR: +$500,000
+ Expansion ARR: +$300,000
- Churn ARR: -$150,000
- Contraction ARR: -$50,000
Ending ARR: $5,600,000
Net New ARR: +$600,000 | Growth: 12%
Chart Best Practices
- Consistent time periods: Always show LTM, QoQ, or YoY—pick a standard
- Include benchmarks: Show targets or industry benchmarks for context
- Label clearly: Every chart should be understandable without explanation
- Show direction: Green up arrows, red down arrows for changes
Reporting for Fundraising
When you're raising money, your reporting becomes your pitch proof points. Start building the narrative before you need to fundraise.
Data Room Essentials
- Monthly financial statements: At least 24 months of history
- Monthly metrics: ARR, retention, unit economics over time
- Cohort analysis: Retention and expansion by customer cohort
- Pipeline and funnel: Sales metrics and conversion rates
- Cap table: Current ownership and option pool
- Financial model: Forward projections with assumptions
Investor Due Diligence Metrics
Investors will ask for detailed cuts of your metrics:
- NRR by customer segment (SMB, Mid-Market, Enterprise)
- CAC by acquisition channel
- Cohort retention curves
- Top customer concentration
- Revenue by product line or geography
- Pipeline coverage and historical conversion rates
Build the Infrastructure Early
The worst time to build your metrics infrastructure is during a fundraise. Start tracking cohorts, segmented metrics, and detailed unit economics now—even if you don't share all of it with current investors. You'll need it when you raise.
Common Reporting Mistakes
- Inconsistent definitions: Changing how you calculate metrics destroys comparability
- Cherry-picking: Only showing favorable metrics erodes trust
- Too much data: Overwhelming investors with raw data instead of insights
- No context: Numbers without trends, targets, or benchmarks
- Late reporting: Missing deadlines signals operational problems
- Hiding problems: Investors find out eventually—better from you first
- No narrative: Data without explanation of what it means
Need Help with Investor Reporting?
Eagle Rock CFO helps SaaS companies build the reporting infrastructure that supports effective governance and successful fundraising. We implement the metrics, dashboards, and board materials that sophisticated investors expect.
Discuss Your Reporting Needs