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Figure Figure 1 From the research bench

The disclosure rate over four fiscal years

The same 96 companies in all four years. Companies entering or leaving the panel would move the denominator, so they are excluded rather than allowed to create a trend.

The share of the same 96 software companies disclosing a named retention metric in their annual report runs 58.3%, 60.4%, 59.4% and 61.5% across fiscal 2022 to 2025: essentially flat, with no decline.0%20%40%60%80%100%61.5%FY2022FY2023FY2024FY2025Fiscal yearShare disclosing a retention metric (%)
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Reference & Evidence

Source: Author's own replication. Frame: the 135 companies of Appendix A in Ordway Labs, 'Dollar-Based Net Retention Rate: How Public SaaS Companies Report' (published July 2024, analysis performed December 2023), of which 134 rows parsed from the report's PDF. 438 annual reports (10-K, 20-F, 40-F) read from SEC EDGAR at 18 August 2026 for the 104 baseline companies still filing. The series is the balanced panel of the 96 companies with a filing in each of fiscal 2022–2025; entrants and leavers are excluded rather than allowed to move the denominator. A company counts as disclosing where a named net or gross retention metric appears in its annual report. Frame and codebook were fixed and dated before any filing was read. Every row carries its accession number and the sha256 of the source document, so each value can be recomputed. Single coder; a second pass is owed. Corpus: 80 Reference/Source library/files/retention-replication-2026-08.

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